Solana’s price at the same time last week was $58.81. It has moved by 9.47 % in the past week and is currently at $63.11. Infact, in the past 24 hours, SOL has dumped by -1.25 %. There is a slight bearish sentiment in the crypto market. The long term sentiment, however, remains bullish and SOL could hit $39.14 in 2024.
The total circulating supply of Solana as of writing this article was $424332971.96 and the marketcap of SOL remains at $26,768,234,151
For some coins with little to no data points and inexistent historical data the model by default will show a positive price prediction. There is no way for our AI bot to decipher whitepaper, tokenomics and team integrity. The coin's price that you are about to see below can fall drastically depending on many factors, so please invest wisely after checking the team and project's whitepaper. This current price prediction is done by a machine crunching numbers and the model is still in the early beta stages. It should strictly not be taken as an investment advice. Although the best engineers are currently tweaking and updating the algorithm, no human has verified the price predicted below, so please use your discretion and make a decision wisely.
Solana (SOL): An overview
At its core, Solana (SOL) is a blockchain built for mass adoption. The platform prides itself in claiming to be fast, composable, green, and globally distributed.
Its blockchain architecture is designed to accommodate smart contracts and decentralized applications (dApps) creation. The platform serves the needs of an array of decentralized finance (DeFi) platforms and non-fungible token (NFT) marketplaces.
Solana offers a robust platform with impressive metrics. Here's an overview of its statistics:
- Active accounts: Solana boasts over 11.5 million active accounts.
- NFTs minted: The platform has seen the minting of 21.9 million NFTs.
- Transaction speed: Solana ensures a seamless user experience with block times of just 400 milliseconds. As technology advances, the network speed will further accelerate.
- Decentralization: Solana's security is rooted in its decentralization, with thousands of nodes operating autonomously. This ensures data integrity and resistance to censorship. Currently, the network is fortified by around 1,964 validator nodes.
- Scalability: Designed for growth, Solana can handle around 4,000 transactions per second in practice. Remarkably, fees for both developers and users typically stay below $0.0025.
- Environmental impact: Each transaction on Solana consumes energy equivalent to just a few Google searches, resulting in a net carbon impact of 0%.
SOL, the intrinsic cryptocurrency of the Solana blockchain, plays multiple vital roles within its ecosystem. Here's an overview of its functionalities and significance:
- Staking: SOL tokens can be staked by validators and delegators to engage in the blockchain's consensus process. This act of staking fortifies the network's security, and as a token of appreciation, those who stake are rewarded for their contributions.
- Transaction fees: Transactions executed on the Solana network incur fees, which are settled using SOL. Solana's optimized efficiency ensures these transaction costs remain competitively low.
- Rent mechanism: Solana has implemented a rent system for data storage. Accounts must uphold a certain minimum SOL balance; failing to do so might lead to their data being temporarily removed from storage. However, these accounts can be revived later. This model ensures efficient use of storage space, reserving it primarily for active accounts.
Upon its launch, SOL debuted with an initial supply of 500 million tokens. Interestingly, there isn't a set cap on SOL's maximum supply. The token's inflation dynamics started at an 8% rate.
This inflation rate is set to undergo a 15% reduction each year, and over time, it will stabilize, settling at a consistent long-term inflation rate of 1.5%.
Additionally, the protocol has been designed such that half of each transaction fee gets burned. Consequently, as the transaction volume surges, it will naturally slow the expansion of the circulating supply. As of October 2023, the total supply of SOL is 558,983,589, and the circulating supply is 413,438,407.
How does Solana work?
The network combines Proof-of-Stake (PoS) with Proof-of-History (PoH), creating a unique hybrid consensus mechanism. Its innovative approach to technology has gained significant traction in the market.
Here's a deeper dive into how Solana works, focusing on its groundbreaking innovations:
PoH: Unlike other blockchains that rely on traditional timestamps, Solana's PoH is a cryptographic way to verify the passage of time between events. This eliminates the need for every node to communicate with each other to determine the sequence of events.
Parallelization: This refers to Solana's capability to process multiple transactions simultaneously. Instead of transactions being processed one after the other, they can be executed concurrently, leading to increased throughput and efficiency.
Tower Byzantine Fault Tolerance (BFT): While the concept of BFT is not new, Solana's version is optimized using PoH. This ensures that the consensus achieved is both secure and fast.
Turbine: This is Solana's solution for the efficient broadcasting of information (like blocks) to the network. Instead of sending the entire data to all nodes, it breaks the data into smaller packets, making it easier and faster for nodes to receive and process them.
Gulf Stream: Traditional blockchains have a mempool where pending transactions wait. Gulf Stream, however, allows validators to execute transactions ahead of time, removing the need for a mempool and speeding up transaction confirmations.
Sealevel: On many blockchains, smart contracts are processed one at a time. Sealevel, however, allows for parallel processing of smart contracts, ensuring multiple contracts can run simultaneously without bottlenecking the system.
Pipelining: Think of this as an assembly line for transaction processing. Solana's pipelining technique assigns specific duties to hardware, like signature verification, to optimize the transaction validation process.
Cloudbreak: Databases often become a bottleneck in decentralized systems. Cloudbreak is Solana's way to horizontally scale its accounts database, ensuring that as the database grows, its performance doesn't degrade.
Archivers: In Solana, not all nodes store the complete history due to the sheer volume of data. Instead, specific nodes called archivers take on the role of data storage, ensuring that the historical record is maintained without burdening every node in the system.
History of Solana
In late 2017, Anatoly Yakovenko introduced the foundational concept for Solana by releasing a draft white paper. This whitepaper detailed a unique timekeeping method for distributed systems, termed PoH.
Yakovenko teamed up with Greg Fitzgerald, a former colleague from Qualcomm. Their collaboration led to the creation of a PoH blockchain testnet.
By February 2018, they had released the project's official paper alongside the internal testnet. 2018 also marked the formation of Solana Labs, which began its fundraising activities during the same year.
The team successfully raised over $20 million in a private Series A funding round that extended into 2019. Solana's mainnet was officially launched in March 2020.
Subsequent to this launch, Solana secured an additional $1.76 million through a public token sale. This sale was facilitated by the cryptocurrency auction platform—CoinList.
While Solana Labs remains the primary contributor to the network, there is also the Solana Foundation. This non-profit organization, based in Zug, Switzerland, provides financial support for ongoing development. Moreover, it plays a pivotal role in fostering community-building activities for the blockchain.
Solana (SOL) Price Analysis
SOL, as depicted by its weekly chart for the period of October 2022 through October 2023, exhibited a tumultuous journey. The narrative of its movement was marked predominantly by bearish dominance, yet occasional bullish sentiments surfaced, providing glimpses of potential optimism for investors and traders alike. By the end of our analysis, SOL was trading at $23.55.
SOL weekly chart
To begin with, SOL initiated this period with a notable effort to breach its peak resistance at $33.19. However, instead of breaking through this level, SOL faced significant rejection, resulting in a sharp decline. This descent was so profound that it reached its nadir in December 2022, marking the lowest recorded price for the analyzed period at $8.
In the following year, 2023, SOL, like its contemporaries, witnessed a bullish rally. Yet, this upward movement lacked strength. Bulls endeavored to maintain an upward trajectory, with $23.08 acting as a key support level.
Unfortunately, as February 2023 wrapped up, this support was breached, and while April did see a faint glimmer of recovery, the price could not maintain its momentum. A continued descent ensued until SOL found another semblance of support at $15.42 in June 2023.
Yet again, despite an optimistic attempt in July, the price struggled to reach its peak resistance but managed to establish $23.08 as support once again. Subsequent to a dip in mid-August, it was not until mid-September that SOL began to show signs of another recovery, stabilizing once more around the $23.08 level but still far away from breaching the wall of $33.19.
From a volumetric standpoint, the narrative developed concurrently with the price fluctuations. The most striking observation was that the pinnacle of trading activity occurred in November 2022, registering a staggering 135.754 million.
It's noteworthy to mention that this volume spike directly correlated with SOL's precipitous fall from its peak resistance.
The Relative Strength Index (RSI) presented an equally captivating tale. For a considerable duration, the RSI gravitated towards the oversold territory, reaching as low as 29.07 as December 2022 ended.
With the price making incremental advances, the RSI mirrored these movements. By April 2023, it had brushed the 50 line but couldn't maintain this neutral position. During the July bullish attempt, the RSI peaked at 57.94 but regressed in August.
However, its recovery commenced once again in September, ultimately surpassing the 50 line by month-end, now settling at a value of 53.40.
The Chaikin Money Flow (CMF), on the other hand, exhibited resilience. It rose above the zero line towards the tail-end of March 2023, recording a high of 0.22 in April. Remarkably, it managed to remain above this threshold for the duration of our analysis, even though it displayed a downward momentum.
By the close of our period, the CMF was positioned at 0.08, indicating that buying pressure, although diminished, still outweighed selling pressure.
Should you consider buying SOL?
In synthesizing the insights from the volume, RSI, and CMF indicators, a mixed picture emerges for SOL. Traders considering an entry point into SOL might target a buying range of $14 to $16.
It's worth noting that on October 3, Solana's NFT collection, Bozo Collective, facilitated a free mint, which was exhaustively claimed within an hour. Such events can significantly bolster the perceived value and interest in a cryptocurrency, potentially driving its price upwards.
Given this context and the technical indicators, it's essential for traders to remain vigilant, conduct thorough due diligence, and consider both fundamental and technical aspects before making investment decisions.
Solana Price Prediction
Solana has had an eventful 2021. To simplify the latest SOL price prediction, we have divided up the prediction by short term Solana price prediction and long term Solana price prediction. As of writing this article, SOL had a trading volume of 1,340,266,375. Solana has gone up by 59.71% in the past 30 days.
According to our analysis in the short term, Solana price prediction for February 2024 shows the average price of SOL at 33.30 and the highest possible price for February 2024 would be $35.63.
Further, according to our analysis in the long term, Solana price prediction for June 2024 shows the average price of SOL at 36.02 and the highest possible price for June 2024 would be $38.54.
Solana's Short Term Price Prediction
|Date||Avg Price||Lowest Price||Highest Price|
|4 December 2023||$60.93||$56.67||$65.20|
|5 December 2023||$61.77||$57.44||$66.09|
|6 December 2023||$61.83||$57.50||$66.16|
|7 December 2023||$62.80||$58.40||$67.19|
|12 December 2023||$64.82||$60.28||$69.35|
|17 December 2023||$66.70||$62.04||$71.37|
|27 December 2023||$70.36||$65.44||$75.29|
Solana price prediction 4 December 2023: Solana's price for 4 December 2023 according to our analysis should range between $56.67 to $65.20 and the average price of SOL should be around $60.93.
Solana price prediction 5 December 2023: Solana's price for 5 December 2023 according to our analysis should range between $57.44 to $66.09 and the average price of SOL should be around $61.77.
Solana price prediction 6 December 2023: Solana's price for 6 December 2023 according to our analysis should range between $57.50 to $66.16 and the average price of SOL should be around $61.83.
Solana price prediction 7 December 2023: Solana's price for 7 December 2023 according to our analysis should range between $58.40 to $67.19 and the average price of SOL should be around $62.80.
Solana price prediction 12 December 2023: Solana's price for 12 December 2023 according to our analysis should range between $60.28 to $69.35 and the average price of SOL should be around $64.82.
Solana price prediction 17 December 2023: Solana's price for 17 December 2023 according to our analysis should range between $62.04 to $71.37 and the average price of SOL should be around $66.70.
Solana price prediction 27 December 2023: Solana's price for 27 December 2023 according to our analysis should range between $65.44 to $75.29 and the average price of SOL should be around $70.36.
Solana's Long Term Price Prediction
Solana’s long term Price Prediction below is a look at SOL’s future prospect with regards to price. Solana was last seen at $63.11, with a market cap of $26,768,234,151 and trading volumes of $1,340,266,375. SOL’s price prediction is possible by analyzing historical price action, current developments and social sentiment from the community.
|Years||Avg Price||Lowest Price||Highest Price|
Solana price prediction 2024: Solana's price for 2024 according to our analysis should range between $26.09 to $39.14 and the average price of SOL should be around $32.62.
Solana price prediction 2025: Solana's price for 2025 according to our analysis should range between $32.62 to $48.93 and the average price of SOL should be around $40.77.
Solana price prediction 2026: Solana's price for 2026 according to our analysis should range between $40.77 to $61.16 and the average price of SOL should be around $50.96.
Solana price prediction 2027: Solana's price for 2027 according to our analysis should range between $50.96 to $76.45 and the average price of SOL should be around $63.71.
Solana price prediction 2028: Solana's price for 2028 according to our analysis should range between $63.71 to $95.56 and the average price of SOL should be around $79.63.
Solana price prediction 2029: Solana's price for 2029 according to our analysis should range between $79.63 to $119.45 and the average price of SOL should be around $99.54.
Solana price prediction 2030: Solana's price for 2030 according to our analysis should range between $99.54 to $149.31 and the average price of SOL should be around $124.43.
Solana price prediction 2031: Solana's price for 2031 according to our analysis should range between $124.43 to $186.64 and the average price of SOL should be around $155.53.
Solana price prediction 2032: Solana's price for 2032 according to our analysis should range between $155.53 to $233.30 and the average price of SOL should be around $194.41.
Solana price prediction 2033: Solana's price for 2033 according to our analysis should range between $194.41 to $291.62 and the average price of SOL should be around $243.02.
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A Historical look at Solana, SOL’s price
FAQs about Solana
Solana’s current price is $63.11 and witnessed a -1.25% decrease in the past 24 hours. SOL/BTC pair saw a -2.62% decrease in the past 24 hours
Investing in Solana, SOL will purely depend on your personal risk appetite. As you can see over the past 24 hours Solana’s price has witnessed a -1.25% decrease and over the past 30 days Solana has increase by 59.71%. So it all depends on if this investment will hit your trading goals.
According to our latest Solana Price prediction for 2023, SOL should vary between $69.59 and $46.40. Please keep in mind that the crypto market is very volatile and this Solana price prediction does not account for extreme wild swings in price.
As per the Solana price prediction 2023 model above, SOL’s price for December 2023 should range between $46.40 to $69.59 with the average price for December being $57.99
According to the Solana Price Prediction model above, SOL’s price in 2024 would be $32.62. This price would however would range from $39.14 and $26.09.
According to the Solana Price Prediction model above, SOL’s price in 2025 would be $40.77. This price would however would range from $48.93 and $32.62.
According to the Solana Price Prediction model above, SOL’s price in 2026 would be $50.96. This price would however would range from $61.16 and $40.77.
According to the Solana Price Prediction model above, SOL’s price in 2027 would be $63.71. This price would however would range from $76.45 and $50.96.
According to the Solana Price Prediction model above, SOL’s price in 2028 would be $79.63. This price would however would range from $95.56 and $63.71.
According to the Solana Price Prediction model above, SOL’s price in 2029 would be $99.54. This price would however would range from $119.45 and $79.63.
According to the Solana Price Prediction model above, SOL’s price in 2030 would be $124.43. This price would however would range from $149.31 and $99.54.
According to the Solana Price Prediction model above, SOL’s price in 2031 would be $155.53. This price would however would range from $186.64 and $124.43.
According to the Solana Price Prediction model above, SOL’s price in 2032 would be $194.41. This price would however would range from $233.30 and $155.53.
According to the Solana Price Prediction model above, SOL’s price in 2033 would be $243.02. This price would however would range from $291.62 and $194.41.
The highest price for Solana was recorded in 6 November 2021 during which SOL hit an All Time High of $259.96
The price of 1 Solana according to current market rate is $63.11