Solana is a blockchain platform that promises to solve the scalability issues hampering Bitcoin and other cryptocurrencies.
While it is still in its early days, Solana has the potential to become a major player in the blockchain space. As more people learn about Solana and its capabilities, the price of SOL will likely increase.
Understanding how this crypto works and where it came from can make a positive Solana price prediction.
What is Solana’s history?
Solana’s first block appeared not so long ago, on 16 March 2020. But before that, the currency was announced in November 2017 by Anatoly Yakovlenko in a paper.
And in the first year, investors debated if Solana could be a potential competitor for Ethereum due to her absolute benefits.
In September 2021, Joanna Osslinger, a Bloomberg journalist, poured some light on that discussion, which helped Solana to gain more recognition in the world.
What are the benefits of Solana Crypto?
#1. Transaction speed.
Comparing Solana to its nearest competitor, Ethereum, they significantly differ in speed. For Ethereum, it takes from 10 up to 15 seconds to mine one block. Moreover, it can only manage 20-45 TPS.
On the other hand, Solana doesn’t spend even a second on processing one transaction, which also affects TPS – the number is several thousand times higher.
#2. No mempool problem.
To begin with, a mempool is an area where transactions wait until the blockchain accepts them. And Solana, unlike many other blockchains, doesn’t have a mempool and doesn’t have a period between adding and processing the transaction.
This makes operations much and much faster.
#3. Low transaction cost.
Different blockchain has different fees, which various reasons can cause.
Many cryptos have even changeable fees, But Solana is different from them. Its fee is low and stable, something around $0.0003 per transaction. It’s one of the Best Crypto wallets.
It’s more than beneficial, especially when fees in blockchains like Ethereum can rise to $100, and processing an NFT will cost about a quarter of a thousand and up to one million (if not higher).
#4. Solana’s ecosystem is expanding much faster.
Although Ethereum is still the top choice for building and hosting decentralized applications (DApps) and deploying smart contracts, it faces many challenges related to cost, speed, and more.
Solana doesn’t have these challenges (yet!) and is hosting a list of DApps and smart contracts growing exponentially.
Solana also has the potential to support more coins than Ethereum. Solana’s ecosystem will eventually overtake Ethereum’s in variety and sheer numbers at the current expansion rate.
What is the price prediction for Solana Crypto?
Even being launched so lately, Solana turned out to be quite stable. It doesn’t expect any significant drop in near time, but information from different experts may vary.
In September, it is expected for Solana’s fee to be up to $46.14, maximum – of $51.38. The average trading price – is $48.26.
For October, experts predict the price is around $45.50, with a possible minimum of $43.37 and a maximum of $47.66.
In October, the average price rises a little to $47.32. Minimum and maximum will also be higher, $45.62 and $49.48.
How to buy Solana Crypto?
#1. Choose a Crypto Exchange
Try to look for the best variant for you. There are lots of different platforms for you to choose from. Find one that will offer low account minimums and low trade fees.
Remember: some platforms require skills and knowledge, so be sure you know what you’re dealing with when you choose these, but if you’re new to this field, we strongly recommend sticking to something less complicated.
#2. Buy SOL
When you have already registered your profile, the first thing to do is to fund it. A few simple ways: using your debit or credit card, funding with already existing cryptocurrency holdings, or a bank account.
But we don’t recommend you use cards with your currency purchases. Firstly, it is quite risky to go into debt to invest, especially to invest in crypto – always think before doing something that volatile.
Secondly, your bank can track all your transactions and see them as cash advances, making you pay additional fees and a higher percentage rate.
And with your first fund on your account, there will be your first order. There’s nothing quite difficult – type SOL (Solana’s ticker symbol) and enter the amount of money you want to invest, for example, $20 or $50.
Typically, you can select an order type, such as a market or limit order.
#3. Store Your SOL
To invest in Solana or any other crypto, you must have storage for your purchased tokens. And this storage is a crypto wallet.
There are a few variants for you to try, each having its pros and cons. It’s only for you to decide which one will be the best suiting.
- Hardware Wallets. A flash drive resembles a physical device that you can touch and even hold in your hand. Such wallets also called “cold storage,” are not connected to any network or the internet, unlike many other variants, making them much more secure and safe.
- Paper Wallets. Also, a physical “device” is a literal piece of paper that secures all of your private keys, sometimes even with a printed QR code. But be very careful with it, store it somewhere safe, where no one else can get to it, and access your currency.
- Software Wallets. You may prefer a software wallet if you want more convenient ways to access your cryptocurrency and buy and sell your holdings. This option allows you to use a software program or downloadable app to store your crypto. The software is connected to the internet, so it’s less secure than hardware or paper wallets, but you can more easily use your cryptocurrency.
- Crypto Exchanges. The riskiest of them all, because you’re giving your holdings to an exchanger – so it’s better to operate with a small amount of currency if you ever choose such a wallet for your purposes.
Overall
Solana’s price is expected to rise shortly, with October being a good month. You can buy Solana on multiple exchanges, and you must store your tokens in a crypto wallet.
Several storage options are available, each with its own benefits and risks. Regarding mining Solana, there are two main methods: CPU mining and cloud mining. Both have pros and cons, so it ultimately depends on what you’re looking for.
