Solana has had an amazing past 2 years as it became one of the high-growth altcoins. In 2022, we see how they are doing what many tokens couldn’t and won’t be able to do.
Further, few fall in the same category as Solana, so we’ll take a look at why Solana is here!
Solana, in short, is a public blockchain platform. It achieves consensus using the proof of stake mechanism. Its internal cryptocurrency ticker is SOL. Also, 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 ($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 successful 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, resulting in speedy, meager costs.
Many investors are excited to see what Solana brings to the table, as recent studies show that in a survey of 30 random crypto token holders, 10 held Solana’s token over more giant coins.
Despite high rising movement throughout 2021 for many of the biggest names in altcoins, 2022 has been rough. 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. This is a sign of hope for the near future.
