Why Solana is the Most Sought After Crypto This Year? Find Out!

Bank of America's Digital Asset Analyst Predicts Solana to Dominate Similar to Visa
  • Currently, Solana hosts around 350 projects.
  • The non-fungible token (NFT) market is Solana’s recent hot topic.

Investors are intrigued by Solana for several reasons. Investors are very excited about cryptocurrency’s success so far this year. Moreover, blockchain technology by Solana is unique. A hybrid proof-of-stake and proof-of-history consensus procedure are used in this network. Furthermore, this means that transactions are carried out in the order they were received, first-in-first-out. This speeds up network transactions while lowering expenses ($0.01 per transaction).

The non-fungible token (NFT) market is Solana’s recent hot topic. On Solana’s Solonart marketplace, NFT investors may buy and trade popular NFTs. Solana is rapidly gaining market share in the NFT market. Besides NFTs, Solana’s blockchain is for decentralized finance and gaming. Currently, Solana hosts around 350 projects.

Wide Adoption and Listings

The widespread acceptance of cryptocurrencies by exchanges and crypto funds, as with other cryptocurrencies, has sparked interest among regular investors. Solana seems to be in this situation.

Solana was listed on Coinbase Pro earlier this year in June. Being listed on a large exchange like Coinbase is a big deal. These exchanges are more appealing to a wider spectrum of investors. The increasing liquidity of Solana has resulted in a “Coinbase effect” for newly listed currencies. According to crypto researcher Messari, tokens listed on Coinbase gain an average of 91 percent in the five days after their launch.

Solana, like any cryptocurrency, has a certain risk. Any asset that appreciates as rapidly as Solana does so at the investor’s expense. Given how far this cryptocurrency has flown, if the winds shift, Solana’s possible drop might be more severe than its others. According to CoinMarketCap, the Solana price today is $194.05 USD with a 24-hour trading volume of $6,554,222,162 USD.