Solana is a unique DeFi project which is taking the cryptocurrency world by storm. The SOL token was launched in 2020 and it managed to quickly become one of the most popular digital assets in the ecosystem. But what is it exactly that makes Solana so valuable, and is SOL truly a good investment?
Solana: One of the Fastest Growing Ecosystems in Crypto
Solana (SOL) is a fast, reliable, highly secure, and censorship-resistant open-source blockchain infrastructure. It is specifically designed to accommodate advanced blockchain solutions such as decentralized finance solutions, Web3 applications, and blockchain-based games.
Although the Solana network and the SOL token were only launched in 2020, the work on the project started much earlier. In 2017, two experienced blockchain developers Anatoly Yakovenko and Greg Fitzgerald began working on a project which would eventually be called Solana.
The main advantage of Solana is its reliability and flexibility. The Solana network can process over 50,000 transactions per second, making it one of the highest-capacity blockchains in the world.
Solana is scalable, composable, and has very low fees and transaction times. Because of its extremely attractive technical specifications, the SOL network was able to gain tremendous popularity in a very short time.
SOL Token Specifications
The SOL token is the core element of the entire Solana ecosystem. SOL can be used not only to send and receive extremely fast and cheap cryptocurrency transactions but also to empower blockchain developers with the ability to easily create and launch decentralized applications.
Solana has a fixed total supply of 489,000,000 SOL (489 million). Out of that number, over 272 million SOL tokens are already in the circulating supply.
Out of the total SOL supply, only 24% of the tokens were distributed among the project developers and the Solana Foundation. The remaining 76% of SOL tokens were either already sold to the investors, or will be sold at a later time.
The fact that only a small portion of SOL tokens is in the hands of the developers means that Solana is a highly decentralized and resilient project, which is one of the reasons why many experts believe that SOL is a good investment.
Solana Price Forecasts: Will SOL Reach $100 or More Soon?
Strong technical fundamentals are what make SOL so attractive to investors. A large number of price prediction services are convinced that the SOL price will surpass $100 by the end of the year.
According to WalletInvestor, the price of Solana will continue to appreciate at a steady rate throughout the year. The website claims that the SOL price will reach $137 by the end of 2021.
Another price prediction service, LongForecast, is even more bullish. According to the website, the SOL price will reach almost $175 by the end of the year.
However, not all price forecast websites are so optimistic about Solana. One of the most popular price prediction services, DigitalCoinPrice, claims that the SOL token won’t be worth more than $65 in 2021 and that it will take years before the SOL price reaches $100.
The Crypto Community Is Convinced that the SOL Price Will Reach $125 or More by the End of 2021
Solana is one of the fastest blockchains in the ecosystem, which makes the crypto community extremely bullish about the SOL price. According to two independent surveys conducted among the members of the Twitter crypto community, Solana will almost definitely surpass $125 and possibly even $150 by the end of the year.
In a survey created by the Twitter user The Crypto Cee, over half of all surveyed people believed that the SOL price will reach $125 before the year ends. Furthermore, 14% of people think that Solana will surpass $100, but won’t achieve the $125 price level.
— MCee ⚡ (@The_Crypto_Cee) April 21, 2021
In another survey made by a user going by the name Bitcertain, most of the respondents – almost 40% – claimed that the SOL price will reach $150 or more by the end of 2021. A large number of surveyed people – 32% – believe that Solana will trade for more than $80, but less than $150.
— Bitcertain (@bitcertain) April 29, 2021
What Do the Analysts Have to Say About the SOL Price?
YouTube analysts are extremely bullish about Solana. One of the most popular researchers on the platform, going by the name CryptoXan, is convinced that the SOL price will reach $200 in 2021. According to CryptoXan, the strong technical fundamentals of Solana are the main reason for the predicted massive growth in price.
Another popular channel, CryptoBusy, also gives $200 as a possible SOL price prediction for 2021. However, the analyst believes that the exact price can greatly fluctuate depending on various external factors such as the BTC valuation. Because of that, CryptoBusy says that it’s also possible that the SOL price will only reach $150, but in the best-case scenario, it might even surpass $300.
But not all YouTube analysts are as optimistic. For example, according to the channel Crypto Brains, Solana won’t be able to reach the $150 price level before 2023, and the SOL price won’t surpass $60 in 2021.
How Can I Buy SOL?
The SOL token is already available for purchase on a large number of popular exchanges including Binance, FTX, Huobi, and Bitfinex.
Is Solana on Coinbase?
Unfortunately, Solana has not been listed on Coinbase yet. For the time being it’s still unknown when will the SOL token become available on Coinbase.
Can SOL Reach $100 in 2021?
Most of the experts and members of the crypto community are convinced that the SOL price will surpass $100 by the end of the year. Some even believe that Solana will reach $125, $150, or even more in 2021.
So, Should I Invest in SOL?
When we take all the factors into consideration, Solana clearly looks like a very attractive digital currency. Strong technical fundamentals, such as the ability to send extremely fast and cheap cryptocurrency transactions, are the main reason why so many analysts consider SOL to be a very good investment.
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