The crypto market drop in 2022 was caused by several factors, such as russian invasion in Ukraine, the looming crisis, FED increasing the rate, inflation and many other factors. There was another massive hit on the crypto market in November 2022, when the world got to know about the financial problems of the popular FTX exchange when investors started to withdraw funds from it massively. These factors pulled the crypto market down, and the Solana crypto price was no exception. In this article, we will talk about how the SOL price has changed recently and find out if it is worth investing in it.
Briefly about Solana
Solana is a network based on the Proof-of-Stake and Proof-of-History mechanisms that enable fast transactions within the network and allow it to generate new coins via staking. In fact, Proof-of-Stake means proof of ownership – when you have some SOL coins and want to receive more, you can lock your coins in the network and, thus, generate passive income.
Some facts about Solana:
- Total number of SOL coins is 489 million
- The network provides high throughput
- SOL staking
- Low commissions
- Speedy transactions.
The developers of decentralized applications, metaverses, games, NFTs, and other products build their projects based on the Solana network.
As of November 25, 2022, the SOL price is $14. It dropped from $37.81 at the beginning of November.
Having about 100 products based on the network, Solana has big changes for growth and development. Crypto analysts predict that the Solana price will reach $174 in 2025. Now that the market is at the bottom, it makes sense to buy crypto assets and trade or hold them long-term. You will make a fortune when the market trend chances and prices climb.
You can buy Solana coins on any large crypto platform. We recommend using a centralized exchange where it is available to buy crypto with real money. For example, the WhiteBIT crypto exchange. Check out the trading opportunities of this platform on its blog.