"Sometimes you may fall for no reason, Everytime you laugh and stand straight."
Dear Folks!
Today this is the first chapter of a new series where everyday I pledge to bring all about one of the most influential coins out of Cryptocurrency market. I will try to analyse it's future and worthiness to be included in your portfolio.
Well Lana, howdy?
Wait what?
So Lana can you make me rich?
LOL, I ain't Lana your girlfriend anymore, I am one of the secret allies of FTX and am dangerous.
You might have already guessed today's coin 'SOLANA'. So let's start from scratch.
Solana was introduced in 2020 by former Qualcomm engineer Anatoly Yakovenko, as a lightning-fast blockchain that aimed setting up new standards for speed and scalability. Many believe it to be the Ethereum Killer as its native token SOL surpasses other major blockchains in ways like transactions per second and fees. Let's see a comparative analysis through the image below:
However there's also a drawback that Solana poses and many believe that the security of Solana is compromised for gaining advantage of scalability. There are a few incidents of hacking in the past. Let's take August 2022 incident when more than 9000 wallets were hacked and hackers stole nearly 8 million from the victims. Although Solana Foundation refuted the claims of security breach in their Blockchain and cited that it was caused because of Slope Finance, a digital wallet service provider.
Nonetheless, Solana has remained one of the the most fascinating coins in the history of Blockchain. It's popularity can be assessed by the fact that the price of 1 Sol had increased nearly 20000% in 2021 since it's inception in April 2020. How can you miss such an insane bull run?
As of now, after the FTX and SEC saga the prices for Sol have recovered nicely in 2023 and at the time of writing 1 Sol cost 28.6 dollars which is also nearly 200% more from its lowest since December 2022.
As for future prediction if Solana achieves its goal of becoming a “global-scale blockchain”, the price of SOL could go much higher. Some analysts predict SOL could reach $500 in a year or so.
Let's be more realistic and considering that market turns out bullish in 2024, we might see Solana's peak at $350 and if there's a price reversal then it could see a nosedive to $14. Let's be cautious while investing and IMO don't put your eggs in one basket.
Overall Solana is one of my favourite coins with bullish sentiments and I am investing in it with a ratio of 20/100.
Thanks for Reading
Stay tuned for more...
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