Solana Increased by just shy of 15,000% last year so will it continue and will Solana reach 1000 Dollars?
Yes, There is a chance Solana could reach 1000 Dollars because it has come key advanatges over its competitors and therefore may continue on it's impressive gain.
Key Takeaways
- Solana is an incredibly fast growing cryptocurrency.
- Solana is a smart-contract platform similar to Ethereum that allows developers to build decentralized apps.
- Solana is much faster than Ethereum.
- All Cryptocurrencies are volatile, Solana is not an exception to this.
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Last year In a matter of just a week, Solana went from around $140 to a high of $218. However, after such a strong rally, things are cooling down, but for how long?
After a rally, the profit-taking that follows causes the momentum to slow down but this could be temporary and the overall trend may still be positive for this popular Cryptocurrency.
That said, let’s now take a closer look at Solana’s latest news, its community, and its price predictions for 2022.
In the past year, Solana was up by 10,660.87%. That’s quite a huge rally by any standards. You are probably beating yourself up wondering, how did I miss out on this rally?
The good news is that you don’t have to feel bad about it. Solana has one of the fastest-growing communities in crypto, and the majority of them are long SOL.
Solana’s popularity is largely driven by a strong belief that it is the true “Ethereum Killer.”
Ethereum has quite a huge community too. Quite expected of the largest second-largest cryptocurrency by market cap, and the largest platform blockchain in the market today.
So is Solana really the Ethereum killer? Well, a savvy investor would not see things that way.
Both of them are good investments, and likely to perform well going into 2022 and beyond.
That said, Solana has a lot more room for growth than Ethereum. It is still a new project and is yet to match Ethereum’s adoption levels.
Comparatively, buying Solana now is the same as time travelling to go and buy Ethereum back in 2015/16.
That’s a massive opportunity, right?
Is Solana A Good Investment?
Yes, all things considered Solana could be considered a good investment but that does not mean it is guaranteed. Just like any other cryptocurrency or any other investment in fact, there is risk involved and past performance is not a indicator of future results so make sure you spread your risk accordingly and don't have all your eggs in one basket.
Is Solana Deflationary?
Solana by design is deflationary. The way it works is simple. All SOL generated in transaction fees are burned. This means the supply of SOL will go down over time.
At the moment, there are 314,832,732.31 SOL in circulation. Going by Economics 101, one can expect the price of Solana to go up over time.
The best part is that deflationary cryptocurrencies handle their value better over time when compared to inflationary cryptocurrencies.
This is the primary reason why both Bitcoin and Ethereum have performed so well since they were launched.
Read Also: What Might Happen If You Invest $100 In Solana (SOL) Today?
Solana’s All-Time High Is Making A Statement
In September last year, Solana has rallied by 58% to hit a high of $218, which it later topped in November to $260. Trading volumes have soared in the same period as well.
With the Solana online communities on a growth trajectory, it’s a sure bet that Solana will be here for a long time.
However, it’s not just about the growth in community numbers, but the optimism as well. On platforms like Reddit, it is easy to feel that people are very optimistic that prices could go much higher than they are at the moment.
Since cryptocurrencies are decentralized projects, when the community is net-long, it’s a good indicator that Solana could perform very well going into the future.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Solana Projects Surpass 500
In October 2021, Solana announced that it had hit a milestone of 500 projects building on top of it. That’s quite impressive for a relatively new project.
The project also announced that it had $5 million in seed capital for more projects to come on board.
This parabolic growth in projects building on Solana will help push up the value of SOL going into the future.
When you consider that awareness about the power of Solana is on the rise, it is easy to see that the future of this project is bright.
A lot of people regret why they did not buy Bitcoin or Ethereum much earlier.
Well, Solana presents a second chance.
Is it a good opportunity?
I strongly believe it is.
Solana Price Predictions
There are 10s of predictions out there on the direction that Solana could take in the future. What’s odd is that some expect the price to go down over time.
Such predictions are mostly by people who have not taken time to grasp the power that Solana holds.
Going by community vibe on platforms like Reddit and Twitter, we expect Solana to trade at $2,070 by the end of 2022.
That’s way higher than the $1000 valuation that a lot of people are projecting. Going by its price action recently, $1000 per SOL is easily attainable within 2022.
If it keeps growing at its current rate, Solana could peak at $30k by 2030.
Check Out: What Will Solana (SOL) Be Worth In 10 Years?
The Demand For Solana Is Increasing Rapidly
Solana is currently listed on most of the major exchanges. However, there are still a lot more that are yet to list it.
This means there is much room for growth as more people open accounts and take an interest in SOL.
Where Can I Buy Solana?
You can easily buy Solana on any of these top platforms:
- eToro
- Binance
- Coinbase
With the demand for SOL shooting up by the day, more platforms will definitely list it. However, to reap the most benefit from SOL, it is best to take a long-term approach to it.
Those who took a long-term view of Bitcoin and Ethereum and never sold are the ones that have reaped the most benefits.
Besides, since you can buy a fraction of SOL, you can always set aside some money regularly until you reach your target.
With inflation becoming an inevitable reality by the day, buying into deflationary assets like Solana is a good idea.
Is Solana Coin A Buy?
Solana is definitely a solid buy.
The project’s building on top of it is on the rise, and the community is very enthusiastic.
Besides, Solana is still very affordable. At an average of $100 a coin, you can easily get yourself 5 SOL for just $500.
For someone who invests $500 in Solana today, you can make $5000 easy once it hits $1000.
If you hold for longer and Solana hits $30k, that 5 SOL would be worth $150k.
If you look at what cryptocurrencies like Bitcoin and Ethereum have done over the last 10-years, this is very much attainable.
Are You Holding Solana?
Do you have Solana in your portfolio? At what price will SOL make you a millionaire? Let’s engage and see how optimistic you are about the opportunity that Solana presents.
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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Will Solana Reach 1000 Dollars FAQ
Is Solana Better Than Ethereum
Yes, but only in some ways. Solana offers high-speed and low-cost transactions whereas Ethereum offers a more established and decentralized network
Is Solana Or Cardano Better?
Solana is faster cheaper and more developed however both are innovative projects that could disrupt many industries and both could be extremely successful in their own right.
Will Solana Recover
It's likely that Solana will recover. Last year saw unprecedented gains across the board for the cryptocurrency market as a whole and Solana certainly got it's fair share of the action. Naturally following such highs we're now seeing some selling off but overall it could be a positive trend.
Who Creates Solana?
Solana was created by Anatoly Yakovenko, Greg Fitzgerald, Stephen Akridge and Raj Gokal
Read More:
Will Solana Make Me Rich In 10 Years