Solana is a digital currency and blockchain that was created in 2017 by Anatoly Yakovlev and a group of engineers. This protocol is designed with the aim of increasing the speed and reducing transaction costs in blockchains. Solana is used to implement smart contracts and financial transactions.
This blockchain works using the PoH algorithm instead of PoW and PoS, which are used in other blockchains. The PoH algorithm is an efficient method of recording time in the blockchain, which allows Solana to perform transactions at a high speed and at a lower cost. Due to its high speed and efficiency, Solana is known as a serious competitor to famous blockchains such as Ethereum and Bitcoin. Solana is also used for DeFi and NFT projects.
Solana is very attractive among users and developers due to its ability to execute transactions with high speed and low cost. These features have caused Solana to be considered as a blockchain and as a result, its demand and acceptance have increased. Solana is used in decentralized financial programs as a powerful blockchain and the ability to execute smart contracts.
Increasing the use of Solana in these programs increases the demand for this digital currency, and as a result, its price also increases. Over time, Solana has been recognized as a reliable and stable project. The trust of investors and the biggest companies in Solana can lead to an increase in its price.
Continuous development and improvement of Solana technology can also help increase its price. This project seeks to improve its capabilities in cooperation with other blockchains and increase security. It is important to remember that the digital currency market is dynamic and influenced by various factors, so the Solana price may change over time and cannot be accurately predicted.
Solana, which is in a way a rival to Ethereum’s Tier 1, showed considerable strength as the price rose above $32. Analysts predict further price increases. VanEck shared significant price predictions. A report on Solana from asset management firm VanEck predicts a SOL price of $3,211.28 by 2030.
This price is equivalent to a 10,600% increase in the price of Solana in the next seven years. The report looks at a potential scenario where Solana becomes the first blockchain to host applications with more than 100 million users. In addition, the report shows Solana’s potential to close the gap between itself and Ethereum in the future.
VanEck has been significantly involved in the digital currency arena, filing Bitcoin ETF plans with the SEC in recent years. Therefore, there is a possibility that the company will introduce more products in the future. Since the beginning of 2023, Solana has shown an impressive growth of more than 200%.