If you’ve been following the crypto market, you know by now that Solana is one of the bigger names in the trading world. The price of the Solana Crypto hit 258$ in June 2021 and although many think that the price will go above 200$ this year, it is still an ambiguous question to think about.
If you are interested in knowing when to buy Solana crypto and if the price of this crypto is going to hit 200$ reading this article will give you some new ideas to think about before making a decision.
Quick introduction: Solana is a startup that builds and develops crypto apps for decentralized games and software (mostly games). Solana ($SOL) was founded in the year 2018 and is located in San Francisco, California.
What you will read in this article:
- What is the best price to buy Solana crypto?
- When to buy Solana crypto? Price predictions for 2022
- Things that can affect Solana’s price
- Final thoughts: when to buy Solana crypto
What is the price to buy Solana cyrpto?
Before starting the article, please note that buying crypto is a risky task, and you should only invest what you can afford to lose. Cryptocurrencies are very volatile, and your money can fall as well as go high in price real quick.
It is of great importance to only invest in areas and cryptos you are familiar with, and some of the products and cryptos can be complex. We recommend that before you invest, you should do your own research as cryptocurrency firms are not regulated as the rest of financial companies.
This means that you will not have the protection you might think you have if things go wrong and you could lose all of your valuable cash. However, since you are here, we can guess that you already know how important it is to do your research before investing in crypto like Solana.
According to CoinMarketCap, Solana was trading at $258.59 in June – but at the time of writing this article, its value stands at $105,62. Over the past 24 hours, its value is up by almost 6%. (UPDATE: The Price has gone up by around 15% in just two days after writing this article!)
In short, Solana challenges Ethereum as the blockchain of choice for building decentralized applications. Currently, It is mostly used in the Metaverse and DeFi games such as Star Atlas.
When to buy Solana crypto? Price predictions for 2022
Crypto prices can soar or tumble very quickly and therefore they are extremely volatile. This means that it is impossible to accurately predict whether they will rise or fall in the future. However, this fact has not stopped crypto fans from attempting to guess Solana’s fortunes.
According to a prediction by the website Coin Price Forecast, Solana’s price may hit $107 by the year’s end. At the same time, Wallet Investor mentioned that it can hit at least $298.186 in a year. You can see how different these two forecasts are. But there are even more interesting predictions for 2025 and 2030.
According to a panel of 50 fintech specialists, the price of Solana could hit $1,178 by the end of the year 2025. The same panel then estimates the price to go up to $5,057 by the end of 2030.
Things that can affect Solana’s price
There are many things that no one can predict. But you should consider them before making a decision about long term investments. This is specifically correct about cryptocurrencies since there are many new regulations made by governments.
It is famously known that the value of Cryptocurrency may rise and fall based on regulatory decisions made by governmental bodies and related firms. Therefore, any crypto-related decision and actions can influence the predictions and estimates mentioned above.
In addition, comments and tweets by high profile people, such as Elon Musk, can affect the prices as well.
On the positive side, there are many advantages in using Solana rather than Ethereum which makes it a better alternative. Some of the advantages include:
- Solana’s creators claimed the cyrpto has the ability to process more than 50,000 transactions each second.
- According to a news website, personal finance campaigner at Interactive Investor (Myron Jobson) told: ‘The collection of 10,000 artworks reported sold out in under 10 minutes. Each piece was ‘minted’ using the Solana token.’
- Even though Solana fell since August last year, it was on the rise following a ‘milestone scalability test’ in October and it has been over 100$ for the past few days at the time of writing this article.
- Solana hosted the “Degenerate Ape Academy”, which is a collection of digital artworks (NFTs) on Solanart which is based on Solana token.
All of such news has affected the price of Solana in the past few months and will continue to impact the cryptocurrency in the year 2022.
Final thoughts: When to buy Solana crypto?
To answer the main question of the article, which is ‘when to buy Solana crypto’ let’s summarize the above paragraphs in a few short sentences.
In my opinion, and based on the research reported above, Solana is a great project with big claims. Even if some of the claims made by this crypto is actualized, the price of the token will rise significantly. However, currently, its price is volatile.
In general, Solana seems to be a great long-term investment. Hence, the real question here seems to be if Solana is a good short-term investment or not? Which can be the topic of a different article.
Is Solana a good short-term investment?
write your opinions below and let us know if you agree with our brief analysis of the Solana crypto.
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