Is Solana a Good Buy?
Is SOLANA a good buy? We often get asked this question by our readers.
Based on the current price, it's possible that it could be. Currently, at around $156 per token with over $46.4 billion in market cap, Solana seems to be undervalued compared to other high-potential cryptocurrencies such as Ethereum or Ethereum Classic.
However, with a pool of high-end partnerships on the pipeline, Solana shows a lot of future potentials, which makes it a great buy right now.
At the moment, the currency is relatively stable around the $150 to $160 price range. This gives us a good opportunity to buy in at the current price and then reevaluate it later on when we see the coin's true potential.
Solana is unique in that it provides holders of its token with passive income through staking. The token also prides on high returns, being more profitable per year than most of the other cryptocurrencies.
Solana's growth rate, as well as current market cap and trading volume, gives us a chance to grab some of this coin at this time. If you do decide to buy it, make sure you do your own personal evaluation before putting your money down.
So, Should I Buy Solana (SOL)?
We are going to be upfront about this. This is not financial advice but merely opinions based on the current market direction and Solana’s trading history.
After extensive research, we believe that Solana could be worth buying in 2021. This is if the market is favourable and the company manages to implement some of its most important developments and upgrades.
Solana is a unique project that aims to solve the blockchain trilemma. That is, it wants to make blockchains faster, more secure and decentralized in one easy-to-implement solution. This is an incredibly ambitious goal to take on, but it's also one that could potentially pay off in the future if they are successful.
If you do decide to purchase Solana (SOL), make sure that you properly set up your own wallet and take care of security measures.
Why is Solana (SOL) so Popular Right Now?
Solana is a brand new project that was just released not too long ago, in March 2020. It's currently ranked #7 with a total market cap of $46.4 billion. Obviously, they have made an impression in the cryptocurrency industry since their launch making it one of the most popular cryptocurrencies right now.
The coin also has a low supply meaning that it will be harder for people to get their hands on it. This could lead to the price becoming much higher if people really start to take a liking to the coin and its team's work. As a result, more investors are coming in before the price shoots up like Bitcoin did.
Solana also has a massive ROI potential for investors when they stake their coins in cold storage wallets. The coin has more than 71,123% ROI on its price since it was released to the market.
This could mean that we will see massive gains by the end of 2021 if adoption and development work continues as planned while partnerships continue to roll out.
Even more importantly, Solana’s revolutionary technology makes it a hot topic right now. The blockchain trilemma has been a bottleneck for some time now, and any technology that comes close to solving it is bound to attract some attention.
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How Much is Solana (SOL) Worth Today?
At the time of writing, Solana was trading at $156, according to CoinMarketCap. This puts the market cap valuation at $46.4 billion for this blockchain project.
Solana is currently ranked as #7 in terms of overall market cap across the entire industry. It currently has a circulating supply of 296 million SOL with a total supply of 504 million tokens. Solana's peak price so far has been $214 on September 9th 2021, while the lowest price was $0.5052 on May 11, 2020.
The token has been affected by the recent bear market bringing its price from $214 to $156 in a matter of days. Solana seems to be preparing for an uptrend, we can expect more volatility going forward.
The distribution of the SOL token is as follows:
- 16.23% goes to an initial seed sale
- 11.37% went towards a founding sale
- 12.79% is divided among team members
- 0.46% of the tokens were given to the Solana Foundation.
The remaining coins were distributed for private or public sale available now or in future.
Will Solana (SOL) Reach $200 in 2021?
According to most of the predictions we have looked at, Solana might reach $200 again by the end of 2021. Analysts expects the asset to hit $200 mark and even $250 before the end of 2021!
Wallet Investor believes that Solana will close 2021 at $195 and will reach $278 in one year. On the other hand, LongForecast think that Solana will achieve the $240 milestone by the end of the year and will reach $500 in second half of 2022.
At this moment in time, it's hard to tell whether or not Solana will hit again $200 in 2021 or even much higher. So, all we can do now is sit and see how things play out.
Cryptocurrency is a risky investment, we wouldn't recommend throwing all of my savings into Solana at this stage in development. While we believe it has a lot of future potential, you might want to hold your horses until you’re sure that it’s not going to mess up your investment.
Read Also: Could Solana Be a Millionaire Maker Coin?
How to Easily Buy Solana (SOL) on eToro
Whether you are looking to buy Solana for holding or trading, we find eToro to be the most convenient platform to do that.
Here is a step-by-step process on how to buy Solana on eToro:
- Step 1: Create an eToro account and verify your identity.
- Step 2: Deposit some funds into your account. The minimum amount is $200 on eToro
- Step 3: Navigate to the Trade Markets tab, select Crypto and then choose Solana (SOL)
- Step 4: Enter the amount of SOL you wish to buy
- Step 5: Click on the Open Trade button to buy Solana tokens.
That's it! You now have some Solana tokens. After buying, you can either transfer the tokens to a cold wallet or keep them on the platform, depending on whether you want to trade to HODL.
Conclusion: Is Solana (SOL) a Good Buy?
At first glance, Solana definitely seems like a token worth keeping an eye on. The technology behind this project is impressive, and their team looks extremely talented as well. If they are able to hit all of their milestones on time, Solana could definitely become a big player in the blockchain industry.
We would, however, recommend holding off on purchasing any SOL tokens until you see much more adoption. They need to be able to hit all of their goals first before going mainstream with their platform. If they can do that, this coin has some serious potential for growth in the future.
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