Solana is one of the most traded digital coins. The peak of the project’s popularity was in 2021 when it drew the attention of the world’s developers. That was a bad time for the Ethereum network, which was overloaded with products built on it and started to charge higher fees, decreasing its throughput. When the Solana network emerged, it solved all the troubles the developers faced when working on Ethereum:
- High fees (Solana charges $0.00025 for one transaction)
- Low speed of work (Solana performs 65,000 transactions a second).
In addition, the network runs on the Proof of Stake mechanism, so there is no need to buy expensive machines to mine coins. Instead, SOL holders just keep their coins on the Solana network and generate new coins in such a way. Compared with the Ethereum network (which was working on the Proof of Work mechanism at that time), Solana looked much more attractive to everyone who wanted to generate new coins but could not afford costly miners and equipment.
The Solana network was attacked by hackers several times, but the network stood and survived. In November 2022, the SOL crypto price lived through a huge drop – when the news about the FTX exchange was revealed, people started to withdraw funds massively from the platform, causing the SOL price to drop from $36,88 to $13,86.
Experts believe Solana will reach the mark of $28.62 in 2023. So it is worth buying this asset while the cryptocurrency price is still in the bear trend.
How to Buy Cryptocurrency?
There are many ways to become a crypto owner, but using a regulated crypto platform is the most reliable. Take, for example, WhiteBIT – the most prominent trading exchange in Europe with high liquidity and over 450 traded pairs. The platform allows fiat-crypto conversion for registered clients and offers advanced tools for trading. Using the WhiteBIT charts, you can see relevant cryptocurrency prices and analyze them for building a successful trading strategy.
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