Solana has had an amazing past 2 years as it became one of the fastest growing altcoins; in 2022, we see how they are doing what many tokens couldn’t and won’t be able to do.
Few fall in the same category as Solana, so let’s take a look at what’s taken the token here, and what may look ahead.
Related Reading | GameStop Turn To NFTs, Plans To Launch Marketplace Later In The Year
Briefing Of Solana And It’s Rise During 2021…
Solana in short, is a public blockchain platform. It achieves consensus using the proof of stake mechanism. It’s internal cryptocurrency ticker is SOL. In 2021, Bloomberg journalist Joanna Ossinger described Solana as “a potential long-term rival for Ethereum,” citing superior transaction speeds and lower associated costs.
Last year was a pretty good year for Solana ($SOL) as many early investors saw upwards of 45,000% gains in 2021 – which propelled Solana to being a top 10 crypto. Altcoins had a booming year, and Solana was no exception. The project has a unique blockchain that uses ‘proof-of-stake’ coupled with ‘proof-of-history’. This means transactions are processed in order, which results in very quick, very low costs transactions.
SOLANA hit a 10% drop this past week. SOL-USD on TradingView.com
Solana also made headlines with Visa as they get ready launch their Fast Track program. According to a press release in recent months, Zebec is the first Solana-based project accepted to the Visa program, which has supported companies such as Stripe, Chime, and Crypto.com. Here’s what Sam Thapaliya, founder and CEO of Zebec Protocol, stated regarding the release:
“By joining Visa’s Fast Track program, exciting Fintechs like Zebec Protocol gain unprecedented access to Visa experts, technology, and resources. From payroll to investments, subscriptions, rewards and more, Zebec is completely reimagining every financial transaction by making it programmable and continuous. We’re thrilled to join with Visa to accelerate the process of bringing our innovative payment solutions to millions of users worldwide.”
The Good And The Bad..
Many investors are excited to see what Solana brings to the table, as recent studies show that a survey of 30 random crypto token holders, 10 held Solana’s token over bigger coins.
Despite high rising movement throughout 2021 for many of the biggest names in altcoins, 2022 has been a rough go for most if not all of the top altcoins on the market. SOL’s price has not been kind to bulls of late. Over the past nine trading days, SOL has dropped nearly 30% from the high of nearly $205. With that being said, the selling pressure at the highs was nothing compared to the buying pressure at the lows, and that is a sign of hope for the near future.
Related Reading | TA: Bitcoin Consolidates Below $45K: What Could Trigger Another Decline
Credit: Source link
