The crypto world has numerous virtual assets that are available for everyone for trading. Solana (SOL) is among these assets, which is one of the major assets worth investing in 2024. Created as a smart contract network, and it has established itself as one of the key Ethereum (ETH) contenders, and at the moment, it is valued at $95.96 with market capitalization set at $41,852,888,629.
(SOL) cryptocurrency maintains a solid position even against the backdrop of a falling crypto market. It is considered as a very promising investment, and today The VR Soldier experts made a list of reasons why everyone should be considering Solana for investment, highlighting eight compelling reasons based on its distinct advantages.
8 Top Reasons to buy Solana (SOL) this year:
Historical Price Growth Potential
Solana has a rich history of outperforming all assets in the market back In 2023, to rank as the best performing asset among the top 20 capitalized assets and SOL soared as high as 700% . Its growth is not only meteoric, it has a robust recovery rate as it bounces back from selloffs smoothly and in a short period of time.
Smart Contract Functionalities
Solana hosts some of the most popular Decentralized Applications (DApps) in the industry and it has gained a strong reputation because of its rapid speed, cost-effectiveness, and the ability to scale compared to other competing networks. It is also introducing a various list of new innovations such as DePIN and xNFTs among others that are enhancing and keeping it ahead of the curve in general. These innovations could positively influence the price moving forward in the future.
Solana Mobile stands out as an important initiative undertaken by the protocol in recent times. Being the first blockchain network to introduce a smartphone, Solana is progressively making its mark in the tech landscape, aiming to simplify the access to Web3. With Mobile Saga and its upcoming improved version, the blockchain is set to attract evenmore users, and at the same time, its driving more utility to the SOL token.
Wide Enterprise Adoption
Solana is also driving enterprise adoption in a unique and a different way than others. By opening up its ecosystem for diverse innovation, it is becoming an attractive option for all innovators in the broader tech world to come in.
Dedicated Developers and Community
Solana has flourished thus far due to the extensive expertise and commitment of its co-founder Anatoly Yakovenko and the multitude of developers contributing to the protocol.
The blockchain also has a dedicated and a devoted community that is invaluable in utilizing the applications and solutions associated with the blockchain. With this community, Solana can consistently make enhancements that would facilitate its growth this year and in the future.
Diversity of Projects
There are already more than 250 projects in the Solana ecosystem, including automated market makers for trading on a decentralized exchange. Recently, GTS, one of the largest electronic market makers on the New York Stock Exchange, announced that it will join the Pyth network, a decentralized platform that aggregates data on the Solana blockchain.
Overall Market Sentiment
Another significant factor that will impact Solana’s price is the overall market sentiment. When Bitcoin is in a favourable position, the altcoin market typically outperforms. Leveraging this trend, the introduction of spot Bitcoin ETFs and the upcoming Bitcoin Halving are poised to induce a paradigm shift in Bitcoin’s price, and Solana is well situated to capitalize on this upswing.
At The End
Everything indicates a growing interest in the coin among both retail investors and institutions. Using cryptocurrency exchanges with Solana (SOL), you can easily purchase this coin, including with fiat money. This success is due to the usefulness of the blockchain: it is a high-speed network with excellent scalability and a throughput of up to 65,000 transactions per second. Due to the popularity of the DeFi space, users and developers are positive about the possibility of an alternative to the Ethereum blockchain due to its scalability issues.