Solana has been an under the radar project so far but that is set to change soon and the cryptoverse is finally taking note
Many crypto enthusiasts may have missed the news about Solana (SOL). It is a fantastic project with a unique consensus mix called Proof of History that records events. When coupled with another mechanism such as Proof of Stake, it can help with quicker transactions. The cryptoverse has finally realised that SOL cannot be ignored which might explain its rise of 40% in just one day.
Solana is a direct competitor to Ethereum and allows the deployment of tokens and dApps on its blockchain. Some erstwhile ERC20 tokens such as KIN (one of the largest tokens on the SOL blockchain) have shifted to the Solana ecosystem because of its unique architecture.
How & where to buy Solana in the UK and elsewhere
For purchasing SOL, you will need to open an account on a broker/exchange. Always select a regulated and reputed platform that insists on KYC norms. Using unregulated DEXs can be a huge risk as there is no right to recourse in case something goes wrong.
For your benefit, we have shortlisted two of the best platforms below.
Cex.io offers exchange of fiat currency for Bitcoin Ethereum, Tether, and 23 other cryptocurrencies, as well as Bitcoin/Ethereum trading against the USD.
ETX Capital is a leading spread betting and CFD broker that offers a diverse selection of markets, across FX, commodities, shares, and more.
What is Solana and why is it rallying?
Solana is the native token behind the blockchain network. SOL is used to pay for fees on the network and will also grant voting rights. The token also helps in earning rewards through staking.
Solana has not been very popular because of the rise of Ethereum but as ETH 2.0 is delayed, networks like Solana are becoming popular. As the ecosystem expands, the SOL token will also gain in price. It looks like the SOL token is finally going to claim its rightful place among the top ten cryptocurrencies.
Should I buy SOL today?
Are you looking for a new coin to invest in? If yes, then you should research Solana. It is a rock-solid project and while it has few tokens currently as compared to Ethereum, its unique model and the claimed ability to run up to 70,000 TPS makes it a worthy investment.
Solana daily chart. Source: CoinMarketCap
Not many investors have taken note of the silent rise of Solana. So if you invest today, you are still early. SOL was trading at $42 at the time of writing. Given the fact that it is the driving force behind a novel blockchain network, the price could easily go 2X or 3X from the present level as per some investors.
This article is informational only — none of the contents should be construed as financial or investment advice.