Solana Price Prediction and Overview
Solana’s price at the same time last week was $21.87. It has moved by -29.50% in the past week and is currently at $15.18. In fact, in the past 24 hours, SOL has dropped by -1.69%. There is a slight bearish sentiment in the crypto market. The long-term sentiment, however, remains bullish, and SOL could potentially reach $44.31 in 2024.
The total circulating supply of Solana as of writing this article was $398,852,259.06, and the market cap of SOL remains at $6,065,691,995.
What is Solana?
In expediting much-needed efforts to solve the problems of scalability and transaction costs, Anatoly Yakovenko founded the Solana platform in 2017.
At its core, Solana is a blockchain built for mass adoption. The platform prides itself in claiming to be fast, composable, green, and globally distributed.
Solana’s blockchain architecture is designed to accommodate smart contracts and decentralized applications (dApps) creation. The platform serves the needs of an array of decentralized finance (DeFi) platforms and non-fungible token (NFT) marketplaces.
SOL is a cryptocurrency that is native to the Solana blockchain. The primary use of SOL lies in its compensation for Solana clusters for validating transactions. In addition to this, SOL holders can stake their tokens to earn APY rewards.
The cryptocurrency soared by over 13,000% in 2021 after its remarkable buying spree. During this bullish run of 2021, it rose to its all-time high (ATH) of $258.93 on November 6.
Can SOL breach the $50-mark?
In a recent interview, Sam Bankman-Fried claimed that he believes SOL to be relatively undervalued. A deeper look into its ecosystem could aid us in forming an informed opinion.
To determine the possibilities of SOL breaking its immediate resistance on its weekly chart, let’s take a look at some of its ecosystem updates and hurdles that could help us gauge the coin’s potential.
As the blockchain gaming space continues to grow at an exponential rate, GameFi projects have been on a consistent rise. To cater to the ever-growing need for an effective architecture for blockchain games, Solana is doubling down on its efforts to bring ‘web 3 games at web 2 speed.’
While building the games of the future at the speed of the internet, Solana’s high throughput and low fees make a conducive environment for game developers.
- Fast and scalable blockchain platform.
- Low transaction fees.
- Supports decentralized finance (DeFi) platforms.
- Accommodates non-fungible token (NFT) marketplaces.