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What is Solana, and what is SOL coin?
Solana is an open-source blockchain project that offers a platform for developing decentralized applications, dApps, and decentralized finance (DeFi) solutions. A brainchild of Anatoly Yakovenko, it seeks to rival Ethereum and Cardano on the development of dApps by focusing on scalability.
Its competitive edge on the development of dApps stems from its ability to offer faster transaction times. In addition, it comes with an infrastructure that provides flexibility, thus allowing developers to write and launch customizable applications using multiple programming languages.
Solana’s network is powered by SOL, the native cryptocurrency that acts as a medium of exchange in the network. The virtual currency can be used to settle transaction fees on the network while acting as a medium through which actors on the network are incentivized.
In addition, through the virtual currency, custom programs are executed while enabling the sending and receiving of money through the blockchain. By owning the SOL coin, people can access a suite of projects hosted in the Solana network.
Currently, Solana circulating supply stands at 318 million SOL coins and a total supply of 511.62 million SOL coins. Solana leads the chart with the total value of SOL tokens locked, standing at about $35 billion.
Solana SOL is currently ranked as the 9th largest cryptocurrency with a $26.4 billion market cap. Unlike other cryptocurrencies, Solana has an unlimited number of SOL tokens that will ever be in circulation.
Should I buy Solana coin today: SOL market sentiment
The Solana coin was one of the best performing coins last year, rallying by more than 10,000% from about $2 a coin to about $260 in November. While the coin has given up more than 60% of the gains, it remains under pressure near the $80 a coin level. The sell-off comes at the backdrop of the broader cryptocurrency market coming under pressure.
While the coin is under pressure, its long-term outlook remains bullish. The coin has what it takes to bounce back and recoup a significant amount of the losses accrued in recent months. The 60% pullback provides an ideal opportunity to buy the SOL coin at a discount, especially on the sell-off dust in the broader industry settling down.
However, it is important to note that the SOL coin is trading below the 200-day moving average, signaling that short sellers are still in control. The Relative Strength Index is also at below 50, implying strong bearish momentum.
Therefore, the likelihood of the SOL coin losing some value from current levels before bouncing back is high. Until all the indicators signal that the sell-off wave has lost momentum, it might be wise to stay put, awaiting a reliable buy signal.
What is Solana SOL price prediction for a year?
While SOL token has pulled back significantly to the $83 a coin level, the bearish momentum behind the sell-off has started showing signs of exhaustion. Consequently, the prospect of the coin bouncing back is high.
That said, immediate estimates on Digitalcoinprice signal that the coin could bounce back to the $100 a coin level to highs of $117 a coin before year-end. Analysts expect the coin to average $109.63 a coin in 2022.
The bounce back to the $109 a coin will depend greatly on the overall cryptocurrency market bouncing back after coming under pressure in recent months. The risk-off mood in the market has continued to curtail any bounce back.
What is Solana SOL price prediction for 2025?
While Solana SOL’s short-term outlook remains bleak, the same cannot be said about its long-term outlook. The volatile nature of virtual cryptocurrencies means the coin has what it takes to bounce back and find support above the $100 a coin level.
Consequently, estimates on Digitalcoinprice indicate the coin could average highs of $160 a coin in 2025 and could touch record highs of $185. The 90% plus rally from current levels does not come as a surprise, considering that SOL rallied by more than 20,000% in 2021 alone
What is Solana SOL price prediction for 2030?
Blockchain adoption in the mainstream sector is gathering pace by the day. Likewise, Solana blockchain is attracting increased usage on day-to-day activities. That said, the SOL coin’s long-term outlook can only be bright as more people come to terms with ledger technology potential.
Therefore, it does not come as a surprise that many analysts remain optimistic about SOL’s long-term outlook. According to estimates on Digitalcoinprice, SOL coins could average $383 a coin by 2030. The coin is also expected to clock record highs of $400 a coin, representing a 370% plus price gain from current levels
Solana SOL FAQ
Will Solana coins appreciate in a year?
Yes. Solana has what it takes to appreciate after the 60% plus pull back from all-time highs. The coin could be worth more than $100 a coin before year-end.
How much will Solana be worth in 5 years?
Solana coin could be worth more than $200 a coin over the next five years.
Where do I buy Solana SOL?
Solana coin can be bought in any of the major cryptocurrency exchanges, including Binance and Coinbase.