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Tuesday, May 17, 2022

Something that isn’t slowing down? Its Solana (Sol)

Surprises are not supposed to good for evolution. We, humans, have navigated ourselves through history to construct grand civilizations by staying within our comfort zones and avoiding situations that induce fear or anxiety. Nevertheless, the modern age has changed man drastically from his ancestors. Surprises are not always bad now. Sometimes, the same jolt of suddenness can induce a feeling of certain kind of euphoria. Birthday party surprises, sudden visit from distant loved ones and a drastic growth of a cryptocurrency in span of only 3 months is an example of pleasant surprises.

Now, as much as I would like to talk about birthday party surprises and sudden visitations, I am bound to talk about something more monetary in nature. And that is the boom of the Solana.

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What is Solana

Solana is an open-source project which utilizes the blockchain technology to provide decentralized finance solutions as efficiently as possible. The network was created by the Solana Foundation based in Switzerland back in 2017. The focus of the Solana Foundation is to make decentralized finance accessible to the masses by tackling the common problems faced by users of the technology.

The things that are unique about Solana are that it aims to resolve three problems currently faced by the established crypto giants – first is the scalability problem where the transaction speed is limited; Solana tackles this by quick transactions (It currently processes 50,000 transactions per second and produces a new block per 400 milliseconds with 200 validating nodes.) Second is the security problem which it tackles with a proof-of-stake ownership. Lastly is the overcoming of decentralization by creating a network where SOL can be used to interact with other decentralized applications.

Current Price Action

The prospects for Solana look promising as it is an ahead-looking project. From its start back in March 2020, it has come a long way. Just in this last year, its lowest value has been $1.09 while the highest it has gone is at a whooping $214.96, becoming the 7th highest rated cryptocurrency in the world. At the time of writing this article, SOL (the token for Solana) has been valued at $162.24.

With a constant upward trajectory since the brutal market crash earlier in the year, the bearish momentum broke the camel’s back resulting in a break of the upward trend. The long-term prospects of the coin are generally favorable as well as Digital Coin Price predicts the price of the cryptocurrency to reach $582.92 by 2026 while Wallet Investor’s projections place SOL token at $1073.610 in five years implying that it may be aiming for the crown soon.

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