Solana’s Overview and Price Prediction 2023

Solana's Overview and Price Prediction 2023

Solana is one of the fastest cryptos today, a direct contender to Ethereum. It is clear why it collaborates with the most famous online broker Robinhood including numerous major trading venues.

Solana’s advantages include the new type of blockchain. The innovative Proof of History (PoH) consensus has its own internal clock, which shows the same time on all nodes. Nodes on the network run on a schedule and due to synchronization they can check the timing between the transactions on the blockchain. Solana is a subversive project that uses the time consensus as its basis. This is the first time the proof algorithm has been applied in this form. The main difference is that there is no need as such for proof-of-work operations on the network, which goes against the rules of the rest of the chain. For an event to occur, it is sufficient for everyone to agree that an action has occurred before another.

The new algorithm enables the network to deliver a throughput capacity of 710,000 transactions per second (TPS). By the way, VISA has an utmost output of 25,000 TPS, with an average of 2,000 TPS. Solana also supports smart contracts in the JavaScript and Solidity programming languages. In the years to come, though, Solana developers schedule to migrate to more secure languages that can maximize the performance of the Proof of History protocol. The issuance of SOL is finite, as is the case with Bitcoin. It is limited to 489 million coins.

SOL reached its peak fee in November 2021. In 2022, SOL was never able to overcome it. In March 2022, SOL dropped below $79 at a time. SOL’s highest price for 2022 is $140. Solana’s value then rose sharply from late March to early April 2022. In early May 2022, SOL’s price began to fall. The altcoin was worth $93, then on May 10, that mark dropped to $73 and two days later to $43. The cryptocurrency’s collapse was due to disruptions and the shutdown of its system. However, the crypto has already experienced 12 crashes in 2022. On 17 November 2022, Binance temporarily halted deposits in Tether (USDT) and USD Coin (USDC), both issued on the Solana network. Solana quotes reacted negatively to the announcement and Solana’s price fell to $13.62 on the same day. However, Binance soon resumed deposits in Solana-based USDT. Solana was also among the outsiders in terms of performance among moderate-cap assets in November 2022. 

As for the “Ethereum- killer” title, it is too early to say. For example, there are only a few dozen decentralized applications (dapps) running on the Solana blockchain, while Ethereum already has several thousand. However, this is easily explained by the fact that Ethereum appeared in 2015. 

Moreover, serious investors believe in Solana’s prospects. At the beginning of June 2021, the startup was able to raise more than $314 million. 

Solana’s price fell to $14.13 on 14 December 2022. According to Trading Beasts, by the beginning of January 2023, the SOL’s topmost price is awaited to become $22.456. The Solana price prediction for the end of the month is $17.696. CoinPedia researchers think that if Solana manages to overcome difficulties, the price of SOL could rise to $29.4347. On the other hand, if the asset remains more vulnerable to inflation and other troubles, the value could settle at $18.5361. 

As a result of the positive outlook for Binance Coin in 2023 on the back of the announced a great many new coin partnerships, the BNB rate is believed to exceed $316.649 shortly. You can diversify your portfolio and exchange some of your SOL to BNB on the Godex exchange service quickly, anonymously, and with minimal fees.

Disclaimer
The content expressed in this article is from a third-party source and has no involvement with Coinmash. Readers are urged to conduct proper research before making any financial decisions.