Will Solana Make Me Rich In 10 Years
As of the last week of August 2021, Solana was the hottest cryptocurrency. By September 9th, SOL, the native currency of the network, hit an all-time high of $214.96 per token. That’s quite magical for a coin that was trading for as little as $0.5052 in May 2020. In a space of 16 months, the coin has gained significantly and made several investors rich.
Are you considering investing in Solana? Do you the long-term game with viable cryptocurrencies? Then you must have asked the question: will Solana make me rich in ten years? Even if you haven’t considered the question in the past, you need a detailed answer to it.
When you are considering buying a cryptocurrency as a long-term investment, it is important that you study the token properly. It is possible that a coin that has performed really well in a few months may flop in many years to come. If you take your time to understand a coin, you can determine whether it will be a good coin for long-term investment.
There are so many things to know about Solana before choosing it as a long-term investment. We will try to discuss some of the most important factors here. It is essential that you read through the post carefully. In the end, you will get the information you need to make an informed decision and stand a good chance of reaping the fruits of your investments in the next decade.
Solana: What Is It?
Solana is an open-source cryptocurrency project that leverages the permissionless nature of blockchain technology to provide decentralized finance (DeFi) solutions. It is also described as a fourth-generation cryptocurrency that leverages open infrastructure to provide greater scalability. It is similar to Ethereum and interacts with smart contracts.
As a notable member of the DeFi community, Solana boasts of a very functional protocol that facilitates the creation of decentralized apps (Dapps). It is one of the most interesting fourth-generation cryptocurrencies, offering several unique technologies that offer incredible transaction speeds and enterprise-level security. Some consider Solana to be a long-term rival of Ethereum.
The Solana protocol is a high-performance protocol for various reasons. It employs an innovative hybrid consensus model that makes transactions smooth for all kinds of users, from small-time traders to institutional investors. It combines the new and interesting proof-of-history (PoH) consensus with the ever-reliable underlying proof-of-stake (PoS) consensus.
You can also refer to Solana simply as a cryptocurrency. Behind the decentralized network is a digital currency that is fast becoming popular among cryptocurrency enthusiasts and online traders. The native currency of the Solana network trades under the ticker symbol "SOL,” and is available on several exchanges, brokerages, and cryptocurrency investment platforms.
Though the nature of the Solana network should matter to every potential investor, the coin is the most important thing to pay attention to. The performance of the coin is a reflection of the network. Again, the value of the coin determines your financial commitment and what you can gain by investing in Solana.
What’s The Story Behind Solana?
The Solana project was started in 2017 with Anatoly Yakovenko at the helm of affairs. Prior to starting the project, Yakovenko had a successful career in Qualcomm, climbing the ladder quickly to become senior staff engineer manager. He later worked as a software engineer at Dropbox.
The early days of Solana saw Anatoly Yakovenko team up with a Qualcomm colleague named Greg Fitzgerald. The Solana Lab was founded by the two, and they were able to attract former colleagues from Qualcomm to join the ranks and build a unique blockchain.
The Solana Lab was able to create what every knowledgeable person in the cryptocurrency universe understand as an advanced system. It took the lab a while to perfect its creation, and the Solana protocol was initially released in 2019 while the token (SOL) was publicly released in 2020.
What Major Problems Does Solana Solve?
The value of a cryptocurrency network is tied to the problems it solves. Solana is a high-flyer in this regard. The network has a unique architecture that is structured to be expandable and resilient to censorship. Solana is also recognized for its speed. The trustless and distributed blockchain improves scalability. It is way ahead of Bitcoin when it comes to transaction speed. The blockchain offers below second block finality.
Solana also makes the creation of decentralized apps easier and more affordable. Ethereum, which is regarded by some as the top DeFi platform is almost congested with projects. Due to the way it is designed, creating new projects has become more expensive. Solana serves as a reliable alternative.
Solana can scale up incredibly to meet the demand of users. It allows network transaction throughput to scale proportionally to its bandwidth, achieving more at any given time. Theoretically, Solana can handle up to 50,000 transactions per second, which is insanely better than Ethereum’s 12 transactions per second and Bitcoins 7 transactions per second.
Solana makes conducting trans-border transactions easier and more affordable. It takes seconds to complete transactions, and the cost can be a little fraction of the cost of completing such transactions with other popular cryptocurrencies. It is also censorship-resistant, which means no one is in a position to interfere in your transactions.
Is Solana A Good Investment?
You can tell from what we have covered that Solana is an incredible network. But will Solana make you rich in ten years? In other words, is Solana a good investment?
If you are conversant with the way things work in the cryptocurrency universe, you will understand that a good blockchain or an incredible network does not guarantee a good investment. To determine whether Solana is a good investment, you need to also consider how well the token (SOL) has performed on the market.
Price History Of Solana (SOL)
It is important to start by stating that Solana (SOL) is a relatively new coin, so there isn’t much historical price data. However, we are going to discuss the short journey so far.
Solana held an initial coin offering (ICO) between 16 and 24 March 2020. The ICO token price was $0.22. By April, the token was available in some of the popular cryptocurrency exchanges. The price of the coin remained low for a while, hovering between $0.50 and $0.80 until July when it reached the $1 mark.
After reaching the dollar mark, it was easier for Solana to pick up momentum. By 1st September, the token was selling for about $4.7367. A downward market trend saw the price of the coin drop to $2. It is worthy of note that the token has never dropped beyond the dollar mark ever again.
Solana price was hardly affected by the market-wide Bull Run in late 2020, probably because it was a fresh cryptocurrency. However, it started the New Year (2021) positively. It gained significant value towards the end of January. By the last week of February, Solana was trading for $16.109626 per token.
Solana, like other cryptocurrencies, has been volatile. However, the price has been climbing steadily. By the last day of August, it had reached a new height of $130.01.
Recent Performance And Current Position Of Solana
As hinted in the paragraph above, Solana has been gaining value steadily. Early September was definitely the best time for the token. It hit an all-time high of $218.73 on October 25th, 2021. SOL managed to jump even more in the following month and recorded its current all-time high of $260.
At the time of writing this piece, Solana was trading for $95.85 per token with a 24-hour trading volume of $2,708,866,582. It has recorded a 24-hour low of $90.83 and a high of $99.70. The market capitalization is $30,175,149,218, making the 6th ranked cryptocurrency in the world. The fully diluted market capitalization, however, is $49,065,213,824.
According to the Solana Foundation, a total of 489 million SOL tokens will be released. At the moment, there are 314,832,732.31 SOL in circulation. The total supply is 511,616,946 SOL.
Solana Price Predictions
To understand whether Solana can make you rich in ten years, you need to look at what experts are predicting about the future value. Of course, the coin has done pretty well in just a year of being part of the market. However, it is important that we only look at the predictions of authority websites.
Wallet Investor makes reliable cryptocurrency predictions. Judging by its latest forecast, Solana's price is set to increase in the coming years. In the next year, it can reach $356.61. The website is so positive about the future of Solana that they predict that the coin can be worth as much as $1,636.17 in five years’ time.
Digital Coin Price is also positive about the future of Solana, but not as exciting as Wallet Investor. According to its algorithm-based forecast, Solana can be worth $143.28 before the end of the year. By 2023, the coin can reach $164.72. In the next five years (2027), it predicts that SOL will be worth $325.44 per token.
Trading Beasts is not as enthusiastic as the sites above when it comes to the future of Solana token. It predicts that the coin will still be worth between $92.25 and $135.66. It also predicts that the average price of the coin in December 2023 will be $123.33. It predicts that the highest the coin can reach by 2024 is $169.86 while the average price will be $135.89.
Long Forecast is not very positive about the future of Solana. It predicts that the SOL coin can trade between $73.4 and $91.1 before the end of this year. By December 2023, it predicts that SOL will sell between $149.8 and $176.1. It predicts that the coin will reach high prices again in January and December 2024, selling between $200 and $252.
Where Will Solana Be In the Next Ten Years?
From what we have covered so far, it is easy to conclude that Solana will be a lot more valuable in ten years’ time. In just about a year and seven months of being traded in major exchanges, Solana has experienced extraordinary growth. From selling below $1, the coin is selling for hundreds of dollars and showing signs of reaching new heights.
While the growth trajectory of Solana has been impressively positive, there is no guarantee that it will continue to grow. The network is great and offers a lot of benefits that can attract users, but the crypto market may experience a bearish trend that will affect all cryptos.
It is difficult to tell where Solana will be in ten years, but we are positive that the coin will succeed beyond the expectations of many. In a short time, it has become one of the most valuable cryptocurrencies, and its network is expandable. If things continue to go well for the coin and the cryptocurrency universe as a whole, it can be worth more than a thousand dollars per token.
Top Reasons To Invest In Solana
Are you considering investing in Solana? You don’t need to be told at this point that it can be an incredibly rewarding investment. Considering that the coin was selling for less than $1 in 2020 and has reached $260 in 2021, it is one of the most interesting assets in the DeFi arena. Here are a few other reasons you should choose to invest in Solana:
✅ Solana is a unique decentralized platform with great technologies.
✅ Solana is incredibly fast and users love it for that.
✅ Solana has been described as Ethereum’s long-term rival, and there are reasons to believe it can compete favourably.
✅ Solana solves major problems in the crypto space, including the problems of scalability and high fees.
✅ Solana has successfully launched a wormhole that allows blockchains to communicate and work together at minimal costs.
✅ Solana is attracting many projects, and the successes of these projects will elevate Solana even further.
✅ Solana is an important part of the evolving DeFi sector and is currently in a good position to play huge roles in the future.
✅ Solana makes creating decentralized apps and non-fungible tokens (NFTs) easier and more affordable.
✅ Solana is a highly secured platform – it boasts of enterprise-level security.
✅ The Solana Lab has the requisite talent and leadership to take Solana to new heights.
✅ The Solana token (SOL) has performed excellently in the market in less than two years.
✅ Solana has fetched early investors thousands-fold returns – it has already made many people rich.
✅ Solana price is still cheap, compared to what it can become in the coming months – this is like the best time to buy and stand a chance of getting meaningful returns soon.
✅ You may not wait for ten years before becoming rich by investing in Solana.
Reasons To Think Twice About Investing In Solana
With all we have discussed so far, it will be hard to imagine that there are negatives to investing in Solana. But like all investment vehicles, Solana (SOL) is not flawless. There are reasons you may have to think twice about the coin, including:
❌ Solana is still a cryptocurrency, and all cryptocurrencies are volatile.
❌ Solana is a new cryptocurrency, and the excitement about its potentials will wane with time.
❌ Solana is in competition with Ethereum and several other wonderful cryptocurrencies.
❌ Authorities are talking about stricter DeFi regulation and Solana could be affected in the long run.
Should You Play The Long-Term Game With Solana?
If you are hoping that Solana can make you rich in ten years then you are planning to play the long-term game with the coin. Honestly, Solana is an incredible network and is seen by many as a reliable Ethereum alternative. It has already made a meaningful impact in the DeFi sector. The potentials are there, and the coin has shown how valuable informed investors regard the ecosystem.
Solana is ideal both for short-term and long-term investments. If you have your eyes on huge returns, then playing the long-term game with Solana is not a bad idea. Even if you are not going to wait for ten years, a reasonable investment can fetch you huge returns in a few years or even months.
While long-term Solana investment sounds great, you shouldn’t get carried away and invest more than you need to. Solana is a cryptocurrency (a new one at that), so you should always be cautious when investing.
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Are You Ready To Invest In Solana? Do It The Smart Way
Are you a long-term cryptocurrency investor? Are you considering investing in Solana? Are you convinced that the coin can make you rich in ten years?
There are so many uncertainties in the cryptocurrency universe. Regardless, Solana is an incredible platform that has won the hearts of many. It has attracted several projects, and the token has performed extremely well. In fact, Solana has made people rich and can make you rich in less than ten years. You just have to understand the risks and make up your mind to invest.
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