Solana is a popular cryptocurrency and a platform that was released in 2017. The project developers wanted to build a secure network with no side chains that could have a high throughput and scalability. The Solana network is actively used by the developers of decentralized applications, NFTs, blockchain games, and metaverses as the basis for their products. The network already hosts over 250 different products and has a community of over 80 000 people.
SOL is a native crypto asset of the Solana network. It is one of the most traded coins throughout all crypto exchanges. Solana price is $14.09, and the market cap is over $5 billion.
The advantages of the Solana network:
- It is capable of performing 60 000 transactions per second.
- It is based on the Proof-of-History and Proof-of-Stake mechanisms. It allows for completing thousands of operations per second. To confirm transactions, blockchain nodes share the information with the nearest nodes rather than the entire network.
- SOL coins are generated via staking, not mining.
- Solana rivals the Ethereum network, for it allows much faster and cheaper transactions.
Over the last year, the Solana crypto price has grown 8000%. The reason for such a skyrocket was the increasing popularity of the project and the wave of developers aiming to work with this network.
However, the market downtrend in 2022 impacted the SOL price. From October to November 2022, the SOL value ranges between $36 and $12. After the well-known FTX platform revealed its financial problems, investors started to leave it massively, which led to all crypto prices dropping at the beginning of November 2022.
One way or another, the market will recover, and we will again see its upward movement. It is crucial to buy crypto before the bull trend stands; this will allow you to multiply your investments.
Experts believe the SOL price will reach $174 in 2025, so there is still time to buy SOL. You can purchase this asset on the WhiteBIT crypto exchange using your bank card. Check out how it works on the WhiteBIT blog.