Solana is a layer 1 blockchain smart contract platform, which was launched by the Solana Foundation and has its headquarters in Geneva Switzerland. Solana protocol helps in assisting the decentralized app (DApp) formation. One of the major benefits of the Solana protocol is to improve scalability with the help of proof of history consensus and the fundamental proof of stake consensus of the blockchain.
Solana is also called an Ethereum killer and is one of the most used blockchain platforms for NFTs after Ethereum. However, there are flaws too: Solana is more centralized, and it faces frequent network congestion. Solana has a love-hate relationship with many crypto investors and in this post, we will find out why.
Before that, for those who do not know anything about Solana, let’s check what is Solana, and what are the Solana price predictions for 2024, 2025 up to 2030.
As of August 26, 2024, SOL is trading at $160.95 USD with a market cap of $75,011,319,340.
Meanwhile, amidst all the chaos, we have updated price predictions for Solana, offering a glimpse into the SOL’s future.
What is Solana?
Solana is a layer 1 blockchain protocol that uses Rust, C++, and C as its programming language.
The open-source project Solana is putting into practice a brand-new, high-performance, permissionless blockchain. The Solana Foundation, whose corporate offices are located in Geneva, Switzerland, looks after the open-source project.
Solana claims it can handle more than 50000 transactions per second (TPS), compared to Ethereum’s TPS of 27 (but is it the reality? We will find that out later). It gained popularity because of the cheap transaction fee and of course the community.
If you are new to the Solana ecosystem, I highly recommend you go through the article we mentioned the best Solana Wallets.
A Solana Cluster: What Is It?
A cluster is a group of interconnected computers that, to outsiders, appear to be a single system. A Solana cluster is a collection of privately owned computers that collaborate (and occasionally engage in conflict) to verify the results of questionable user-submitted applications.
A Solana cluster can be used whenever a user needs to keep an immutable record of past events or algorithmic interpretations of such events. One usage is to keep track of which machines carried out important cluster maintenance activities. Another use is for tracking who owns what physical items. In each scenario, the cluster generates a ledger, which is a record of events.
For as long as the cluster exists, it will be retained. No matter the firm that created it, the output of its programs (which can include a list of who owns what) will always be reproducible as long as someone somewhere in the world maintains a copy of the ledger.
Solana’s History & Background
Anatoly Yakovenko issued a whitepaper in November 2017 outlining Proof of History, a method for synchronizing time between unreliable systems. Anatoly watched as centralized payment systems like Visa required peaks of 65,000 tps while blockchain systems without clocks, like Bitcoin and Ethereum, failed to scale past 15 TPS globally.
The C programming language was used to create Anatoly’s implementation, which got its start in a personal codebase. Greg Fitzgerald, who had previously collaborated with Anatoly, pushed him to reimplement the project in the Rust programming language.
Anatoly gave it a go and has converted his whole codebase to Rust in less than two weeks. Sold. Anatoly named the project Loom, with aspirations to assemble all of the world’s transactions onto a single, scalable blockchain.
Greg started creating the first open-source prototype of Anatoly’s whitepaper on February 13th, 2018. The loom protocol organization posted the project to GitHub under the name Silk. Greg published his initial release on February 28th, showing that 10,000 signed transactions could be verified and handled in slightly under 0.5 seconds.
Anatoly chose Greg, Stephen, and three other individuals to co-found the business, which was first called Loom.
Loom Network, an Ethereum-based initiative that appeared around the same time, confused many people because they thought they were two separate projects. The Loom staff decided to rename it. In honor of the little coastal community of Solana Beach, north of San Diego, where Anatoly, Greg, and Stephen resided and surfed while working for Qualcomm for three years, they adopted the name Solana.
On March 28th, the group renamed Greg’s prototype Silk to Solana and established the Solana GitHub organization.
What are the features of the Solana blockchain?
Fast
Block times in Solana are 400 milliseconds, and as hardware improves, so will the network.
Scalable
Solana is designed to handle hundreds of transactions per second, and rates for customers and developers both stay below $0.01.
Decentralized
Your data is secure and resistant to censorship thanks to the thousands of independent nodes that make up the Solana network.
Energy Efficient
The proof of stake network and other technologies made by Solana reduce its environmental impact. The energy required by each Solana transaction is comparable to a few Google searches. Its net carbon impact is 0.
Solana Onchain Analysis: August 2024
- Fees generated on Solana in the last 30 days: $37.91 Million.
- The annualized fees on the Solana blockchain amount to $461.18 Million.
- As of 26th Augus, 2024, the Total Value Locked (TVL) on the Solana blockchain is $7.063 Billion.
(latest data: 26th August 2024)
Solana Tokenomics -August 2024
- Total supply of SOL tokens: 583,040,555 SOL
- Current supply of SOL tokens: 466,042,856 SOL
- SOL serves as a token for staking, gas fees, and governance within the Solana ecosystem.
- SOL is utilized as collateral in the decentralized finance (DeFi) ecosystem.
Is Solana a good blockchain project?
This is the coolest part: Solana is extremely energy-efficient, speedy, and economical, and it is made for widespread, mainstream use.
Co-founder Anatoly Yakavenko and a sizable percentage of the core Solana team have experience building mobile phone networks. This suggests that they are completely focused on creating products that are efficient and scalable (able to expand) (the ability to get the most information across with the least amount of resources). They claim that by making the technology as easy and painless as possible for consumers to experiment with, people will be able to build initiatives that will spread awareness of blockchain technology.
Some of the most widely used blockchain technologies in use today require transaction fees that can top $100 to validate security and require energy-intensive, time-consuming mining or the solving of exceedingly challenging mathematical puzzles. Solana employs a method called proof of stake, which does not involve mining, to verify information.
On top of that, it adds a unique invention known as proof of history that enables it to validate even more quickly. Because of this, it is incredibly energy-efficient, utilizing roughly the same amount of energy as a few Google searches and a lot less than other common household uses like running your refrigerator. On Solana, transaction fees—which support blockchain networks and have exploded elsewhere—are a tenth of a cent.
All of this translates into projects and tools built on Solana that can be as frictionless and simple to use as the rest of the internet, for both developers and consumers.
Furthermore, it includes a special innovation called proof of history, which makes it possible for it to be validated even more swiftly. Because of this, it is extremely energy-efficient, using far less energy than other typical household needs like running your refrigerator and around the same as a few Google searches. Transaction costs on Solana are one-tenth of a cent, a fraction of what they are elsewhere. These costs support blockchain networks.
All of this translates into projects and tools built on Solana that can be as frictionless and easy to use for developers and users as the rest of the internet.
However, one of the major drawbacks of Solana is unlike Ethereum, it is more centralized and less decentralized. There are multiple cases of network congestion and shutdowns. Such incidents make a bad impression, which is why Solana needs to go miles before it can truly be called an Ethereum killer.
Calculating and Reducing Solana’s Carbon Impact
The Solana Foundation is committed to regularly assessing the energy consumption of the Solana blockchain, releasing the data, and taking steps to make the chain’s carbon impact zero. To offset Solana’s emissions for the year 2021, the Foundation most recently worked with Watershed Climate to finance refrigerant destruction, one of the best ways to maximize carbon offsets. Through the process, which includes offering incentives for efficient CFC disposal, CFCs are permanently eradicated.
We purchase annual offsets to preserve the network’s carbon neutrality and provide the local community with services and resources to assist in emission reduction.
Solana Price History
Solana began trading at approximately $0.30 in April 2020 following an Initial coin offering in March 2020.
During the summer of 2021, the value of the cryptocurrency Solana, or SOL, more than tripled as a result of the NFT excitement and growing demand in the DeFi community.
At the end of 2021, it was $172.51. This was all but all the gains were gone by the end of 2022. By the end of the year 2022, SOL dropped as low as 8.5 USD. SOL began trading in 2023 at $9.97 and has been increasing since then.
At the start of 2023, SOL was trading very bearishly, hovering around 9.961 USD, struggling to find momentum. However, it gradually began to establish a base, showing signs of stability. As the year progressed, SOL managed to break through all the barriers and hurdles it faced in the market. By the end of 2023, it had surged impressively, reaching a peak of 105.33 USD. This remarkable turnaround marked a significant shift in SOL’s performance and left investors pleased with its remarkable ascent.
Solana Price Prediction 2024
Solana Price Prediction 2025
| When | Maximum Price | Minimum Price |
| January 2025 | $218.417 | $168.078 |
| February 2025 | $189.470 | $135.336 |
| March 2025 | $193.260 | $155.855 |
| April 2025 | $175.691 | $125.493 |
| May 2025 | $190.968 | $154.007 |
| June 2025 | $210.065 | $150.046 |
| July 2025 | $205.946 | $166.085 |
| August 2025 | $247.135 | $176.525 |
| September 2025 | $249.607 | $201.296 |
| October 2025 | $226.915 | $162.082 |
| November 2025 | $231.453 | $186.656 |
| December 2025 | $233.768 | $166.977 |
As we step into January 2025, SOL is expected to reach a maximum price of $218.417 and a minimum of $168.078. As we approach September 2025, SOL is projected to peak at $249.607, with the minimum anticipated at $201.296. Moving further, by December 2025, SOL is likely to attain a high of $233.768, while the minimum could be around $166.977.
Solana Price Prediction 2026
| When | Maximum Price | Minimum Price |
| January 2026 | $245.456 | $197.949 |
| February 2026 | $270.002 | $192.858 |
| March 2026 | $255.456 | $199.949 |
| April 2026 | $294.547 | $210.391 |
| May 2026 | $324.002 | $261.292 |
| June 2026 | $294.547 | $210.391 |
| July 2026 | $243.428 | $196.313 |
| August 2026 | $221.298 | $158.070 |
| September 2026 | $276.622 | $223.083 |
| October 2026 | $345.778 | $246.984 |
| November 2026 | $380.356 | $306.739 |
| December 2026 | $425.998 | $304.285 |
Solana Price Prediction 2027
| When | Maximum Price | Minimum Price |
| January 2027 | $468.598 | $377.902 |
| February 2027 | $562.318 | $401.656 |
| March 2027 | $511.198 | $412.257 |
| April 2027 | $572.318 | $409.656 |
| May 2027 | $618.550 | $498.830 |
| June 2027 | $475.807 | $339.862 |
| July 2027 | $380.646 | $306.973 |
| August 2027 | $295.074 | $210.767 |
| September 2027 | $368.843 | $297.454 |
| October 2027 | $461.054 | $329.324 |
| November 2027 | $507.159 | $408.999 |
| December 2027 | $568.018 | $405.727 |
Solana Price Prediction 2028-2030, 2040 and 2050
Solana Price Prediction in INR
| 2026 | ₹35,730.16 | ₹13,257.96 |
| 2027 | ₹51,880.26 | ₹17,677.87 |
| 2028 | ₹71,670.25 | ₹25,726.67 |
| 2029 | ₹124,096.78 | ₹25,726.67 |
| 2030 | ₹122,880.11 | ₹65,214.89 |
Frequently Asked Questions (FAQs)
Is it safe to invest in Solana in 2024?
SOL shows a very vibrant and active ecology, despite the arguments and squabbles. You may purchase Solana because our price prediction for SOL is optimistic. Solana has now come out from the FTX effect and looks bullish for the next two years.
What is the Solana Price prediction for the year 2025?
Solana price prediction for 2025 suggests SOL could be trade in between $125.493 and a peak of $249.607.
What is the Solana Network Price prediction for the year 2030?
It is anticipated that Solana’s price will rise to $1,465.056 in 2030.
What is the SOL price prediction for 2040?
SOL price prediction for 2040 suggests the token could be trading between $4470.41 to $1329.29.
What is Solana’s price prediction for 2050?
Solana price prediction for 2050 suggests the token could be trading between $5990.85 to $2790.90
Is investing in Solana Network a good decision for 2024 & beyond?
In the long term, according to our analysis and price estimates, the price of Solana is anticipated to rise.
After the fall of FTX, SOL prices fell drastically. Many of the projects have shifted from Solana to other blockchains. DeGods and Yoots moved to Polygon.
Solana is now rebuilding. If you ever wanted to have Solana in your portfolio, you should start accumulating now. I have built a very small position in Solana. Solana has successfully built a strong network, vibrant community, and thriving ecosystem.
I am personally expecting Solana to give more than 100% return in the next 2 years.
However, it is important to note that $SOL remains a speculative asset due to its classification as securities by the SEC. Additionally, caution should be exercised regarding the Alameda locked stake supply, as its release has the potential to disrupt the price of $SOL.
We have made a detailed post on the present and the future of Solana. I highly recommend you to read this post – Solana in 2024 before you make any decision.
Currently, in August 2024, we can see SOL tokens in an uptrend and we expect the uptrend to continue. For short-term traders, one can take a small position with calculated risk. However, this is not a financial advice.
Please keep in mind that every investment has some risk. Just concentrate your attention on what you can manage and gather as much information as you can before making any decisions. Do your research before investing in Solana.
Last updated: 26th August 2024
