Why 2021 is the best time to Invest in Solana?
What makes the Solana best investment in 2021?
The use of Solana Cryptocurrency is a revolutionary step forward in the area of distributed computing and communications. This new protocol and technology allow users to transact without the need for third-party intermediaries like banks. The new system’s main selling point is that it enables people to communicate over large distances at a low cost, without worrying about exchange rates or currency conversion fees. The blockchain ecosystem is full of projects that deserve your attention.
Many cryptocurrencies are helping in the growth of various crypto projects. Similar to Ethereum, many new and next-gen projects of blockchain are coming up to takes their place. Among those, Solana (SOL) is a new entry. It doesn’t need to replace Ethereum, but it will help the decentralized application and blockchain projects scale because of the lower fees and faster processing speed. So in this write-up, we will try to determine whether or not Solana is a good investment in 2021?
What is Solana(SOL)?: Brief Summary
The newest in a long line of top-ranking cryptosystems called Solana Cryptocurrency is being used by over ten thousand merchants worldwide as their primary payment method. Launched in March 2020, Solana is a recent blockchain project developed by two software engineers — Greg Fitzgerald and Anatoly Yakovenko. They created a new kind of consensus mechanism, known as Proof-of-History (PoH). This is a much better mechanism than its earlier counterparts, utilized by Bitcoin and Ethereum. However, the only downside is the higher transaction fees for PoW.
It is the easiest to understand, secure, transfer, and store than any other available options out there. It also allows instant confirmation of deposits into your bank account and is the strongest in terms of security features. It also has no charge for deposits, making it ideal for people who wish to start an online business without the overhead that merchant accounts have. An instant electronic transaction benefits include lower risk/reward, faster turnaround time, reduced charges on conversions, and no chargebacks.
One of the biggest problems people face today is identity theft, and this is dramatically reduced with this secure exchange. Your private information is kept highly secured and confidential. Even if someone were to gain access to your data, they would not be able to use it for anything besides monetary transactions. If you need to convert money from one currency to another, you will find that your money transfers will go through quickly and securely. All of these advantages, coupled with the cost of keeping it protected, make Solana Cryptocurrency an excellent choice for everyone.
Best time to invest in Solana(SOL)
SOL, the cryptocurrency that runs on the Solana blockchain, was one of the few coins to trade higher on June 2021, as the market experienced yet another broad selloff. During the day, SOL gained 8.52 percent, while bitcoin (BTC) fell by more than 0.2 percent and ether (ETH) fell by 2.9 percent.
The SOL price was hovering around $43.31 on 9 June, up nearly 100% from the 23 May low, but it remains 25.7 percent below the all-time high reached earlier that day on 18 May.
By providing high-speed transaction processing and low fees, the Solana blockchain aims to challenge the Ethereum blockchain as a foundation for decentralised finance (DeFi). According to real-time data from Blockchair and Solana Beach, Solana processes more than 1,000 transactions per second, compared to 14 on the Ethereum network. According to its website, Solana has a theoretical maximum throughput of 50,000 transactions per second.
Is Solana a good investment in 2021?
If you want to invest in Solana coin and buy Solana at the best price, then 2021 is the best time to do so because the value of SOL has been increasing since the beginning of 2021 and is expected to continue rising until it reaches the Litecoin value. Hence, the year 2021 is the best time to invest in Solana.
In May, the Solana Foundation announced a $20 million investment partnership with the MATH Global Foundation to support developers working on Solana ecosystem projects. Last week, Solana announced the formation of a $20 million fund with South Korean blockchain accelerator ROK Capital in order to accelerate Solana’s expansion into South Korea.
According to the Wall Street Journal : Crypto Startup Solana Raises $314 Million to Develop Faster Blockchain
“Solana has the most ambitious tech road map of any blockchain, and they’ve been making impressive progress on it, It’s a blockchain that has the potential to support a DeFi ecosystem with world-scale activity.”
— Sam Bankman-Fried, chief executive of Alameda Research
Solana in its Press Release announced : Solana Labs Completes a $314.15M Private Token Sale Led by Andreessen Horowitz and Polychain Capital
On June 9, 2021, Solana Labs announced that it had completed a $314,159,265 private token sale led by Andreessen Horowitz and Polychain Capital, with participation from 1kx, Alameda Research, Blockchange Ventures, CMS Holdings, Coinfund, CoinShares, Collab Currency, MGNR (Memetic Capital), Multicoin Capital, ParaFi Capital, Sino Global Capital, Jump Trading.
Because of its high versatility as a utility token and its long-term deflationary economic model, Solana’s SOL provides a solid theoretical foundation for achieving greater value through deflation.
Where to buy SOL?
You can buy Solana directly from BuyUcoin. The exchange gives you information about the price of Solana. You can order your Solana with a credit card or a bank transfer, and it will be delivered to your hardware wallet instantly and securely. You can also buy Solana from other websites and secure it with your hardware wallet.
Solana VS Ethereum
Solana, as a blockchain, provides a number of innovative solutions that contribute to it being one of the most performant Layer 1s in the world. The Solana team has proposed a number of ground-breaking innovations, each with an application to security, bandwidth, and decentralisation. To summarise for readers who are more familiar with Ethereum, the Solana blockchain;
- Its Programs make no use of the state (Ethereum stores state, making it slower)
- On-chain clock verification is available (for trusted timestamps, rather than block height)
- Transactions are streamed without the need for global consensus (without sacrificing security)
- Data packets are miniaturised and transmitted using UDP (lower memory requirements)
- Deletes the mempool (By forwarding unconfirmed transactions to upcoming validators)
In general, Solana is a more advanced version of Ethereum that does not require Sharding, a relatively new technology. Solana is operational today, and you can take advantage of its full potential! It is a permissionless chain that anyone can build on, unlike Ethereum, which has bottlenecks.
Worth To buy Solana (SOL) in India?
Solana is a blockchain network that focuses on high throughput and fast transactions. To improve speed, it employs a one-of-a-kind method of ordering transactions. Users can use SOL, the network’s native cryptocurrency, to pay transaction fees and interact with smart contracts.
The future of how humans communicate with financial institutions is ready for DeFi, which provides open, low-cost, transparent, and equitable access to all. However, taking action in the future, as with everything else in life, entails some difficulties.
Solana is one of the most well-known blockchains. The project creators were successful in developing a network that outperformed payment processors, particularly in terms of tps and usability. As a result, more developers are expected to migrate to Solana as their original blockchains continue to struggle with scalability.
The Solana Price at the time of writing is ₹2,986.65 with a 24- hour volume trading of ₹42,517,313,396. The present circulating supply of Solana token is 272,637,427.58 SOL , with the market capital of 11.017 Billion . The top exchanges for trading in Solana are currently BuyUcoin, Binance, Huobi Global, BitAsset, OKEx, and HBTC.
Solana Price predection 2021 and Future of Solana
SOL is an excellent long-term investment, according to our analysis and study ,we use technical analysis to forecast future values for a wide range of digital coins, including Solana. SOL can be a profitable investment option if you are looking for virtual currencies with a high return. If you buy Solana today for ₹10,000 you will receive a total of 3.3497 SOL. Solana is a strong Ethereum alternative for high-growth apps and platforms. As a result, the all-time maximum SOL burst could occur in the middle of 2021. If we are completely honest with you, we anticipate a ₹4,396.39 average price by the end of 2021.
However, Solana’s numerous advancements may also make it more competitive, including much-anticipated improvements that allow improved cross-chain compatibility between Solana and other SOL tokens. Prices are expected to rise as a result of this upgrade. The price of 1 SOL token will be around $100 to $150 by 2023.
Solana’s high scalability makes it a stable, future-proof platform option. SOL is an extremely appealing investment opportunity because the blockchain’s native currency makes it resilient and efficient.
Conclusion: Is Solana a decent investment and the way a lot of things can SOL be worth in 2021?
Solana, as a cryptocurrency project, is increasing. By May 2021, it bagged the 14 th position in the market cap, and by June 2020, it had already become the 21st largest project worldwide. This project sits on a $5.4 billion stock and has prices trading at ₹3,009.16 per SOL token.
Since the year 2021 has begun, the SOL price have skyrocketed ten times and achieved a 900 percent gain. With still a few possibilities that this crypto project might collapse, resulting in the decline in prices for altcoin, many cryptocurrencies with long-term and legitimate applications can stand a chance. All thanks to the bull market, all major cryptocurrencies are reporting to have gained massively; however, this won’t last forever.
Considering the long term, various cryptos will die, only to leave the serious ones running. As far as Solana is considered, it does fall in the severe category, and doesn’t be surprised if the prices hit $50 per SOL token. But the growth does slow down after a certain point.
Regardless of what you choose, you can invest in Solana with ease. All you need is a bit of research and information to make your way to a comfortable investment. You can quickly learn how to invest in Solana and become rich in no time.