- Solana has recorded a new record price and is the only cryptocurrency in the top 25 coins that is in the green in the past 24 hours.
- The blockchain project has seen tremendous growth in the past year, attracting new projects and some of the most connected people in the industry.
It’s not been the best start to a week for the overall cryptocurrency market. And as with most market movements in the recent past, it had a lot to do with Elon Musk. Bitcoin is currently clutching on to the $45,000 support level, losing 10 percent in the past 24 hours. Others like Binance Coin, Polkadot and Chainlink have seen bigger losses. However, there’s one coin that has defied the trend – Solana.
In the past 24 hours, Solana is the only coin in the top 25 cryptos that was on the green. The crypto gained 3.94 percent to trade at $48.90 at press time. It has gained 15.70 percent on Bitcoin and Ethereum in that time as well.
Interest from investors has shot up in the past day as well, with trading volume up an impressive 220 percent in that time to $2.5 billion. Solana now has a market cap of $13.3 billion, making it the 16th largest digital currency by market cap.
What’s most impressive about the rally, however, is that Solana managed to hit its all-time high price at $52.50.
Solana has been one of the best performing cryptos in 2021, which is a great feat given how most projects have shot up. Year to date, it has gained over 3,000 percent, having started the year at a mere $1.5. For a project that launched its mainnet beta in March last year, Solana has been on an eye-catching run.
Could Solana challenge Ethereum for the throne?
On its website, Solana describes itself as “a fast, secure, and censorship resistant blockchain providing the open infrastructure required for global adoption.” As with many other new generation blockchains, it has ‘cracked the code’ when it comes to speed and efficiency, something Ethereum is still struggling with. It claims to process 50,000 transactions per second.
One of the ways it has achieved this high transaction speed is through ‘proof of history’, a new consensus mechanism. This mechanism works by timestamping each transaction and disabling the ability of miners to decide the order of transactions recorded on the blockchain.
Anatoly Yakovenko, the creator of Solana, claims that proof of history allows for greater security and censorship resistance. It also allows the network to be way faster than its rivals.
Speaking to TechCrunch, he noted, “Basically, the speed of light is how fast we can make this network go.”
And while some are already branding it as the Ethereum killer, Yakovenko has bigger ambitions than that. He is aiming to disrupt Wall Street and the traditional financial and capital market at large. He told the outlet that what he’s looking to build is “an open, fair, censorship-resistant global marketplace that’s better than anything inside of the New York Stock Exchange or any other means of settling trades.”
He added:
Everything that we do to make this thing faster and faster results in this better censorship resistance and therefore better markets. And price discovery is what I imagine is the killer use case for decentralized public networks. Can we be the world’s price discovery engine? That’s an interesting question to ask.
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This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.
Steve Msoh
Steve, a seasoned blockchain writer with eight years of dedicated experience, brings a wealth of knowledge and passion to the world of cryptocurrency. His journey as a crypto enthusiast spans even longer, fueling his continuous dedication to this transformative technology. Steve's true calling lies in the potential of blockchain to drive positive change, particularly in addressing the pressing issues confronting developing nations. With a deep-rooted commitment to advancing the adoption of blockchain solutions, he strives to bridge the gap between innovation and impact, making the world a better place through blockchain's incredible potential.Business Email: info@crypto-news-flash.com Phone: +49 160 92211628
FAQs
DigitalCoinPrice. DigitalCoinPrice has the most bullish outlook for Solana's price. Their maximum forecasted Solana price reaches as high as $1956 per SOL in 2033.
How much will 1 Solana be worth in 2030? ›
Solana (SOL) Price Prediction 2030
According to your price prediction input for Solana, the value of SOL may increase by +5% and reach $ 207.64 by 2030.
How high can Solana go in 2024? ›
Our most recent Solana price forecast indicates that its value will increase by 0.2% and reach $155.48 by April 24, 2024. Our technical indicators signal about the Bullish Bullish 86% market sentiment on Solana, while the Fear & Greed Index is displaying a score of 73 (Greed).
What is Solana SOL all-time high? ›
What is the all-time high for Solana (SOL)? The highest price paid for Solana (SOL) is $259.96, which was recorded on Nov 06, 2021 (over 2 years). Comparatively, the current price is 39.12% lower than the all-time high price.
How much will Solana be worth in 2050? ›
Future Solana (SOL) upgrades could elevate the cryptocurrency to $260 in the near term. It has the potential to rise to $3,000 by 2030 and reach over $6,000 by 2050.
Can Solana skyrocket? ›
With its high throughput and low transaction costs, Solana provides a compelling platform for NFT activities, positioning it as a strong contender for leading the market in 2024. “It has an opportunity to end 2024 with the largest majority of NFT volume if it can continue its recent trajectory,” Tan says.
Which crypto will boom in 2024? ›
1. Dogeverse – A Multi-Chain Doge Token Expected to Boom in 2024. Dogeverse ($DOGEVERSE) is a multi-chain doge-based token. With the ability to “hop” between different networks, eager investors can purchase $DOGEVERSE on six major blockchains, from Ethereum, BNB Chain, and Polygon to Solana, Avalanche, and Base.
What crypto will explode in 2024? ›
Overall, Scotty the AI provides a powerful DeFi DEX platform that integrates AI, making it a project primed to explode in 2024. Spotlight Wire Jupiter Perpetuals Liquidity Token ($JLP) is a new DeFi liquidity token for the perpetual side of the Jupiter DEX.
Can Solana recover? ›
Solana price is down 5% on the day, and over 20% over the last week. SOL could nurture a recovery if the bulls hold above $130.45. A break and close below $120 would invalidate the bullish thesis.
What is a realistic price prediction for Solana in 2025? ›
Long-term Solana price prediction for 2025, 2026, 2027, 2028, 2029 and 2030. Based on the historical price movements of Solana and the BTC halving cycles, the yearly low Solana price prediction for 2025 is estimated at $ 147.91. Meanwhile, the price of Solana is predicted to reach as high as $ 437.50 next year.
Solana price could reach a potential high of $500 by the end of 2024. Solana network has one of the fastest transaction speeds and success rates when compared to its rivals. SOL price, with a potential surge, could go as high as $1672 by the end of 2030. The current price of Solana is $ 158.91649798.
What is the future of Sol coin? ›
According to your price prediction input for Solana, the value of SOL may increase by +5% and reach $ 210.73 by 2030.
Can SOL reach $1000 USD? ›
Solana's recent breakout brings up the question whether SOL can exceed all-time highs and rally to $1,000? While SOL will not run to $1,000 in the short term, it should be able to get there long term. SOL has the potential move to $1,000.
What makes Solana so special? ›
Solana is a high-performance blockchain platform that uses a novel consensus algorithm called "Proof of History" (PoH) to validate transactions. It aims to provide fast and low-cost transactions while maintaining a high level of decentralization. Solana's native cryptocurrency is called SOL.
Why did Solana grow so fast? ›
Besides speed, low cost is equally important. Compared to Ethereum's high fees, Solana's fees are very cheap, usually requiring only 0.000005 SOL (a fixed value, approximately $0.001 at the current price) for a single transfer.
Can Solana reach $3,000? ›
Adoption and development continue to grow despite the harsh overall economic and market conditions and with this, it could be possible that SOL could reach $3,000 in time to come in a bull market.
Could Solana reach $100? ›
According to some sources, Solana has the potential to reach $100 or even higher in the future, depending on various factors such as market demand, innovation, adoption, and competition. However, this is not a guarantee and there are also risks and challenges involved in investing in any cryptocurrency.
Can Solana reach $500? ›
For 2024, forecasts suggest that Solana could experience substantial growth, with predictions indicating a potential to reach highs significantly above its current price but still short of the $500 mark within the year.
Can Solana reach $400? ›
If Pal's bullish outlook holds true, Solana could eventually reach prices above $400, marking a significant surge from its previous all-time high of $259.96 during the last bull market. It's important to note that cryptocurrency markets are highly volatile, and price predictions should be taken with caution.
