Find Out Why SOL Is Going To Explode In 2023
The crypto market is flourishing with opportunities today. Thanks to advanced blockchain technology, there are thousands of new altcoins available in the market. Compared to 2020, 2021 was even more of a fertile ground for the growth of several altcoins.
A newly introduced cryptocurrency that has become the hot topic of discussion today is Solana (SOL). Solana has seen significant growth this year with recent updates in its network and various integrations.
Let's see what drives SOL's growth this year and why Solana is going to explode in 2023.
Don't Miss: Solana Price Predictions
Is Solana All Set For A Bullish Ride In 2023?
Solana kickstarted in 2021 with a price of $2.1. It further skyrocketed to reach an all-time high of $260 in November 2021. The impressive factor is that within just 11 months, the Solana currency has surged by more than 12,280.95%%, making it one of the best-performing digital currencies in the world.
Solana is a unique cryptocurrency described as "a fast, secure, and censorship-resistant blockchain providing the open infrastructure required for global adoption".
With its increasing popularity among traders and investors, crypto analysts predict that Solana is going to explode in 2023. There are several reasons and technical updates that back up this prediction. Here are a few among them.
#1: SOL Unstoppable Rally
Solana positioned itself among one of the top-performing cryptocurrencies in the market in a very short period. Though the idea behind the project began in 2017, it was officially launched in the market in March 2020. Solana is an open-source project that leverages blockchain technology to provide decentralized finance solutions.
SOL trades at $90, as of writing. It ranks in the 8th position of CoinMarketCap ranking, with a market cap of $28.5 billion.
With its low cost and faster transactions, SOL can replace the Ethereum blockchain in developing dApps. Adding to its popularity, Solana is currently the quickest blockchain network in the crypto industry.
#2. Significant Features That Make Solana Unique
The primary reason for Solana's popularity in the crypto space is its incredibly short processing times. Though Ethereum is an advanced platform for creating decentralized applications, users needed an alternative option that is cheaper and faster. This is what Solana blockchain brought in. Its hybrid protocol facilitates decreased validation times for the execution of both smart contracts and transactions.
Solana has a unique distributed ledger network that scales up to 65,000 transactions per second. It processes faster transactions without compromising network security. It provides unparalleled speed by adding time-stamps to its blockchain transactions, a relatively new feature used by Google and Intel to optimize their data facilities.
The protocol is created so that the network processes low transaction costs while still ensuring scalability and faster transaction.
#3. Solana's Unique Consensus Mechanism
Unlike other cryptocurrencies, Solana uses a unique consensus protocol known as Proof-of-History (PoH). It was developed by Anatoly Yakovenko, for enhancing the scalability and usability of the network. It is this mechanism that facilitates a large number of transactions in the network.
PoH enables users to create historical records by showing the specific time of every event that occurred in the network.
#4: Increasing Institutional Interest
With its lightning-fast processing time, Solana has received widespread institutional interest, which is a significant reason why it will explode in 2021. It has received attention from several crypto companies such as AscendEX and OKEX.
The Solana foundation has more plans to develop its ecosystem in the coming future, which will boost its value and demand in the market.
#5: Notable Update In The Solana Network
The Solana network has made some significant integrations and updates in its network over the past few years. The best example of this is its technical integration with Tether to bring in USDt stable coin to the Solana network. Since UDSt is a widely used stablecoin in the DeFi sector, this integration was a significant step for Solana in developing its network.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Recent Updates That Drives Solana's Growth This Year
Solana has a spew of developments in place that is driving its growth and popularity in 2023. Here are a few among them:
Star Atlas
Star Atlas is the highly-anticipated, upcoming launch on the Solana blockchain. It is a next-generation gaming metaverse that allows users to create, play and learn with players worldwide. With the expansion of NFT space, Solana's price will also surge higher with this launch.
Star Atlas recently took the exciting news of integration to their Twitter handle, which also boosted the popularity of the Solana network in the market.
Solstarter
The next notable addition to the Solana ecosystem is Solstarter, the first Initial Dex Offering (IDO). It helps developers to build DeFi projects seamlessly. The first step of Solstarter is to boost launchpad projects to raise liquidity in a decentralized manner.
Raydium
Raydium is yet another feature that the team added to the Solana network. It is described as "an avenue for the evolution of DeFi, with next-level liquidity. Friction-less yield. Light-speed swaps".
Solana has recently tweeted about its plan to integrate the Raydium protocol with Sushiswap, a significant milestone for the growth of this novel cryptocurrency.
These are some of the significant upgrades of the Solana network that might drive Solana to explode in 2023.
Read also: Could Solana Be a Millionaire Maker Coin?
Why Solana Is Going To Explode In 2023?: The Bottomline
The Solana project is just a year old. Within a short period, the cryptocurrency has already started making waves in the market with its rapid technological developments. Its integrations and advancements in the network will eventually drive Solana to be a viable competitor to Ethereum.
This crypto token has already marked its presence in the critical sectors of the market like decentralized finance (DeFi) and non-fungible token (NFT), which are going to reign the blockchain world in the coming decades.
Thanks to the dedicated development team of Solana Foundation, users can expect more updates and enhancements in the ecosystem soon. It has taken initiatives by working with critical stakeholders, organizations, and advanced technologies in the crypto space.
The team has also announced that there will be more integrations in the coming months that will further enhance the ecosystem and its usability. Based on all these factors, crypto enthusiasts predict that Solana is going to explode remarkably in 2023.
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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
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