Solana (SOL) Cryptocurrency: Is It A Buy Right Now?

Last Updated March 25th 2022

4 Min Read

Solana has become the best go-to smart-contract platform for NFTs, gaming, and DeFi. Does this make SOL a good buy now?

Solana was one of the biggest winners of 2021 by capturing the interest of investors worldwide. As a result, the price of SOL was up more than 12,000% last year. The future is looking positive for cryptocurrencies that can efficiently handle both opportunities and challenges. Therefore, the Solana blockchain has a promising future, with investors asking if SOL is a buy, hold, or sell right now.

Let's see what Solana has in the pipeline for 2022 and beyond.

A Market-Beating Cryptocurrency — But For How Much Longer?

Solana's speed and efficiency have made it highly popular and eventually could make SOL a long-term winner.

Solana is an efficient smart contract cryptocurrency that has the potential to rival Ethereum. It is extremely fast, and transaction costs are just a fraction. Solana maintains its high-speed network with an innovative hybrid consensus model that combines a unique Proof-of-History (PoH) algorithm with the high-speed synchronization engine, a Proof-of-Stake (PoS) model.

Last year, Solana faced major network outage issues, plunging SOL’s price down from its bullish rally. But thanks to the team's efficient management, the issue was resolved shortly.

Moreover, the crypto’s blockchain architecture is designed to facilitate smart contracts and the creation of decentralized applications (dApps). It also supports numerous decentralized financial platforms (DeFi) and non-fungible token (NFT) markets. The team has plans to widen the network to more applications like gaming and NFTs, which could boost network adoption and solidify SOL’s position as a top cryptocurrency.

Check Out: Will Solana Make Me Rich In 10 Years

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

The Road Ahead For Solana

Solana is expected to grow tremendously in 2022, making SOL a profitable investment option.

Solana is all set to mature into a fully-fledged ecosystem, with GameFi taking center stage in their plan. Given the low transaction costs and fast transaction speed, the possibilities are limitless for developers to build new applications on top of the Solana blockchain.

Plans To Extend Into The NFT Market

Solana is planning to leverage the best out of the ever-expanding NFT market. It is currently gaining market share with Solanart, the NFT marketplace running on the network. NFTs also allow developers to fund projects through games and decentralized finance products.

Solana Pay - The New Digital Payment Platform

Solana has introduced a new, decentralized, peer-to-peer payment platform, Solana Pay, adding to the reasons to buy SOL for future returns. It offers merchants a simple framework to process transactions directly to consumers for low cost and with no middleman.

Thanks to Solana blockchain Solana Pay’s decentralized payment structure is extremely fast and provides scalability of 65,000 transactions per second (TPS), with a near-instantaneous settlement of 400 milliseconds and a meager fee of $0.00025 per transaction.

Allocation Of US$314 Million Of Funding

Solana has more plans to expand its network in the coming years. It has completed a private token sale worth US$314 million to several venture capitalists and investors in 2021. This money will be used to accelerate and improve the development of dApps hosted on Solana.

Anatoly Yakovenko, CEO of Solana blockchain, said that the scalability and speed of blockchains are problems of the past. The new phase of cryptocurrency development should come at the application layer. This substantial investment by Solana is a step towards achieving this goal.

The Release Of Solice

The most anticipated release on Solana in 2022 is the Solice Metaverse. This application is expected to be the first to integrate virtual reality (VR) with the Solana protocol. The launch of this advanced project will push the price of SOL to new highs, boosting the investability quotient of Solana. The developers have also found several high-volume investors to fund the project.

Is Solana A Buy Right Now?

Solana is good buy now as many applications are coming to the blockchain. Along with gaming and NFTs, some DeFi exchanges, swapping utilities, and liquidity solutions are also set for a launch on the Solana blockchain in 2022. This would play a key role in the price of SOL by attracting new audiences and users to the Solana ecosystem. Moreover, applications already built on the network would also see a surge in popularity this year.

The Solana network currently hosts over 500 dApps and multiple DeFi projects. Additionally, over 5.7 million NFTs have been mined by the network so far. Since the launch of its Mainnet beta in 2021, the development team has been continuously working on optimizing the network.

However, Solana looks all set to begin its bullish rally in 2022, placing a greater focus on NFT-based gaming. Solana seems to be a good buy now, with its plans to capitalize on the growing play-to-earn market and further network enhancements in the pipeline.

Don't Miss: Solana (SOL) Price Prediction

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Bottom Line: Solana is a buy, as it is in a months-long consolidation with an $85 buy point. Keep an eye on the crypto market, as it compares favorably with many top-rated-large-cap cryptos to buy or watch.

Solana is the fastest blockchain with rapid growth in the crypto sphere. Given such a compelling year and over 400 projects spanning DeFi, NFTs, and Web 3.0, it is a cryptocurrency worth buying now for future returns.