Solana Crypto Price Prediction and Future

October 3, 2024

624

Table of Contents

Solana stands out as a blockchain platform aiming to tackle the scalability hurdles that have been holding back Bitcoin and other cryptocurrencies.

Though it’s still in its early stages, Solana shows promise to become a major player in the blockchain arena.

As awareness about Solana and its capabilities grows, the price of SOL is likely to climb. By diving into how this crypto operates and its origins, we can make an informed Solana price target prediction.

Solana’s journey so far

Solana’s genesis block emerged quite recently, on March 16, 2020. However, the currency’s concept was introduced back in November 2017 by Anatoly Yakovlenko in a whitepaper.

Within its first year, investors were already debating whether Solana could challenge Ethereum due to its distinct advantages. In September 2021, Bloomberg journalist Joanna Osslinger shed light on this discussion, helping Solana gain more recognition globally.

What makes Solana stand out?

1. Lightning-fast transactions:

Lightning-fast-transactions

Comparing Solana to its closest rival, Ethereum, reveals a stark difference in speed. Ethereum takes 10-15 seconds to mine a block and manages only 20-45 TPS. Solana, on the other hand, processes transactions in less than a second, with a TPS count thousands of times higher. This speed has led to discussions about how SOL to ETH could shift in the future.

2. No mempool bottleneck:

Unlike many other blockchains, Solana doesn’t have a mempool – an area where transactions queue up for blockchain acceptance. This absence eliminates the wait between adding and processing transactions, significantly boosting operation speed.

3. Budget-friendly transaction costs:

While different blockchains have varying fees, sometimes fluctuating, Solana keeps it simple. Its fee is low and consistent, around $0.0003 per transaction. This is incredibly beneficial, especially when fees on blockchains like Ethereum can skyrocket to $100, with NFT processing costs ranging from a quarter of a thousand to potentially millions.

4. Rapidly expanding ecosystem:

Although Ethereum remains the top choice for building and hosting decentralized applications (DApps) and deploying smart contracts, it faces numerous challenges related to cost and speed. Solana sidesteps these issues (for now!) and is hosting an exponentially growing list of DApps and smart contracts. Solana also has the potential to support more coins than Ethereum. At the current growth rate, Solana’s ecosystem could overtake Ethereum’s in both variety and sheer numbers.

Solana’s price outlook

Despite its recent launch, Solana has shown remarkable stability. No significant drops are expected in the near future, though expert opinions may vary.

September 24 forecast: Maximum price of $51.38, minimum of $46.14, with an average trading price of $48.26.
October 24 prediction: Price around $45.50, potentially ranging from $43.37 to $47.66.
November 24 projection: Slight increase with an average price of $47.32, potentially ranging from $45.62 to $49.48.

How to get your hands on Solana Crypto

1. Pick a Crypto Exchange:

Pick-a-Crypto-Exchange

Look for the best fit for you among the numerous platforms available. Seek one with low account minimums and trade fees. Remember: some platforms require more expertise, so ensure you’re comfortable with your choice. Newcomers should stick to more user-friendly options.

2. Purchase SOL:

After setting up your profile, fund it. You can use a debit or credit card, existing cryptocurrency holdings, or a bank account. However, we advise against using cards for crypto purchases due to potential debt risks and additional fees from banks treating it as a cash advance.

With funds in your account, place your first order. Simply type SOL (Solana’s ticker symbol) and enter your investment amount, like $20 or $50. You can typically choose an order type, such as market or limit order.

3. Store Your SOL:

Store-Your-SOL

To invest in Solana or any crypto, you need a storage solution for your purchased tokens – a crypto wallet. Consider these options:

Hardware Wallets:

Physical devices resembling flash drives. These “cold storage” aren’t connected to any network or the internet, making them highly secure.

Paper Wallets:

A physical piece of paper containing your private keys, sometimes with a printed QR code. Store it securely to prevent unauthorized access.

Software Wallets:

If you prefer convenience for accessing, buying, and selling your holdings, consider a software wallet. These use a software program or downloadable app for storage. While less secure than hardware or paper wallets due to internet connection, they offer easier cryptocurrency use.

Crypto Exchanges:

The riskiest option as you’re entrusting your holdings to an exchange. If you choose this route, it’s better to start with a small amount of currency.

In conclusion

Solana’s price is expected to trend upward in the near future, with October looking particularly promising. You can acquire Solana on various exchanges, but remember to store your tokens in a crypto wallet. Several storage options are available, each with its own set of benefits and risks. When it comes to mining Solana, you can choose between CPU mining and cloud mining. Both methods have their advantages and drawbacks, so your choice depends on your specific needs and goals.