Overview Of The Solana Project

Solana is a highly active open source project that relies on the free nature of blockchain technology to create decentralized finance ( DeFi ) solutions. The Solana Platform was officially launched in March 2020 by the Solana Foundation.

Solana Ecosystem

When conducting fundamental analysis of the Solana project, the review should begin with an examination of the company’s sources of income. The Solana ecosystem has over 1000 projects in the fields: of NFT, DEFI, DApps, Gaming, Payments, and DAOs. Famous projects such as StepN ( #GMT ), Brave Browser ( #BAT ), and Audius ( #AUDIO ) were created on the Solana blockchain. Solana also holds a large number of different events. For example, in the summer of 2022, an online hackathon with a prize pool of more than $1 million is being held!

If we consider the metrics, then the numbers will be as follows: 

  • Capitalization: $14 million (9th place according to CoinMarketCap)
  • Peak capitalization of $90 million in November 2021 (5th place according to CoinMarketCap)
  • Total coin supply: 508,180,964 346.028.412 circulating supply) 
  • The first ICO took place on April 5, 2018, for 79k coins (max ROI +648.954%)

SOL Token

As of August 6, 2022, the price of the #SOl token is $40.80. The decline began in November 2021 from highs of $260.

You can see the SOL token chart according to CoinMarketCap below. 

The decline occurs against a general fall in the entire cryptocurrency market. The price of Bitcoin #BTC from its November maximum fell by 67%, and the price of #SOl — by 85%. 

The price is above the firm $25-$30 support level. If you are a long-term cryptocurrency investor, these are attractive buying levels and earning opportunities (not an investment recommendation). 

Results and Forecast

Solana’s RoadMap for 2022 says the project will continue to scale up in the market, creating something no other company has yet done. For example, in New York, the first physical Web3 store was opened, where visitors will receive educational content, blockchain experiences, and Solana-based products, including the Solana NFT. Last month, Solana also launched its smartphone to make it easier to work with mobile cryptocurrencies.

The only drawback that is very striking is the regular fall of the Solana blockchain network. In the news with a frequency of once every few months, you can find such headlines: “All transactions were suspended on the Solana blockchain.” According to the company’s management, work is underway on the problem, and this is happening due to a large number of users. 

The Solana Foundation will continue to grow and expand in the market. Solana has fewer risks, for example, in the case of Terra # LUNA, which means we can count on the ability to grow steadily in the future. 

Leave a Reply

Your email address will not be published. Required fields are marked *