Crypto is not limited to one or two currencies or is based on a single blockchain. The beauty of this industry is that there is constant competition, and the investors and traders can choose the coins according to their will. SOL is the native coin of the Solana blockchain that has gained much popularity in recent years. There are high expectations about SOL coins because of their unique nature and the importance of blockchain.
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What Is Solana (SOL)?
SOL is not exactly a crypto coin, but it is a blockchain network similar to Ethereum or Cordana. The difference between Solana and any other blockchain is its speed and efficiency. Cryptos use a tremendous amount of electricity to operate, which is a major hurdle in their wide acceptance. Solana is based on a unique blockchain network that works based on proof of history. This working mechanism makes it much more efficient than regular blockchains. SOL coins are getting popular day by day and you can connect solana (SOL) with Koinly to identify your profits and calculate your crypto taxes.
Why Is Solana Important?
Solana uses one of the unique blockchain networks. Usually, the blockchain is based on proof of work or proof of stake. But Solana uses proof of history that is much faster and can handle more than 65,000 transactions per second with the average cost of transaction less than $0.00025. The developers can use Solana for various tasks, including minting, burning of coins, and NFTs. It provides favorable grounds for the development of Dapps and DeFi.
Solana enjoys a significantly higher transaction rate of 65,000, whereas Ethereum has only 30. This makes Solana much better, and many experts believe it can easily outclass Ethereum in every domain if this trend continues. Solana has also introduced a Solana pay feature that can be used to make the payment without any charges easily. You can easily pay in USDC stablecoins to avoid market fluctuation.
The Future Of SOL
The future of the sol coin is directly linked to its blockchain network. Shortly, there are high chances that the Solana blockchain will be used for Dapps, decentralized games, metaverse, NFTs, and much more that can increase the value of coins. Solana’s price peaked at $260 in June 2021, but now it has a value of approximately $45. These are the price predictions of Solana:
- Solana prices can exceed $50 by the end of 2022 if everything is stable. If there are dips, experts believe it can not go below $46.
- 2023 will be good for Solana, and there are high chances it can reach the price between $68.06 to $81.93 with an average of $70.
- In 2024, there are high chances that the Solana blockchain will become one of the leading platforms for crypto development, increasing the value of sol between $95.98 and $119.50. The most common belief is that the price will be $98.78 by the end of 2024.
- By the end of 2025, the price of SOL can go beyond $150, averaging around $144.93.