Cryptocurrency is a lucrative investment market. Various tokens have made their entry into this investment field in the past decade. Each token outperforms its previous year’s performance. Also, there are various technical improvements on these tokens. These tokens work hand-in-hand to make financial transactions much easier. The ease in operating has made major banks and the financial industry turn their heads. Today, there are more than 14k+ crypto tokens in the industry. All these tokens combined create a market volume beyond $3 trillion. The journey of cryptos has been incredible over the past ten years. Yes, the token has seen its ups and downs. Many early investors have gained more than 100% profit through Bitcoin and Ethereum. Other than popular tokens there are also stable coins, non-fungible tokens being traded. All these combined with decentralized finance have made financial transactions easier. You can also diversify your crypto portfolio on The News Spy where you get access to trading other cryptocurrencies.
Understanding Solana and its market volume
Solana is a popular cryptocurrency and occupies a position within the first twenty tokens. The token entered the investment market in 2017. Solana makes use of the proof of stake and proof of history principle.
Solana’s growth history
Solana became the fastest-growing cryptocurrency in 2017. The market volume of Solana increased to $11 billion in 2022. The token was launched at a market price of $0.79 per token. Investors were soon to grab the benefits of this token.
Solana platform is comparatively faster than any other tokens in the blockchain network. The token could process more than 2700 transactions per second making it the fastest growing. Solana also helped many investors gain a closer approach to cryptocurrencies. Other than faster transactions, Solana had other benefits too. The token is hailed as one of the few cryptos providing low transaction fees on transactions. Also, the traffic congestion on the network is comparatively lesser than peers. It is also predicted that Solana will soon be able to manage transaction traffic similar to Visa cards.
Solana works as a decentralized blockchain and hosts various other tokens as well. The Degenerate Apes NFT, Serum Decentralized exchange, etc are hosted on the Solana platform.
The native token of the Solana platform, SOL is used as a staking token. It allows users to complete transactions at a lesser speed. Users on the network are also allowed voting rights enabling future developments.
Solana prices in the market
As mentioned before, Solana entered the market at a launch price of $0.79 per token. The price was lesser than Bitcoin.
However, considering the benefits and ease of the transaction the user base grew. This also gradually helped to increase the token prices in the marketplace. The price of Solana touched an all-time high of $250 per token in early 2022. Early investors have been able to reap huge benefits from this investment.
But, in mid-2022 the market fell under immense pressure. Many popular tokens suffered from market pressure. The case of Solana is also no different. The price of tokens came down to an all-time low touching $30 per token. The market pressure of other tokens reduces prices and bearish approaches by investors. It may be attributed as the main reason for this downward trend.
Will Solana increase in prices in 2022?
Like any other token, Solana is also expected to increase in price. Solana’s prices are expected to increase to more than $100 per token by end of the year. Another 06 months into 2023, the prices are predicted to increase by more than $150 per token. By end of 2023, Solana token price is expected to increase by more than $300 per token. Hence, you would be lucky to make an early investment now on Solana. As per prediction by GovCapital, the token is expected to give its users more than 1200% return on investment.
Looking ahead after 2030, the token is here to stay. Solana prices are going to increase like Bitcoin and Ethereum. Though the token is not going to surpass Bitcoin, the price will be beyond $1000. You would be lucky to be an early investor in Solana today.
Solana possesses the fastest blockchain network. It is investing right in developments to stay ahead in the game. Solana’s popularity is increasing and makes it a safe bet after Ethereum. Also, the token is an affordable investment in the current market situation.