Solana is a blockchain platform that strives to provide fast, scalable, and secure solutions for decentralized applications (DApps) and decentralized finance (DeFi). Solana crypto claims to be the fastest blockchain in the world, capable of processing over 50,000 transactions per second (TPS) with low fees and high security.
Solana’s native cryptocurrency is SOL, used to pay transaction fees and staking. It also gives holders the right to vote in future upgrades.
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Origins of Solana Crypto
Solana was founded in 2017 by a team of former Qualcomm, Intel, and Dropbox engineers led by Anatoly Yakovenko. Yakovenko had the idea of creating a blockchain that could leverage the concept of proof-of-history (PoH), a novel way of encoding time into the ledger. PoH allows Solana to achieve high throughput and low latency without sacrificing decentralization or security.
Solana launched its mainnet beta in March 2020 after raising over $25 million in various funding rounds from investors such as Multicoin Capital, Foundation Capital, and Andreessen Horowitz.
Profitability of Solana Crypto
Solana has been one of the best-performing cryptocurrencies in terms of price appreciation and return on investment. Since its token sale price of $0.22, Solana has increased by over 9,000%, reaching an all-time high of $260.06 on November 6, 2021.
Solana has introduced features and functions that distinguish it from other platforms, such as PoH, Tower BFT, Turbine, Sealevel, Pipelining, Cloudbreak, Archivers, and Wormhole. Solana has also attracted many developers and users who want to build and use DApps and DeFi protocols on its platform. Some popular projects that run on Solana are Serum, Raydium, Audius, Star Atlas, and Mango Markets.
Price Journey of Solana Crypto
Solana’s price journey has been remarkable, reflecting its rapid growth and adoption in the crypto space. Here are some of the significant milestones and events that have shaped Solana’s price history:
- April 2020: Solana launches at $0.22 per token through its token sale on CoinList.
- September 2021: Solana skyrockets to $214.96 after launching the Degenerate Ape Academy NFT collection and breaking the record for the most transactions in a single day on a blockchain.
- October 2021: Solana dips to $136.66 after experiencing another network outage due to a surge in transaction load and a bug in the consensus protocol.
- November 2021: Solana achieves its all-time high of $260.06 after announcing its plans to launch a metaverse fund and supporting several popular projects on its platform.
- December 2021: Solana consolidates around $200 as the crypto market faces uncertainty and volatility.
Current Price Analysis of Solana Crypto
Solana is trading at $21.28, up 7.7% in the last 24 hours. Solana has a market capitalization of $8.25 billion, making it the tenth-largest cryptocurrency by market cap. Solana has a circulating supply of 383.78 million tokens out of a total supply of 539.31 million tokens.
The price has breached the falling wedge’s resistance trendline in a 4-hour time frame. The price is making a nice bounce. It is currently facing the trendline of horizontal resistance. It can move upward if it breaks the resistance trendline. It might drop from this side.
Future of Solana Crypto
Solana has a bright future, backed by its team and community’s solid fundamentals and vision.
Some of the upcoming developments that could boost Solana’s value and adoption are:
- The launch of more token sales on Solana Launchpad, featuring high-quality and vetted projects from various sectors and regions.
- Launching more DApps and protocols on Solana, leveraging its fast, scalable, and secure network for DApps and DeFi applications.
- Launching more features and functions on the Wormhole bridge enables more interoperability and cross-chain communication with other blockchains.
- The launch of more regulatory-compliant platforms and services on Solana, such as Solrise Finance, Bonfida, and Oxygen Protocol, catering to the specific needs and requirements of different markets and jurisdictions.
As the cryptocurrency market matures and evolves, Solana could play a key role in facilitating the exchange, transfer, and utilization of digital assets across the globe.
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