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Tracing the evolution of the cryptocurrency Solana - Essential insights

Key facts about Solana:

  • Launched in 2020, Solana is a cryptocurrency rooted in blockchain technology.
  •  Solana employs a unique Proof of Stake (PoS) consensus protocol, facilitating swift transactions.
  • Since its inception, Solana has emerged as a favoured platform for decentralised finance (DeFi) projects.
  • Throughout 2021, Solana showcased remarkable price momentum, solidifying its place among the fastest-evolving crypto ventures.
  • Solana achieved its all-time high (ATH) in November, 2021 at around 260 US dollars per SOL token.

Getting to know Solana (SOL)

Solana is a high-speed blockchain often lauded for its resistance to censorship and permissionless nature. It's among the swiftest blockchains globally that was designed for scalability from its outset. Solana offers an expandable infrastructure for decentralised finance (DeFi) projects, employing a hybrid consensus mechanism composed of Proof of Stake (PoS) and Proof of History (PoH). By allocating timestamps specific to transactions, it ensures fairness in the transaction ordering process. SOL, the native token of Solana which can be staked, has a capped total of 489 million.

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The history of Solana (SOL)

SOL is the cryptocurrency of the Solana network, and these tokens are used for transaction payments, smart contracts, DeFi services, and staking.

Solana tackles a prevalent issue in the crypto realm as they look to counteract sluggish blockchains by enabling high transaction speeds and seamless integration of DeFi applications. Since its launch, Solana has grown into a major player in the DeFi arena.

Decentralised applications (DApps) are executable on certain blockchains, similarly to regular applications on smartphones. Conceptually, a blockchain is akin to an operating system, accommodating applications similar to Windows, MacOS, Android, or iOS. The Solana blockchain is celebrated for its extraordinary speed and scalability. These performance benefits are fortified by the inventive PoS mechanism, sharding technology (the splitting of a large database into smaller segments for more adaptable blockchains), and pre-existing building blocks for DApps.

What differentiates the SOL cryptocurrency?

Solana is distinguished by its speed, enabling applications on its blockchain to operate faster than others. This throughput is typically quantified in transactions per second, with a higher figure denoting a faster blockchain. When a surge of users aims to utilise DApps on the blockchain, it often becomes slower and less efficient because the blockchain struggles to process the increasing demand. Solana's scalability allows it to manage a perpetually growing number of transactions by allocating more resources to the system.

Solana: Present circulation of tokens

The Solana Foundation has declared a total count of 489 million SOL tokens. To date, roughly 370 million have been issued. The dispersion of the SOL tokens unfolded as follows: 16.23% were initially directed towards the seed sale, 12.92% were set aside for the founding sale, 12.79% were allotted to the team, and 10.46% were contributed to the Solana Foundation. The remaining tokens have either already been released for public or private sales, or are awaiting their market debut.

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Distinctive security of the Solana network

Solana operates on a unique combination of the consensus mechanisms Proof of History (PoH) and Proof of Stake (PoS). PoH forms the heart of the Solana protocol and handles the majority of transaction processing. It records successful transactions and the intervening time, thereby ensuring the "trustlessness" of the blockchain.

The PoS consensus functions as a regulatory method for the PoH processes and verifies each sequence of blocks generated. This dual consensus mechanism setup renders Solana unique within the crypto industry.

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Important information about Solana

Here are some key facts you should know about Solana:

  • Solana was conceived in 2017 by software developer Anatoly Yakovenko.
  • The platform was specifically engineered for application in decentralised financial services (DeFi).
  • Solana provides a swift and efficient blockchain solution, capable of executing several thousand transactions per second.
  • The platform accommodates a variety of applications, including DeFi protocols, gaming, and Non-Fungible Tokens (NFT) applications.

Solana has forged alliances with renowned crypto enterprises such as Serum and Raydium. SOL tokens serve as a crucial currency within the Solana ecosystem, fuelling the platform's operations.

Solana is continually advancing and consistently rolling out new features and applications on the platform.

Often compared with other cryptocurrencies, Solana shines with its low transaction fees. Solana is viewed as a potential rival to Ethereum in its role as a premier provider of smart contracts. Interested in investing in Ethereum and Solana? You can channel your funds into multiple cryptocurrencies simultaneously. The Bitpanda Crypto Indices present an opportunity to invest in Solana (SOL) and other cryptocurrencies, thereby diversifying your portfolio for the long haul.

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Solana: Price trends and projections

You can explore Solana's price history through techniques similar to stock analysis. Technical analysis employs several indicators to interpret the price trajectory of SOL by using price charts and identifying historical price movements. Extensive price oscillations in SOL are frequently correlated with a surge in trading volume as a multitude of traders buy or sell their tokens.

SOL price: Key milestones and notable events

The most significant milestones and events for the SOL token or Solana price to date include:

  • 2020: The Solana price oscillates between 0.50 USD and 1.50 USD per SOL.
  • September 2020: The SOL price ascends for the first time to 4.35 USD per SOL.
  • December 2020: The price of SOL takes a dip again, dropping to 1.20 USD per SOL.
  • From February 2021: The SOL price reaps the benefits of the crypto hype, peaking at 56.09 USD per SOL in May 2021.
  • November 2021: The all-time high is reached, with SOL valued at 258.78 USD.
  • 2022: Over the subsequent months, the SOL price falls below 10 USD per SOL.

Solana's price evolution

Since its launch, Solana has exhibited a volatile price journey. Price swings in SOL, like many other tradable assets, are frequently linked with an upswing in trading volume as a vast number of traders buy or sell their coins or tokens (such as SOL) on exchanges. Investors should note that past performance never guarantees future price trends.

Solana: Initial tokens in circulation

After Solana’s market launch in March 2020, the price of SOL fluctuated for the remainder of the year, ranging between $0.50 and $1.50. During the crypto boom of 2021, SOL, in concert with other cryptocurrencies, drove the price up to $56.09 by May 2021. Despite dipping to $23.49 in July 2021, SOL's price bounced back in the latter half of the year, achieving its record peak of $258.78 in November 2021.

Solana's market capitalisation

In 2021, Solana witnessed a substantial surge in value. The value of this cryptocurrency escalated by over 11,000%. However, the price ascension since the onset of 2021 wasn't an isolated occurrence. The crypto market as a whole was experiencing a rise during this period. Bitcoin was amidst a robust bull market (a phase marked by consistently surging stock prices), and its dominance had ripple effects on the market. Any considerable alteration in Bitcoin's price typically impacts other cryptocurrencies.

SOL and the crypto coin crash

2022 posed challenges not just for Solana but for the entire crypto market. The cryptocurrency crash in 2022 was triggered by a combination of factors, including regulatory concerns (crypto prohibition in China), market overheating (wide array of altcoins), hacker attacks, and negative press (such as the collapse of the crypto exchange FTX). These elements led to a loss of faith in the market and triggered multiple sell-offs, which contributed to the crash. As a result, SOL’s price plummeted and struggled to rebound. Since its peak in November 2021, Solana's price has slumped by 91% – a decline far more significant than some of the other cryptocurrencies. As of now, the SOL price hovers around $23, mirroring the level preceding the bull market in 2021. The market capitalisation has also taken a hit and currently stands at $8.8 billion. The daily trading volume (as of January 2023) oscillates between roughly $190 million and $2 billion.

Solana: Current Forecast 

Analysts' opinions diverge when it comes to Solana's potential price trajectory. While some foresee a valuation of $500, the existing volatility in the crypto market underscores the risks associated with an investment in an asset like Solana. Reliable forecasts for medium and long-term price development remain elusive, given that the crypto market is subject to external influences and intense fluctuations. A failure in the Solana blockchain and close ties to FTX founder Sam Bankman-Fried led to a depreciation in SOL's price towards the end of 2022.

Token price evolution: What influences Solana's price?

Accurate prediction of Solana's price proves challenging due to the influence of various factors, including:

  • General crypto market development: The cryptocurrency market is prone to intense volatility and can be swayed by overall trends and news concerning cryptocurrencies.
  • Technological advancement: Progress in Solana's technology, fresh partnerships, and product integrations can heighten interest in the currency, thereby impacting the price.
  • Regulation: Laws and regulations pertinent to cryptocurrencies can affect interest and trust in Solana.
  • Competition: Rivalry in the crypto industry can push Solana's prices up or down, contingent on the project's competitiveness compared to others.
  • User behaviour: When the usage of Solana amplifies among individuals and businesses, demand for the currency increases.

Inflation rate and transaction fees

Since June 2021, Solana has been subjected to an annual inflation rate of 8%, a rate projected to decrease to 1.5% by 2031. This expanding money supply could potentially exert downward pressure on the SOL price, as a higher price requires demand growth at a faster rate than supply.

In a bid to counteract this, a portion of each transaction fee is incinerated, thereby slowing down the growth of the circulating supply. The remaining half is disbursed to Solana network validators and stakers. These rewards could stimulate demand for SOL, as the incentives for purchasing and staking are enhanced.

Price impact: Solana Security breach 

Solana faced multiple outages in 2022. On June 1st, the mainnet had to be suspended for seven hours due to the absence of a consensus protocol, making it impossible to generate new tokens as part of the Proof of Stake process. Solana was also the target of DDoS attacks where bots triggered network overload, leading to up to 15 hours of offline time. Altogether, the Solana blockchain had to be shut down eight times in 2022 - incidents that can potentially unnerve investors and influence the Solana price.

Partnerships and user behaviour influence the SOL price

User activity on the Solana blockchain and collaborations with investors and corporations also impact the price forecast for SOL. The Solana ecosystem is expansive and continually growing. It accommodates DeFi projects, NFT marketplaces, crypto credit protocols, and web3 apps. The number of projects on Solana ballooned from 70 to over 5,100 in 2021. An escalating number of partnerships and Solana users can impact the demand for SOL, potentially leading to price surges.

FAQs – Commonly asked questions about the cryptocurrency Solana

Keen on understanding more about Solana? We acknowledge that the topic of cryptocurrencies can be  intricate – that's why we're here to respond to your questions about the cryptocurrency and the Solana price.

  • How do you purchase Solana?

    Solana trading is commonly conducted via brokers, crypto exchanges or derivatives. Investors have the option to directly acquire Solana tokens or invest in financial products pegged to Solana. These financial products include certificates and ETFs that see their value fluctuate in sync with the Solana price. Solana can be swiftly and conveniently purchased via

  • Is it still worth investing in Solana?

    Providing precise forecasts for Solana's price trajectory is a challenging task. However, many experts deem it highly plausible that Solana will regain its value and establish its firm footing in the market.

    In order to discern the long-term forecast for Solana's price, it's vital to consider the global economic climate. Presently, the market is affected by trepidation and inflation, predominantly arising from the Covid-19 pandemic and the ongoing conflict in Ukraine.

  • How do I pay tax on Solana?

    No taxes are levied on the direct purchase of Solana. However, tax obligations arise when you sell SOL at a profit or accrue income from staking. The taxation of profits gleaned from the sale of Solana is contingent upon the country and the individual's tax circumstances. To calculate the exact tax payable, using a tax tool such as could be practical. Nonetheless, for secure taxation, seeking advice from an experienced tax consultant is recommended.

  • What are the advantages of Solana?

    Solana's primary advantage lies in its speed and cost-efficiency. By employing the Proof of History technology, the platform enables over 50,000 transactions per second. Each transaction costs a mere 0.00025 US dollars, making Solana an attractive contender in the decentralised finance (DeFi) sector.

  • What are the disadvantages of Solana?

    Solana possesses two significant weaknesses that need to be taken into account for the potential longevity of the network. These comprise possible issues with its monolithic structure (leading to centralisation) and problems with overall security.

  • What is the forecast for the future SOL price?

    Experts and analysts are optimistic that, with its advanced technologies, vast scalability, and robust partnerships, Solana will maintain its competitive stance with Ethereum and could potentially reach a value of approximately 500 USD per SOL. Past price movements, however, offer no assurance of future price trends.

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