Solana is one of those crypto projects that directly gained significant fame. It quickly became part of the top 10 biggest cryptocurrencies by market capitalization back in 2020. Today’s outlook on the cryptocurrency market is generally bearish, as prices took a heavy hit in November 2021. SOL price suffered severe losses and crashed from a high price of $260 and reached a low of $26! However, the crypto market is trying to recover and investors are aware of the heavily discounted prices of Solana. In this article, we’re going to talk about the top 3 reasons to buy Solana TODAY!
What is Solana (SOL)?
Solana is a decentralized blockchain founded in 2017 and run by the Solana Foundation. It can process more transactions than its counterpart smart contract blockchain like Ethereum, Polkadot, and EOS. Solana uses POH or Proof of History consensus mechanism in place of layer 2’s or side-chains to solve scalability issues. As a result, the time between transactions is shorter and can process up to 710,000 transactions per second. In the POH consensus model, all nodes run their own internal clock. Once they’re in coordination, the block gets verified at a faster rate.
Top 3 Reasons to Buy Solana
#1 Solana has Smart Contracts
There are many crypto projects that solely rely on sending/receiving tokens. However, when Ethereum brought smart contracts to the crypto space, the industry became much bigger. Due to the many inefficiencies that Ethereum is facing today, many other competitors entered this big space, like Solana. Solana today hosts NFTs, staking, and many other services, which might become bigger in the future as they develop.
#2 Solana Labs announced the launch of their mobile device
Crypto enthusiasts were very happy to hear that Solana Labs recently announced the launch of their Android-based software for developing mobile web3 apps. Web3 is the latest craze in the crypto scene and is set to change the way we use the internet. With this announcement, many investors became bullish on Solana.
#3 SOL prices are heavily discounted
The recent crypto crash made SOL lose around 80% in valuation. However, most investors look at this as an opportunity to buy SOL at discounted prices. Most professional traders and investors have hard exits. When they see prices crashing, they get out of the market and wait for prices to stabilize. Today, it looks like the downtrend is over, and prices are trying to retrace higher.
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