Is It a Good Idea to Invest in Solana?

The blockchain industry involves hundreds of interesting and valuable projects that bring benefits to the whole crypto market and inspire the development of more products. One of them is the Solana blockchain which has become the basis for numerous NFT platforms and smart contracts built on top of it.

Solana is based on the Proof-of-Stake mechanism, which means SOL coins are received through staking and not mining. Since mining complexity is growing, it becomes more and more difficult to generate income from it, for it takes a lot of time and money. Staking, on the contrary, is:

  • much cheaper – it does not consume so much energy as mining does;
  • available for anyone with an Internet connection;
  • environmentally friendly;
  • less costly and much faster.

At some time, the Solana network rivaled the popular Ethereum blockchain, for Solana offered cheap transactions, high throughput and high speed, which attracted decentralized app developers from around the world.

However, SOL coin had its ups and downs because of attacks made on the network. The all-time high was fixed at $258,78. Solana price today is $12.1.

The drop happened because of the overall market bear trend and the FTX exchange collapse, which caused another market drop at the beginning of November 2022.

Is Solana a Good Investment?

Solana is definitely a good investment option. The project already has many large partners and projects using its blockchain. During the next market bull trend, it is likely that the price of SOL will skyrocket. Experts believe the rate will reach $50.69 in 2025.

If you want to invest in Solana buy it on the WhiteBIT crypto trading platform. It is a reputable service for crypto trading and investment with a wide range of financial instruments, reliable storage, and a convenient interface.