What Is Solana Crypto?

Solana is a popular blockchain used by thousands DeFi and NTF projects due to its fast transaction speed and other interesting features. Let’s take a closer look at Solana.

The project’s creators aim to reduce the time required to reach consensus, increase the network’s speed and allow developers to scale their decentralised applications, which will lead to an increase in user base and the development of the platform itself.

Solana crypto (SOL) cannot be mined by video card mining because it runs on a different consensus protocol – Proof of Stake. Such a protocol literally means “proof of ownership”; that is, a person with a certain amount of SOL coins can participate in the generation of blocks in the Solana blockchain and receive rewards. This method of obtaining coins is called “staking”. It is a way of receiving passive income by placing and storing coins in a wallet for a certain period to support operations on the blockchain. The amount of rewards is determined by the number of coins locked on the account and the locking period.

The emission of the SOL is 489 million. Being a fairly popular cryptocurrency, it is offered on all major cryptocurrency exchanges – Binance, Kukoin, WhiteBIT and others.

The SOL crypto prices across these platforms may vary slightly, but the current rate on Coinmarketcap is $42.38 as of early August 2022.

To buy and hold Solana crypto, you will need quality and safe wallet. Here are the best options for Solana wallet:

  • Hardware wallets supported by Solana – Ledger Nano S and Ledger Nano X.
  • Exchange wallets, for example, a reliable WhiteBIT wallet.
  • Desktop wallets (SolFlare, MathWallet)

SOL Price Forecast

Now, only a few dozen decentralised applications (dApps) use Solana’s blockchain, but the project is still young. Major investors supported the project at an early stage, which helped raise over $314 million. The project has all the chances to boost, so we expect the Solana crypto price to grow.

Based on the analysis of the previous SOL crypto price movements, experts believe Solana crypto will reach around $85,98 – $102,65 by 2023.