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Solana (SOL) Price Prediction (November 2022)

Solana has quickly gained popularity in recent years, so many would-be investors are understandably curious about the cryptocurrency asset and its long term viability. If you’re curious too, then you’ve come to the right place!

There are many reasons to check out a Solana (SOL) price prediction, one of which is to find out whether it’s going to be a good investment that will pay off in the future, another is to determine at which price you should consider selling your SOL. If you’re completely new to cryptocurrency price predictions, then there’s a lot to learn. Here’s our Solana (SOL) price prediction.

Solana (SOL) Price Prediction: 1 year

At the time of this writing, SOL is worth $33.06 USD. The entire cryptocurrency market has seen significant losses during the first half of 2022, and Solana is no different. So what changes have occurred with SOL this year, and where do experts think it will finish in December 2022?

SOL dropped to $26 in mid-June 2022, then shot all the way up to $47 the next month before leveling out at $40. Because of all of this volatility, there are a lot of different theories about the Solana (SOL) price prediction for the end of this year and the start of 2023.

WalletInvestor seems to think that by then end of September 2022, Solana could reach $85, but they also think it will drop to around $42 by the end of the year. DigitalCoinPrice thinks that SOL could reach $52 in 2022, and $56 in 2023.

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CoinPriceForecast predicts that SOL will be $66 by the end of 2022 and then dip down a bit to $61 by the end of 2024. Price Prediction thinks that SOL will reach $61 by the end of 2022 and reach $88 at some point in 2023.

Why are these  Solana (SOL) price prediction forecasts so different? Well, if SOL goes up by 30% a month, then it should be a little more than $90 by the end of 2022. If it sees a 20% increase per month, then it will be around $65.

And if it increases by 10% a month, then it will finish 2022 at around $46. If it only goes up by 5% a month, then it should be around $38 by the end of 2022. That’s the reason for the various predictions. Suffice it to say that it will likely finish the year somewhere between $38 and $90.

Solana (SOL) Price Prediction: 2025

It’s one thing to look into how your crypto asset will perform within a year, but how will it perform in the next 3 years? Let’s look at what experts are predicting.

DigitalCoinPrice predicts that it will be $76.71 in 2025, CoinPriceForecast places it at around $80.43, and Price Prediction places it at $179.57. Other experts seem to think that its minimum will be $140.98, its maximum will be $164.96, and the average will be $144.93.

Solana (SOL) Price Prediction: 2030

This is where you’ll notice the most disparity in Solana (SOL) price prediction forecasts from various experts and websites, and it’s quite interesting.

DigitalCoinPrice is predicting $183.16, CoinPriceForecast is predicting it will be $120.52, while Price Prediction thinks it will be closer to $1,208.77.

In general, expert predictions from the beginning of 2022 seem to point towards SOL finishing 2030 at a minimum of $976.01, a maximum of $1,207.64, with an average of $1,004.20.

The reason that some experts are now changing their minds and making much lower predictions for 2030 is likely due to SOL’s recent price drop before it leveled out a bit.

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Solana Historical Analysis

One of the things that expert analysts take into consideration when making a Solana (SOL) price prediction is historical price trends of the crypto asset. (There are a lot of other factors they look at, but this is a big one!) So if you want to learn whether a cryptocurrency is worth investment, investigating historical price trends is a good place to start. Here’s a Solana historical analysis.

Work to create Solana began in 2017, and it was launched in 2020. It only really gained its footing in the cryptocurrency market in 2021, when it sat in the 42nd position in February that year, before fighting its way to the 7th position in September 2021.

Here’s a more thorough breakdown of Solana’s market trends to help you understand Solana (SOL) price prediction forecasts:

2020:

  • Solana started out in April at $0.79
  • It fell all the way to $0.52, rose a bit to $0.99, then jumped up to $1.33 halfway through July.
  • In mid-August, Solana soared to $3.77, then dropped to $2.82 by the end of the month.
  • In September, SOL hit an all time high (at that time) of $4.84. Then it hit a snag in October.
  • From October on, SOL declined, and it finished the year at $1.50.

2021:

  • Solana started the year at $1.60, but it had an epic rise and jumped to $10 by February.
  • In April it climbed all the way to $40.
  • In May Solana hit $50, then reached a new all time high of $58. Then because of the crash that hit the entire cryptocurrency market, Solana’s price was cut in half.
  • In August, Solana got an influx of users because of its NFTs, which resulted in a new all time high of $191.04.
  • In September, a DDoS attack on the network caused the price to dip down to $132.13.
  • SOL jumped up to $260.06 in November.
  • Another DDoS attack resulted in SOL ending the 2021 year at $178.80.

2022 has been an eventful year for Solana. It dropped to about $26 mid-June, then rose to $47, leveling out at $40. Today it’s $33.06.

And that concludes Solana’s historical price analysis. Unfortunately, this is what’s causing such a wide disparity in Solana (SOL) price prediction forecasts. Solana has only been in business for two years, so there’s not as much data on the fledgling crypto asset as there is on, say Bitcoin.

That doesn’t mean that expert Solana (SOL) price prediction numbers are inaccurate. Their experience and education are thorough enough to be able to predict prices of even new assets, so you rest assured that you can still trust them!

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Best Platforms for Solana

Of course if you’re here looking for Solana (SOL) price prediction information, the next question you’ll logically ask is “Where can I find Solana?”. Don’t worry, though. We’ve got you covered. Here’s a list of the best cryptocurrency platforms and apps you can trust to find Solana.

What is Solana and How Did it Start?

Some people researching Solana (SOL) price prediction information may not clearly understand what Solana is, and it’s important to know about a company’s history and investors before hitching your horses to their wagon so to speak. So for that reason, we’re including an explanation about Solana and its origins.

Solana is a type of cryptocurrency, like Bitcoin. It’s decentralized, meaning it’s not tied to banks or traditional financial institutions.

Solana was created in 2017. Its creators are Anatoly Yakovenko (former employee of Qualcomm ans software engineer for Dropbox), and his colleague Greg Fitzgerald. They wanted to create a new open-source network that utilized a new type of high-performing blockchain, and for the most part they succeeded.

SOL Token Features

To understand why a cryptocurrency asset is popular (or not), you need to understand its features. A token’s features and how unique they become another important factor when making a Solana (SOL) price prediction.

SOL features include:

  • Lots of financial backing from major investors, meaning there’s a low probability of scams.
  • Its popularity has led to some big alliances and partnerships, which had made it gain even more popularity.
  • It’s easy to buy and trade SOL, and you don’t need any formalized training to do so. This makes it accessible to everyone.
  • Has a place for NFTs (Non- Fungible Tokens) on its marketplace.
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The Solana Ecosystem

One thing that experts consider when making a Solana (SOL) price prediction is the crypto ecosystem. What does that mean? It’s the network, apps, projects and interactions that people make on it. A healthy cryptocurrency ecosystem means for a better Solana (SOL) price prediction.

A lot of cryptocurrency blockchains use either proof-of-stake or proof-of-work (PoS or PoW) consensus algorithms. But Solana was the first to introduce a proof-of-history (PoH)  consensus algorithm. It’s important to know a bit about how proof-of-history works when you’re considering a Solana (SOL) price prediction because it’s so new and revolutionary.

A simplified explanation of PoH is that this consensus algorithm creates a ledger with timestamps that mean that each node doesn’t have to rely on the other nodes on the blockchain to determine when transactions and events have happened on the network.

This method uses a VDF (Verifiable Delay Function) to not only record events on the network, but also the times they happened. This makes validation a bit quicker because the nodes are told when things happened though the ledger, rather than having to check with other nodes.

There are also a number of other technological advancements that make Solana quite efficient. One of these is a Turbine protocol, which effectively condenses data to lower bandwidth sizes and increase the number of Transactions Per Second (TPS) which can happen on the network.

Because of this, Solana boasts the ability to do 2,000 TPS, which on top of its low transaction fees is why people refer to it as the “Ethereum killer”. It’s currently the ninth-most-popular cryptocurrency in the world, bested by the likes of Bitcoin, Ethereum, Cardano and Ripple.

Something else you should know when you’re reading a Solana (SOL) price prediction is why Ethereum is less favorable to some investors. While Ethereum has been a leader in the cryptocurrency world because of its decentralized finance options (DeFi), and its smart contract capabilities.

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However, it’s become expensive to use and it’s a bit slower than it was at one time because its popularity has led to an influx of users flocking to the network. Recently, Ethereum has upgraded to a PoS system, which has sped up its transactions, lowered its fees and reduced the amount of energy it takes to produce ETH, so we’ll see in the coming months how much more competitive the two will be.

While we’re learning about Solana (SOL) price prediction forecasts, let’s go to Solana’s website to find out what it has to say about its popularity and ecosystem. Solana’s website says that it’s platform is: “the fastest blockchain in the world and the fastest growing ecosystem in crypto, with thousands of projects spanning DeFi, NFTs, Web3 and more.” On top of that, they also have fees as low as $0.00025, which means it’s less expensive than other cryptocurrency alternatives, like Bitcoin.

Solana’s ecosystem is home to lots of different lending projects and decentralized exchange (DEX) projects. Some of these projects include Phantom, which is a special Solana wallet designed for NFTs and DeFi, and Audius, which is a platform designed for decentralized music sharing.

What Do People Use SOL for?

It’s important to know what SOL is and what it’s used for when you’re trying to make a Solana (SOL) price prediction.

Let’s start from the beginning. What is SOL? SOL is a cryptocurrency coin and the native currency of the Solana network. When you’re looking at a Solana (SOL) price prediction, what you’re learning about is SOL coins and their current and future predicted value.

What is SOL used for? SOL is used to complete transactions on the Solana network. This means it can be used to pay for fees, traded, bought, sold, or be used for staking.

As of the writing of this Solana (SOL) price prediction guide, there’s a supply of over 511 million SOL, and there are more than 350 million SOL tokens currently in circulation around the world. It’s not doing too shabby, either, trading for a little over $33 per token.

News on Solana

Every time a cryptocurrency is mentioned in the news, that causes it to either rise or fall in value, which changes a Solana (SOL) price prediction. This means it’s important to check out the news about Solana if you want to know more about Solana (SOL) price prediction forecasts. Here’s some of the more recent Solana news:

Solana started Solana Pay, which is a customizable online store that users can build in March 2022. Solana Pay allows people to create shops on the Solana network, then accept payments from anywhere in the world that have low-fees. Probably the most attractive part of Solana Pay to many users is that they have the ability to receive payments directly.

There’s no hassle from banks or other centralized institutions. Just since March, more than 600 different merchants have created online storefronts using Solana Pay, and many more have began to accept SOL as a result of the application, which has of course led to more users investing in SOL to pay for various things now that it’s an option.

Robinhood (HOOD) listed SOL on its platform in April 2022. People really expected this move to increase investors’ interest in the coin and lead to more people buying it up. While it’s possible that Robinhood will lead to more users flocking to Solana in the future, but so far there hasn’t been a massive influx of new users as a result of the listing.

Also around April, when CEO of Tesla (TSLA) Elon Musk was considering buying the popular social media platform, Twitter, Sam Bankman-Fried (CEO of FTX) wrote an entire outline about how the platform could be set up on Solana’s blockchain. This was particularly interesting because Solana has as much as told Elon Musk that they’d like to work with him in the past by replying to his Tweets about Bitcoin not being environmentally friendly.

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 An important bit of Solana news that you need to know about in regard to Solana (SOL) price prediction is that in April 2022, Solana announced on its website that they were making changes to the Solana Foundation Council. The Solana Foundation Council is a “nonprofit organization dedicated to the supporting of the Solana ecosystem”, according to its website.

It announced that Anatoly Yakovenko was stepping down from his role as President and council member to focus on creating more apps on the network. They appointed Leopold Schabel to the council to fill the empty position.

You can read more about the change in leadership here, but essentially one member stepped down and another was appointed, which is always the type of news that can cause a Solana (SOL) price prediction to change. 

Solana opened a physical store located in New York in July 2022, which of course made major cryptocurrency news. They call it “the world’s first retail and educational space dedicated to Web3.”

And they recently made an announcement about the winners of their Summer Hackathon, which is a contest where developers create what Solana calls “high-impact projects”. This was a relatively big deal.

More than 18,000 developers participated in the contest, and over 750 different projects were submitted. Some of the winners included IronForge (an automated software deployment platform), SolFront (a SOL payment application), and Dual Finance (a decentralized (DeFi) payment protocol.

Solana’s Network Issues

We really can’t write a proper Solana (SOL) price prediction guide without talking about some of the issues that have been experienced on the Solana network recently. This is something that everyone’s talking about, and it would sort of be the elephant in the room if we left it out of our guide, so we’re going to tell you everything you need to know about the recent issues.

When you’re learning about Solana and checking out Solana (SOL) price prediction forecasts, it’s important to know that the network has experienced a lot of outages. In fact, there have been 9 so far in 2022, and seven of those were considered major outages.

In May 2022, Solana reported on its website that the blockchain was around 30 minutes behind wall clocks, which didn’t really have an impact on its overall operation. But it very well could impact investors’ annual staking rewards. Solana’s staking system is based on a certain number of milliseconds, so if the entire blockchain is behind by half an hour, that can screw investors out of some money.

Then in September, the network crashed and it took around 17 hours before it was back online. The reason it crashed was a bot attack flooded the network with more than 400,000 TPS (transactions per second), which caused the network’s validators to crash and stall out the network.

Of course a crash that large caused the fledgling cryptocurrency network to lose money, and a lot of it at that. It lost around $20 billion worth of market capital due to the crash. Of course, the price has went back up a bit since the crash, but as many Solana (SOL) price prediction analysts and experts point out, these crashes are indicative of the networks inexperience and youth.

Solana (SOL) Price Prediction Conclusion

Any time you’re investing in a new asset, it’s important to check out its future earning potential, which is why it’s so important to look into Solana (SOL) price prediction forecasts. This helps you better understand what your asset is worth currently, and what it could be worth several years down the road.

Now that you’ve read our Solana (SOL) price prediction guide, you should have a much better understanding about how experts feel SOL will fare in the future and the factors that drive predictions!

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FAQs about Solana (SOL) Price Prediction

Is Solana a good investment?

Cryptocurrency assets are quite volatile, so you should really assess your risk tolerance. Just because a crypto coin is performing well currently is no guarantee that it will perform well in the future. Don’t ever spend money on a cryptocurrency investment that you can’t afford to spend!

Will Solana go up or down?

That’s really hard to say. It’s nearly impossible to know the future. Expert analysts have looked at current and past price trends to make their determinations, but they’re quite torn on how well the crypto coin will perform in the future.

Should I invest in Solana?

That’s something you’ll have to answer for yourself. If you have the money to spend on it and feel that you can afford to lose it should the coin dip in price, then it may be worth looking into. But if you can’t handle the volatile market, then it’s best to steer clear. Cryptocurrency investment is definitely not for the faint of heart.

How much will Solana be worth in 2022?

Solana could reach somewhere between $40- $99 by the end of 2022.

Will Solana kill Ethereum?

That’s hard to determine right now. In terms of how much ETH is worth compared to SOL. ETH is the obvious winner. But the programs and applications on SOL are very attractive to many developers and users, so many people are flocking to use SOL and prefer its environment to ETH.

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