Solana Price Prediction: Could Solana Increase X10 In 2022?
Solana is a blockchain that is effective, fast, censorship-resistant, and extremely secure. It makes use of the permission less feature of blockchain technology to create effective Defi (decentralized finance) solutions.
Although the project started in 2017 and was launched in March 2020, it was only discovered and received recognition in 2021. The coin quickly rose through the market cap rankings, rising from 42nd place in February 2021 to seventh place in September of the same year.
How did the price of Solana sore so quickly?
Solana has had a lot of success in the last year especially due to its NFT Boom and project developments. Solana has strong fundamentals and is a highly efficient currency, but it was an NFT initiative named “Degenerate Ape Academy” that pushed the price of SOL to new heights. This startup, which debuted in mid-August on the Solana blockchain, has sold over 10,000 tokens.
A Fine Year Indeed
For Solana investors, 2021 was the finest year yet. On January 1, 2021, the cryptocurrency was valued at just under $0.5, but by the end of the year, Solana had grown by more than 40,000% and was valued at moreover $170. Most platforms have chosen Solana as one of the greatest Cryptocurrency investments for 2022. However, Solana’s first days in 2022 have not been too good.
Solana was selling for over $170 on December 31st, 2021, before dropping to $150 on January 6. Solana traded between $140-$150 between January 6 and 17. Solana, on the other hand, was unable to maintain its new support and plummeted below $130 on January 17, 2022.
Solana attempted to recover after going below $100 and was able to exceed $110, however after hearing of the Wormhole gateway hack, Solana plunged hard and fell below $100. In February, Solana was able to recuperate. Solana is currently going for more than $110.
Exploring Google Search Trends
The ‘Ethereum Killers,’ Solana, and Cardano have all attempted to reclaim their lost tags in the previous seven days. However, compared to Solana and Cardano, the demand for Ethereum has been substantially larger. Solana’s search pattern has been similar to Cardano’s.
Solana Price Prediction Facts
Is it a good idea to invest in Solana?
Solana can be considered a solid investment even in 2022, based on its success in the previous year. Here are some of the benefits of investing in Solana:
Over the previous few months, it has outperformed other cryptocurrencies such as Ethereum and Cardano.
An outstanding ecosystem with a focus on Solana applications.
It excels in a variety of criteria, such as blockchain speeds.
Gas is less expensive than Ethereum.
Why is Solana a Better Technical Investment?
In a recent research note, Bank of America suggested that Solana may become the “Visa of the digital asset ecosystem.”
Solana has seen huge acceptance since its launch in 2020. With over 400 projects spanning Defi, NFTs, Web3, and more, Solana is the world’s fastest blockchain and crypto’s fastest-growing ecosystem.
Solana can process over 2500 transactions per second and has settled more than 50 billion transactions to date. Because of Solana’s scalability, both developers and users should expect transactions to cost less than $0.01.
In terms of Defi, the Solana network now has around 500 dApps and various Defi projects built on it. In addition, the Solana network has issued over 5.7 million non-fungible tokens (NFTs).
Solana vs Bitcoin in 2022
Coinbase (NASDAQ: COIN) trading volume figures can provide some insight into where crypto traders’ money is flowing. In the third quarter of 2020, bitcoin accounted for 32% of overall trade volume, but by the third quarter of 2021, it had dropped to just 19%. Ethereum (CRYPTO: ETH) increased its market share by four percentage points, from 18% to 22%, but other cryptocurrencies, including Solana, increased their trading volume from 50% to 59%in the same year.
With coders, a similar story is forming. In the fast-paced crypto realm, it’s difficult to characterize developer activity, but it’s safe to say that Solana’s developer community is thriving while Bitcoin’s is static. Solana Ventures, Solana’s venture capital arm, has announced $250 million in funding in the last two months. Of course, this is geared towards building games.
Solana’s Unique Features
Solana has a brand-new consensus technique known as proof-of-history, which enables the network to run exceptionally quickly and efficiently.
Solana accomplishes all Ethereum 2.0 promises, but 20 times faster. It has a throughput of 50 thousand transactions per second at layer one and can scale up to a million transactions per second.
Furthermore, Solana has virtually no transaction fees. With over 500 nodes, the Solana network is far more decentralized than blockchains like Ripple or Stellar, which have fewer validator nodes. The only prerequisite for running a Solana node is that you have 3–4 thousand dollars in hardware, which may sound like a lot, but it’s a low entry barrier when compared to other cryptocurrencies.
Solana Price Prediction for February 2022
According to WalletInvestor, the average Solana price will be $98 at the beginning of February 2022, and it might reach $105 by the middle of the month. The average price could be $112 by the end of the month, with a low of $78 and a high of $115.
According to Longforecast, Solana Price forecasts might be gloomy with an average price target of $89 at the start of the month. In February, the lowest SOL price might be $51, with the highest being $100.
Amidst all the recent bearish situations in the market for 2022, Solana still stands a great chance of having an x10 increase as the alt season approaches.