All about Solana: Type of Blockchain, Where to Buy and Store, SOL Price Prediction
Solana is a third-generation open-source blockchain developed in 2017, with the mainnet launched in 2020. The main aim of Solana is to improve blockchain scalability without compromising its safety and user experience while keeping transaction costs at a minimum. SOL, a native token of Solana, ensures the ecosystem’s operation.
The Solana Blockchain
Solana utilizes two consensus mechanisms: proof-of-history and proof-of-stake. Proof-of-history enables providing a digital record of everything that has happened in the network since its creation. It can be compared with the network’s clock. This consensus mechanism works in a joint with proof-of-stake that enables Solana to reach a consensus without compromising network safety.
All nodes on the network have these digital clocks that enable efficient tracking of events and eliminate the need to wait until other validators confirm a transaction. This is what makes Solana fast and efficient.
Another unique feature is the way Solana handles scalability issues. In blockchains, a large amount of transactions makes the performance slow down. It happens because the nodes operate not simultaneously, and thus, to confirm one transaction, some time may needed for nodes to reach a consensus.
Solana handles the consensus issue in a different way. It picks one leader node that is responsible for organizing the entire process. It sequences the transaction between various nodes thus preventing possible delays and eliminating the scalability problems.
Thus, the Solana blockchain is significantly faster and has much lower fees than its main competitor the Ethereum blockchain.
Where to Buy and Store SOL
SOL is the native token of Solana. SOL was among the major cryptocurrencies based on the market capitalization. The crypto winter of 2022 affected the coin, however, SOL still remains one of the most influential cryptocurrencies and is supported by the majority of exchanges.
LetsExchange also supports SOL. Users can swap it on the platform for over 4,000 other coins and tokens, at the best rates, practically without limitations.
Being one of the major tokens, SOL is supported by all popular wallets such as Ledger, Exodus, and others. The Phantom wallet is especially recommended because it was developed by Solana specifically for SOL.
SOL Price Prediction
Even though Solana is not without issues, its impact on the crypto market cannot be under-evaluated. Over time, the importance of the project will increase, as well as the value of SOL, its native token.
In 2025, SOL is expected to be traded at around $100 per coin with slight fluctuations. However, in December, a sharp drop in the SOL price is expected. The coin may drop to as low as $45.
2026 will be marked by a rapid growth of the SOL value. In January, the coin is going to recover its maximum of 2024 and move beyond that. By the end of 2025, the SOL price is going to exceed $200.
In 2027, the growth will slow down slightly but SOL won’t lose its positions. The coin is going to be traded at around $250 in the first half of the year. The second half of 2025 will be marked by a sharp increase above $400.
2028 is also expected to be promising. SOL will continue growing in price, and by the end of 2028, it is expected to reach a staggering $700. Considering the project's potential, this is still not the limit.
In 2029, SOL is expected to make another important milestone. By the end of the year, the SOL price is forecasted to cross the $1,000 mark.
2030 will be also favorable for SOL. The coin is expected to continue growing in value. By the end of 2030, SOL may reach $1,300, and the growth isn’t going to stop there. With the increasing adoption of Web3, the importance of Solana will be increasing, too, and thus, SOL will be growing in value.
Bottom Line
Solana is one of the most promising projects, and with the further development and adoption of Web3, its impact on the crypto space is going to grow. It means that SOL, the native token of Solana, is also going to increase in value and thus, investing in it is a wise decision.