There are 21 000 crypto assets offered in the market, and it is difficult to pick one. These days investors are mostly focused on short-term trading, generating income from daily market fluctuations. For that purpose, they use daily trading and scalping strategies. They allow making money from tiny price changes within one day or a few minutes. What assets to pick for such type of training? It is advisable to choose among coins with large market capitalisation. These assets are on the top list on Coinmarketcap. In this article, we would like to discuss one of them – Solana.
What is SOL Crypto?
The native crypto of the Solana network is SOL. As of mid-December 2022, the SOL cryptocurrency price is $14.02.
Solana is a platform designed for developers to create and deploy smart contacts, dApps, blockchain games and other products. Developers actively use the Solana blockchain for the following reasons:
- High throughput of the network (capable of performing 65 000 transactions a second).
- Low commissions ($0.00025 per transaction)
- Proof-of-Stake mechanism at the core.
The PoS mechanism means that SOL crypto is not received through mining but staking. Staking means locking coins on the network to receive additional coins in return. The network thus received more liquidity.
The Price of Solana
The peak price of the SOL crypto was fixed at the level of $258 in November 2021. Since then, the rate has dropped to $81,17 together with the entire crypto market in the spring of 2022. Later, in April, the price recovered to $136,76 and again dropped to today’s level. One of the latest SOL crypto drops was caused by the well-known FTX exchange collapse in November 2022.
Despite the pessimistic mood in the market, experienced investors know for sure that the next trend will start, and it will spur market growth. Whether it will be in 2023 or not, the market dip is the right time to buy cryptocurrency, and Solana is one of the best options for investment. Experts believe the SOL price will reach $21 in 2023 and $45 in 2025, so take your chance to buy SOL crypto as long as its price is low.
Buy crypto only on reliable platforms, for example, the WhiteBIT cryptocurrency exchange that offers a high level of safety, a convenient interface, price charts, and different trading tools for every user.