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Solana Coin (SOL) Review (9.4/10⭐)

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Solana is the native coin on one of the fastest blockchains in the world. Apart from the Solana coin, over 400 projects spanning DeFi, NFTs, Web3 and more are available on the Solana blockchain. The price of the Solana coin has been somewhat volatile since the end of 2021 and beginning of 2022 and here we describe the coin, what it stands for, the utility, reputation and available websites where you can buy and trade Solana on exchanges and platforms.
SOL/USD (26.06%)
$57.06
November 10, 2023, 10:03 pm [UTC]


Visitor Consensus on Solana Coin Today
Positive: 53.13%Negative: 46.87%
What's your view on Solana Coin today?
 
›› Buy/Sell Solana Coin here

 

Having the highest speed and the lowest transaction costs at the same time has made many new investors consider Solana instead of Ethereum. The main negative with SOL is the rather high inflation, since there is no fixed amount of coins and increasing supply every year.

 

A Bit About Solana Coin

Currently run by the Geneva Solana Foundation, Solana has gained steady popularity as it uses the proof of stake consensus mechanism, which requires less energy and time. The platform, unlike other popular cryptocurrency projects, majorly focuses on the aspect of time. It prides itself in being a high-performance blockchain that ensures that all the smart contracts and decentralized apps (DApps) are well supported. Most people describe it as the fastest programmable blockchains founded in 2017. Four years down the line, the platform is still a very good investment given its massive potential.

A scalable, super fast decentralized blockchain.CryptoLists.com
 

A speed and cost focused blockchain, that is available for tokens, NFTs, DeFi and Web3. It's made to handle more transactions than any other cryptocurrency, with 400 millisecond block times. With better and faster hardware, we'll see an even quicker Solana. But few other coins can handle anything near 50,000 transactions per second.

 

Utility of Solana Coin?

Some of the top reasons that people choose to invest in Solana, include but are not limited to:

High Performance
One of the main reasons people invest in Solana is its high performance. The platform can process more than 50,000 transactions per second with an average latency of fewer than 3 seconds. In addition, it can handle over 1 million cryptocurrency transactions without any slowdown or congestion.

Scalability
Solana is also scalable thanks to the use of its second layer, based on the Proof of Stake protocol. This allows it to handle more transactions on cryptocurrencies as more nodes are added to the network.

Security
SOL has a very secure network due to its two-layered blockchain architecture and the use of Proof of Stake. The main goal of the network is to provide communication security due to its lightning speed connection.

Passive income
Using the Proof of Stake protocol, you can easily earn commission by staking your tokens so that you can run a delegate node. Besides, it encourages people to hold their tokens as they have the opportunity to earn more rewards on the crypto investment.

DApp support
Solana supports a wide range of DApps which can be run on its platform. This allows developers to create and deploy their applications without any problems.

Community-driven
The SOL project is community-driven, and this can be seen from the way it allows people to vote for delegates that can then help run the network. This gives them a sense of belongingness and encourages more people to buy SOL.

Solana Coin Price details




Very speculative and theoretical potential data
Last updated: November 10, 2023, 10:03 pm
›› SOL tokenomics and social media
 

Advantages of Solana Coin

+ Can handle up to 50 000 transactions per second.
+ Incredible low fees, often below 0.01 USD per transaction.
+ Proof-of-Stake (PoS) to maximise rewards and efficiency.
+ Lots of NFTs and smart contracts can be built on SOL.
+ One of the top 10 cryptos in the world
 

Disadvantages

- Development could be faster: Many implementations remains.
- Solana's inflation is 5.78% in 2021 and 4.9% in 2022.
- Hardware setup for mining Solana is rather expensive.
- In September 2021, Solana experienced intermittent instability.
- Ethereum merge improves ETH competitiveness in speed and costs.
 

Costs

▪ Rated at 10/10

It's one of the crypto coins with the lowest true costs. You can often get away with 1 cent (0.01 USD) per transaction, compared to 80 USD or more for Ethereum during peak hours. However, the main drawback is the inflation. In 2021, inflation for Solana is 5.78%, while it will decrease by 15% in 2022 and go down to 4.9%. For every other year, the inflation will go down with 15% until reaching 1.5% where it will stay indefinitely.

 

Reputation and Buzz

▪ Reputation rated at 9/10
▪ Buzz rated at 9/10

The reputation is improving every year for Solana, that's why it's gone from nowhere in 2019 to one of the top 10 cryptocurrencies in 2022. Likewise, the buzz been huge lately and the 3000 USD tickets to Solana Breakpoint in Lisbon 2021 was sold out long before the event took place and selling at a way more expensive pricepoint on the second hand market. We expect a similar or even bigger buzz for Solana in 2022.

 

Some of the developers involved in Solana Coin

▪ Rated at 10/10
The logos below represent some of the developers who have been involved in Solana Coin. Check out the developer about page, by clicking the logo. There you can see what coins they have developed and at what exchanges, brokers and trading platforms their coins are available.
Anatoly Yakovenko logo
 

FAQ

What blockchain does Solana use?

SOL uses two-layered blockchain architecture. The first layer is the Proof of History registry which was built on top of the proof of work protocol "Proof-of-Work". The second layer mainly focuses on Proof of Stake as it brings about consensus among all the nodes in the network. This gives it high-performance capabilities and allows it to scale horizontally. The platform also employs a unique voting system that allows delegates to vote on proposed changes without risking their tokens. Besides, the delegates can be voted out if they do not meet the required standards.

What is the highest value Solana ever had?

The highest that SOL has been is 259 USD per coin. This was on 6 November 2021. It was an exciting time but Solana quickly took a turn after that.

How does SOL verify transactions?

The platform has validators. These are systems that store all the signatures of all the recently confirmed transactions. This ensures that they are not processed more than once. Afterwards, validators give a JSON RPC endpoint for queries.

How many transactions per second does Solana process?

From Crypto Lists understanding - SOL is the fastest platform with more than 400 millisecond block times. It allows for over 50,000 transactions per second and each costs 0.00025 USD.

Can SOL be mined?

No. Considering that SOL uses the proof of stake protocol, it cannot be mined.

Does Solana have a max supply?

Yes, SOL has a maximum supply of 500 million tokens.

 

History of Solana Coin

2017 Anatoly Yakovenko publishes a whitepaper draft for the blockchain.

2018 The official whitepaper is launched in February and Solana Labs begins raising funds to build its new crypto network in Q2.

March 2020 Solana launches on Mainnet Beta, shortly after raising $1.76 million in a public token auction.

April 2023 Solana launches Solana Mobile, their own secure mobile phone that's made for web 3. While the camera is not that impressive, it can be compared to a Ledger on your mobile phone, since Android cannot read your seed phrase. Solana Mobile comes with 12 GB ram, 512 GB of stgorage and a 6.67" display.

›› Trade Solana Coin here›› Buy/Sell Solana Coin here

Screenshots from Solana Coin

Click for larger image
 

More sites where to buy/sell/trade Solana Coin

Below you can see some other platforms, exchanges and/or brokers where you can buy, sell or trade this token. Click on the logo to read our review.
SOL, SOL/USD
›› Buy Solana Coin at AvaTrade
Never speculate with money which you can not afford to loose. Cryptocurrencies exhibit significant volatility and remain largely unregulated within numerous European Union nations. They are not covered by European Union protections and do not fall under the purview of the EU's regulatory framework. Please be aware that investments in this sector are prone to market risks, which may include the total loss of the invested principal.
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Remember to never risk money that you can not afford to loose. Crypto currencies is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
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Solana Coin details and tokenomics

Solana Coin Ticker: SOL
Contract address: n/a
Type of crypto: solana-token
Launch/ICO Date: March 24, 2020
Resources & Social media
πŸ”—Blockchain URL: https://explorer.solana.com
 

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    MetaWin adds Solana for casino depositsMetaWin adds Solana for casino deposits
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    SOL down 4.5%: time to play on a leading Solana casino?SOL down 4.5%: time to play on a leading Solana casino?
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    When your favorite coin starts to go down in value, that can be a pretty good time to play with it compared to when it starts to rise and HODLing sets in. LTC Casino (see more) is among the very best Solana casinos we've ever reviewed on Crypto Lists and is a firm favorite among our readers. It's got 5 second signup without any KYC when you register, deposit, or withdraw. Amazing. Although there's no welcome bonus, there are tons of ways to win including special tournaments and super-fun crash games. And, high RTP slots are one of the specialities! What are you waiting for? Sign up now and see if you like LTC Casino's...
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    Early Christmas for Solana fans: Top 4 crypto by market capEarly Christmas for Solana fans: Top 4 crypto by market cap
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    In terms of raised market capitalization among major cryptocurrencies, there is a clear new winner among alt coins in December 2023. Solana (SOL) has gone past both XRP earlier this week and overtook BNB today to become the 4th biggest cryptocurrency in terms of market cap. In terms of daily transaction volume, Ether (ETH) is still more than 3x bigger and Bitcoin (BTC) almost 4 times bigger. But the gap has been narrowing lately and the Solana token is one of the big winners in the end of 2023 among the bigger cryptocurrencies. Among the slightly smaller ones, Near (NEAR) has gone from 1 USDT the 20th of October to 3.32 USDT when writing this. Another big winner the last month is Helium, going from 2.26 USDT one month ago to 7.22 USDT today. What...
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