Solana Price Chart (SOL)
If you happened to follow Solana’s price development in 2021, you’re likely familiar with its unexpected triumph: While its price oscillated between about 2 and 5 EUR in January, it ended up reaching the extreme level of 247.26 EUR in November. But this steep increase in price isn’t the only thing that’s caught crypto investors’ attention – we’ve outlined everything you need to know about what makes Solana (SOL) so special and why it may be worth investing in.
Here you can see the current Solana price (SOL) and an overview of its historical development.
SOLANA - EURO (SOL/EUR) |
|
|---|---|
| Current Price | 88,7992 +0,93% |
| Time and Date | Tuesday, 16.01.2024 18:13:40 |
| 24h Low | 85,5560 |
| 24h High | 89,9012 |
| Last 52 weeks Low | 13,3626 (15.06.2023) |
| Last 52 weeks High | 109,7914 (26.12.2023) |
Table of Contents
How can I buy and sell Solana (SOL) in 2022?
Now that Solana’s made its way into the top 10 cryptocurrencies, it’s no longer considered a niche currency and can be traded on a wide range of crypto exchanges. If you’re looking for a straightforward process and don’t want to deal with any unnecessary paperwork, check out BISON.
Why buy Solana (SOL) through BISON? It's simple, smart, and reliable.
Quick and intuitive start
With BISON, you’re only a few steps away from buying your first SOL coin: After registering for free in the BISON app or via the website, you’ll immediately have an account. With your account, you can test out all of BISON’s features. Once you’ve familiarized yourself with everything BISON has to offer, you can go ahead and buy your first SOL. Just get your account verified (quickly and conveniently) online and you’ll be all set to get started. There’s no need to supply your own wallet, deal with technical hurdles, or fill out unnecessary paperwork – BISON handles the complicated parts for you.
Experiment with demo mode, risk-free!
New to crypto and not quite versed in how it works? No worries! Before buying your first SOL coins, you can play around with BISON’s different features – there’s no time limit and you won’t have to spend a single cent. BISON provides you with play money in demo mode, giving you the chance to practice trading crypto before making any concrete investments. This lightens the pressure of buying and selling crypto, creating a relaxed user-experience.
100% cost transparency
You’ve got the hang of it and want to invest real money in Solana? Then you’re all set to trade – and there’s no need to worry about hidden fees for transactions, deposits, etc. With BISON, you only pay the price you see when trading. You can buy Solana (SOL) – as well as any other cryptocurrency listed – without any additional fees, always.
No room for compromise
Nowadays, the crypto market is full of several different investment options. Alongside standard coins, you’ll find countless alternatives that are often difficult to distinguish from the originals. With BISON, however, you can always feel confident that you’re only dealing with real coins. Low-value or highly speculative derivatives (like CFDs) are explicitly not part of BISON’s philosophy of straightforward, transparent, and secure crypto trading.
Security and transparency powered by Börse Stuttgart
By choosing BISON, you’re also gaining a reliable partner – the Stuttgart Stock Exchange. You benefit not only from the reliability of a traditional stock exchange, but also from their high standards in security, technology, and transparency.
1. What exactly is Solana and what makes SOL so special?
An increase of over 11,000 percent in value is, admittedly, quite an accomplishment. But like any other digital currency, Solana’s undergone plenty of price adjustments. Although SOL wasn’t able to maintain its peak value of 247.26 EUR for long, the coin did manage to rank among the top 10 cryptocurrencies in 2021. But with a market capitalization of about 11.5 billion USD (as of June 2022), Solana still doesn’t quite compare to Bitcoin. That said, the cryptocurrency does have a few features that are well worth any trader’s consideration.
Just like Bitcoin and other cryptocurrencies, Solana is a decentralized blockchain that facilitates user-friendly financial solutions. But here’s the twist: Solana claims to meet all three core requirements of a cryptosystem – decentralization, security, and scalability. Before Solana entered the picture, the crypto community had repeatedly run into the issue of only managing to optimize two out of these three aspects at the same time. Bitcoin is an excellent example of this: Though its blockchain is decentralized and equipped with very strong security measures, its systems are relatively slow and transactions are relatively expensive. Long story short: Bitcoin is, at least for the time being, difficult to scale.
The developers behind SOL, meanwhile, assert to have optimally reconciled all three aspects. Whether or not this statement will hold in the long run is yet to be determined. What’s clear, however, is that with over 50,000 transactions per second (TS), Solana’s become the world’s fastest blockchain (at the time of writing this article) – and it won’t stop there; in the future, Solana’s expected to be able to handle several 100,000 TS (transactions per second). But speed isn’t its only appeal. Transactions made on Solana’s blockchain are also extremely low compared to its competitors – making it all the more intriguing to crypto traders.
Solana’s speed and cost-effectiveness can’t be praised without giving recognition to the ones who made it all happen: Its developers. The concept behind Solana was designed by Anatoly Yakovenko (previously head of Qualcomm, Mesosphere, and Dropbox) and implemented with the help of an extremely talented team. By March 2020, Solana was ready to hit the market – and by June 2022, its maximum coin supply exceeded 508 million SOL. Unlike Bitcoin, however, Solana is inflationary, meaning that its coin supply is not limited and will continue to increase over time.
2. How does Solana (SOL) work?
Solana’s blockchain operates on two pillars: Proof-of-history and proof-of-stake. In the proof-of-stake protocol, “validators” from within Solana’s network authorize transactions and, in return, receive SOL coins as a reward. Proof-of-history serves as proof that an event – such as a transaction – took place at a certain point in time. Combining these two approaches is said to result in decentralized, fast, secure, and cost-effective processes within the blockchain.
What’s particularly interesting is that in contrast to Bitcoin – which operates according to the proof-of-work protocol – Solana requires neither expensive hardware nor significant computing power. In other words, compared to the world’s oldest cryptocurrency, Solana is more energy-efficient and thus more resource-efficient. So if you’re a crypto enthusiast looking to invest and produce a good carbon footprint, you may want to consider buying SOL.
3. What are Solana’s advantages in comparison to Bitcoin (BTC) and other cryptocurrencies?
As previously mentioned, Solana’s become very popular within the crypto community – but only time will tell whether the currency actually reaches the potential experts have ascribed to it. Regardless, it’s safe to say that Solana still carries a handful of strengths that can’t be ignored.
Fast and inexpensive: Solana isn’t dubbed a “high-speed blockchain” for nothing. With over 50,000 TS and negligible costs amounting to roughly 0.00024 EUR, Solana easily tops the groundbreaker of digital coins (to put this in perspective, Bitcoin only manages 7 transactions per second with a charge of 0.28 EUR per transaction – and this includes long waiting times).
Environmentally friendly: The fact that Solana doesn’t rely on the energy-intensive proof-of-work approach makes it a truly “green” currency when it comes to energy efficiency. This is where Bitcoin just can’t keep up. For those of you who are curious, the University of Cambridge calculated Bitcoin’s energy consumption in a report titled the Bitcoin Electricity Consumption Index. According to this index, the total annual power consumption for all Bitcoin transactions worldwide is 125.1 terawatt hours (as of February 2022). For comparison, the power consumption of all of Germany amounts to 500.4 terawatt hours. As you can see – Bitcoin’s pretty power-hungry.
NFT perks: Unlike many other cryptocurrencies, Solana has another practical use that goes beyond the crypto mainstream and into the world of NFT trading. If you’re unfamiliar with the term NFT, it refers to non-fungible tokens or non-exchangeable tokens. Right now, the most common place to find NFTs is in the digital art market. Here, digital artwork is given a unique digital signature to protect it against counterfeiting and forgery. If you happen to have SOL coins, you can use them to buy NFTs from their designated marketplace.
Open source: Last but not least, Solana benefits from the fact that its code is open source. This means that any crypto enthusiast anywhere in the world has the power to optimize the system, improve bugs, and close any gaps. This power within the crypto community has been a major driver behind Solana’s growth.
4. What are Solana’s disadvantages in comparison to Bitcoin (BTC) and other digital currencies?
Solana, like any other cryptocurrency, is subject to price fluctuations. Several factors contribute to developments in the digital currency market, making mid- or long-term predictions virtually impossible. So far, however, Solana has managed to prove itself a rather stable and strong newcomer in the crypto sphere.
Always keep an eye on the Solana price
Keep track of the prices of the tradable cryptocurrencies Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and many more and stay always up to date what’s going on in the crypto world. Get the app now or register online!
