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Solana

0.00%

Market Cap (USD)

$78B

24H VOLUME (USD)

$139K

Daily change

$12

On this page, you can find a graphical chart of SOL prices. A price chart is a representation of a market's current or historical performance. It is a visual depiction of past and present pricing data. The price information is represented by bars, with one bar drawn at each interval.

Solana (SOL) Price Chart

Charts are frequently used in trading. They support traders by helping them keep track of the value of their current holdings as well as the price's past movement. The path to becoming a trader includes knowing how to read price charts, thus doing so is important. 

The first concept to understand is that pricing refers to how prices act in relation to time. The candlestick chart, one of the most common chart styles, allows you to do the simplest price analysis.

A pricing chart's time element is read on the x-axis (left to right). As we shift to the left, we are seeing more into the past. The latest candle or bar displays the current time. Each candle or bar represents one unit of time; the top of price charts frequently contains a setting that allows you to adjust what one unit of time implies. If the period is set to daily, then each candle or bar represents one day's worth of price movement. Each candle or bar represents five minutes of price activity if the timer is set to five minutes.

The price of an instrument is shown on the vertical axis. The height of a candle or bar represents the price at that particular moment. A candle or bar at the bottom of the chart, however, indicates a relatively low price.

On a candle or bar chart, each unit on the chart shows four elements:

OPEN PRICE: The price at which the time period started. The open price is indicated in a bar chart by a horizontal line to the left. 

HIGH PRICE: The highest price traded during that period.

LOW: The lowest price traded during that period.

CLOSE:  The close price during that period. Colors are used to differentiate between open and closed states.

If the candle is not red or any color that indicates a lower close than open, the lowest section of the candle's body is open. The height of the body suggests the open if the candle is red or another color that indicates a higher close than open.

What is Solana (SOL)?

Solana was developed in 2017 by former Qualcomm CEO Anatoly Yakovenko with the goal of scaling throughput beyond what is generally possible on well-known blockchains while keeping costs low. A unique proof of history (PoH) method and a lightning-fast synchronization engine, a type of proof of stake (PoS), are combined in Solana's hybrid consensus model. The Solana network can therefore theoretically process more than 710,000 transactions per second (TPS) without the requirement for scaling solutions.

The third-generation blockchain architecture used by Solana is intended to make it easier to create smart contracts and decentralized applications (dApps). The project supports a variety of non-fungible token (NFT) marketplaces as well as decentralized finance (DeFi) platforms.

The initial coin offering (ICO) craze of 2017 saw the launch of the Solana blockchain. The internal testnet for the project was made available in 2018, and a number of testnet phases ultimately led to the formal launch of the main network in 2020.

History of Solana

Yakovenko formerly had positions with top technological corporations in the area of distributed systems design. A reliable clock makes network synchronization easier, and when that happens, the resulting network would be enormously quicker, with its capacity serving as the sole limit. His experience had made him aware of this. In contrast to blockchain systems without clocks, such as Bitcoin and Ethereum, which were struggling to scale beyond 15 transactions per second (TPS) globally, a small portion of the throughput handled by centralized payment systems like Visa Inc. require peaks of 65,000 TPS, Yakovenko hypothesized that using Proof of History would greatly speed up the blockchain.

Initial C programming and a private codebase were used for Yakovenko's implementation. Later, Yakovenko moved the whole codebase to the Rust programming language at the request of his old coworker Greg Fitzgerald. Greg started developing the first open-source version of Yakovenko's white paper in February 2018. Shortly after, the project's initial release was made, showcasing Fitzgerald's ability to verify and process 10,000 signed transactions in little more than 0.5 seconds. Soon after, Stephen Akridge, another one of Yakovenko's coworkers, demonstrated how offloading signature verification to graphic processors might significantly increase throughput.

After reaching these project milestones, Yakovenko recruited Fitzgerald, Akridge, and three other people to help co-found a company named Loom. However, the company/project changed its name to Solana, named after the little beach town next to San Diego, to avoid confusion with another Ethereum-based project of the same name.

The project was scaled up to run on cloud networks in June 2018, and a month later, the company released a 50-node, permissioned, public testnet that could reliably support bursts of 250,000 TPS. At an average cost of $0.00025 per transaction by the end of 2021, Solana has completed over 40 billion transactions.

Who are the founders of Solana?

Most importantly, Anatoly Yakovenko is the force behind Solana. He began his professional career with Qualcomm. Later, Yakovenko started working at Dropbox as a software developer.

Yakovenko began working on the project in 2017 that would eventually become Solana. Together, he and Greg Fitzgerald, a former employee at Qualcomm, launched the Solana Labs project.

The Solana protocol and SOL coin were made available to the general public in 2020, drawing additional former Qualcomm employees in the process.

How does Solana work?

Proof of history, a series of calculations that provide a digital record confirming an event's occurrence on the network at any point in time, is the central element of the Solana protocol. It may be described as a data structure that is a straightforward addition of a cryptographic clock that assigns a timestamp to each transaction on the network.

The practical Byzantine fault tolerance (pBFT) protocol, an improved variant of the Tower Byzantine fault tolerance (BFT) algorithm, is what PoH uses. It aids Solana in reaching a consensus. The Tower BFT serves as an extra tool to validate transactions while maintaining the network's security and functionality.

PoH may also be thought of as a high-frequency Verifiable Delay Function (VDF), a triple function (setup, evaluation, and verification) that generates distinct and trustworthy output. By demonstrating that block producers have waited long enough for the network to advance, VDF keeps the network in order.

The 256-bit secure hash algorithm (SHA-256) used by Solana is a collection of unique cryptographic operations that produce a 256-bit value. According to the set of hashes present on central processing units, the network provides real-time data by sampling the number and SHA-256 hashes on a regular basis.

These hashes can be used by Solana validators to track information that was produced before a certain hash index was established. After this specific piece of data is input, the timestamp for transactions is generated. All nodes on the network must have cryptographic clocks to keep track of events rather than waiting for other validators to authenticate transactions in order to reach the promised huge numbers of TPS and block generation time.

Buy Solana

Current Solana (SOL) price index and changes over time 

The total quantity of tokens in the inflationary cryptocurrency Solana is not firmly capped. Starting at 8%, the yearly inflation rate will drop by 15% each year until it reaches 1.5%, which will serve as a stable long-term rate.

37% of the SOL tokens that were first allocated went to investors, 25% was split between Solana's team and the Solana Foundation, the organization in charge of the cryptocurrency's development, and 38% was transferred to the community fund reserve of the Solana Foundation.

The price of Solana at the time of writing (June 2022) was $34.86, changing by -11.41 percent on the last day. The market capitalization of Solana was $18,263,027,294.11 USD following the most recent price movement. Solana has had a change of -79.73% so far this year.

How to buy Solana in 3 steps

Follow these three easy steps to purchase SOL:

1. Choose a Cryptocurrency Exchange

Cryptocurrency exchanges are platforms that facilitate cryptocurrency transactions between buyers and sellers. Some exchanges are straightforward, while others are better suited for experienced investors.

Look for an exchange platform like CEX.IO that has low account minimums and low trade fees.

2. Buy SOL

After creating an account, you must fund it. You can top up your account with your existing cryptocurrency holdings, a bank account, or a debit card.

Additionally, CEX.IO supports credit card payments of cryptocurrency.

After funding your account, you can place your first order. Simply enter the ticker symbol SOL on the Spot Trading page in the search bar. You can typically choose an order type, such as a market or limit order.

3. Store Your SOL

When you trade Solana or other cryptocurrencies, you need a cryptocurrency wallet to store your tokens or coins.

There are a variety of storage alternatives available; the optimal one for you will depend on your risk tolerance and the purpose for which you want to use your crypto. We strongly recommend the CEX.IO cryptocurrency wallet.

Where to buy Solana and other cryptoscurrencies

Solana can be purchased in a variety of ways. You might utilize a bitcoin ATM or a Bitcoin trading platform like CEX.IO. You may buy Bitcoin with a credit card like you can buy other cryptocurrencies on a cryptocurrency exchange such as CEX.IO. On the cryptocurrency platform, a wide range of payment options are available, including bank transfers and digital wallets.

Here at CEX.IO you can also buy Dogecoin, or also buy BNB, as well as trade BTC to USD and sell BTC.

Solana (SOL) price history

SOL started trading the next month at roughly $0.22 after an ICO in March 2020. On its first day, it reached $1 and quickly climbed toward $1.50, but before the month was out, it fell back to $0.50. Following a few months of stability, the cryptocurrency started to rise in June. In August, it traded above $4 before retracing more than 35% to around $2.70. Later in the month, the increase resumed, reaching a peak of $5.10 at the beginning of September.

Prices fell by 60 percent to roughly $2 during the following several days, and they continued to decline over the ensuing months until they reached a low of $1.02 in December. By the end of the year, SOL had slightly increased to $1.51, which represented a drop of 70% from the peak in September but still provided returns of 586% since its launch.

During the first month of 2021, SOL’s price quadrupled, giving the new year a fantastic start. This was also the first time the Solana market cap went above $1 billion. Prices dropped to just $12 in March after almost hitting $19 in February, then stabilized for the following month.

The SOL price over time reached $50 for the first time in April. SOL saw three weeks of choppy and declining movement until another surge of upward momentum propelled SOL to its record high of $61.44 on May 18. Solana's market cap was above $15 billion at the time. This was swiftly followed by a drop of more than 50% in a single day, and a few days later, SOL hit a low of roughly $19. Thereafter, prices increased, and by June, SOL had recovered to $40.

SOL's price increased once again in the second half of the year, reaching an all-time high of $258.93 in November 2021, despite falling to as low as $23.49 in July 2021.

FAQ

What are the strong points of Solana?

Solana is likely most known for its fast speeds and low fees. Solana aims to catch up to centralized systems with peak throughput rates of 65,000 TPS and a potential eventual maximum of 710,000 TPS.

Why do many consider Solana to be better than Ethereum?

At the moment, the chain processes almost 1,900% as many transactions as Ethereum does, yet consumers only pay a small portion of the fees. At its peak, the network processed more than 4,800% of all Ethereum transactions. Make sure to conduct your own research before you decide to buy SOL or ETH.

What should I know before buying SOL?

You need to understand the fundamentals of trade analysis in order to decide whether it makes sense to purchase Solana or any other cryptocurrency. Once you have this information, you may evaluate charts, compare current cryptocurrency prices, and determine when it is best to purchase or sell crypto.

Where can you buy Solana?

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