Solana Review (SOL) Has Risen in Price by More Than 200% in a Month — What to Expect Next? LATOKEN Review on SOL token
Here’s our new LATOKEN review on Solana token. Do you remember that our LATOKEN reviews are written to keep users, traders, and crypto enthusiasts up-to-date with different protocols and tokens? We are not only writing about new tokens listed on LATOKEN; we also want to keep you updated about potentially promising projects. That’s the reason we want to write about Solana (SOL) today. This token has risen in price by more than 200% in a month. So what might happen next? Let’s try to figure it out.
What is a SOL token?
Solana is an advanced open-source blockchain project that aims to leverage several disruptive technologies for the next generation of DApps.
The project aims to create a scalable, secure, and highly decentralized platform that can support potentially thousands of nodes without sacrificing bandwidth, helping to avoid some of the problems competing for systems face.
This crypto project was founded in 2017 during the ICO boom and has raised over $25 million in various rounds of private and public sales.
How does Solana work? LATOKEN review
Unlike Polkadot (DOT), Ethereum (ETH), and others, Solana is a Tier 1 blockchain with no sidechains or parachains. Solana (SOL) representatives claim that their blockchain is based on the PoS consensus algorithm, but not everyone in the community agrees with this. It is believed that Solana is based on the dPoS algorithm.
The high speed of transaction processing is based on the PoH solution, which allows time synchronization between nodes to be much faster, thanks to the creation of decentralized clocks. Within the Leader Schedule and the Turbine and Gulfstream data transfer protocols, the interaction between the nodes is synchronized. It solves the traditional orphan block problem for other chains, including Ether, and reduces the block mining time to 0.4 sec.
The faster synchronization between nodes on the Solana blockchain makes it fast enough to compete with complex centralized systems. Other innovations in this ecosystem are archivers that implement distributed data storage and optimization of transaction recording through Cloudbreak. Solana (SOL) blockchain nodes are rewarded for processing transactions in the Solana utility token. Unlike other PoS chains, it has no restrictions in the form of the minimum number of coins required to create a node.
The project is based in San Francisco (USA) and was founded in 2017, with the first version of the testnet launched in 2018. The founders are Dr. Eric Williams, BREW OS developer Greg Fitzgerald and former Qualcomm and Dropbox developer Anatoly Yakovenko, who communicates with the Russian speakers.
SOL officials define their blockchain as “a public operating system that anyone can participate in.”
Criticism. Is Solana token a crypto scam or legit?
Solana (SOL) is a real, legit crypto project and not a cryptocurrency scam. Solana claims to be a fast, secure, censorship-resistant blockchain built for global adoption.
The number of projects using the Solana (SOL) blockchain continues to grow. However, the Solana blockchain is not often used in practice, so many judgments about it are evaluative.
What happened with the SOL token in august 2021?
The Solana token price has more than tripled over the past month. On August 30, the altcoin price renewed its all-time high at $ 101. Solana’s capitalization increased by 226% and exceeded $ 29.4 billion, according to CoinGecko. The token took eighth place in the list of the largest cryptocurrencies in terms of capitalization.
Solana’s last wave of growth began on August 27, after the digital coin was announced. On the project’s Twitter page, there was a message about an update on August 31 and introduced a new feature to the Solana blockchain called “Ignition.” It is speculated that the update could introduce a token burn mechanism.
Solana’s Growth Reasons. LATOKEN review
In August, the Solana token managed to overtake Ethereum in profitability, which grew by 37% in a month. According to experts, the Solana token became more attractive to traders in August due to its high transaction speed and low fees.
Solana’s skyrocketing growth over the past month has been fueled by the project’s $ 314 million in funding. Some experts believe that Solana is an excellent candidate to host a wave of decentralized finance (DeFi) applications.
Further possible prospects of Solana token
Most likely, Solana’s quotations might soon depend on the “Ignition” update.
Analysts assure that if the participants’ expectations are justified, then the rate may grow even more, but hardly significantly in the short term.
If the news does not meet traders’ expectations, then the price of the token may also fall significantly. In the next couple of weeks, there are no factors for the continued growth of the altcoin. However, no one can be sure.
Some traders believe that it is too late to buy Solana right now. Instead, it is necessary to either wait for the correction or buy small parts every week to distribute the risks evenly.
In our LATOKEN reviews, we always pick tokens that have an edge and great potential. Cryptocurrency is here to stay, and it’s only going to get bigger!
Want to read more about Solana? Then you will definitely like our article: LATOKEN Review: Solana (SOL). Review of the new tokens.
Want to start trading SOL? You can always do it on the LATOKEN exchange!
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LATOKEN does not provide investment, tax, legal, or accounting advice. This article is written for informational purposes only. Like many other assets, cryptocurrencies are subject to high market risk. Please trade with caution.