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Solana Price Prediction: Should You Buy SOL in the Bear Market?


Solana is a blockchain network that came to the top extremely quickly and strongly in 2021 and pulled attention to itself with high transaction speeds. This article is all about Solana price prediction and various other aspects. Let’s take a look at it in more detail.

What is Solana (SOL)?

Solana is a blockchain network that is characterized by an extremely fast transaction speed and thus extremely high scalability. Solana’s blockchain can theoretically process up to 50,000 transactions per second. This high speed is possible because of the proof-of-history consensus mechanism. 

Solana network’s native token is SOL. The SOL token witnessed a tremendous gain in value in the 2021 bull market. This was mainly due to the great hype surrounding the extremely high transaction speeds of Solana. Solana has been utilized more and more by dApp developers over time. The Solana blockchain has become increasingly significant, particularly in the area of NFTs.

How has the SOL token performed in the last few months?

Solana Price Prediction

SOL/USD Weekly chart – GoCharting

The SOL token witnessed a huge price surge in 2021 within the bear market that pushed the cryptocurrency into the top 10 coins by market cap. The SOL token touched an all-time high of $260 in November 2021. 

After this all-time high, the bear market started and the price dropped sharply in value. When 2022 started, the SOL price was only $170. There were further serious losses in January before the SOL price was able to rebound in the following months. In May and June, the price drop continued. 

In mid-June, the SOL price dropped to $28. The SOL price has lost more than 85% of its all-time high. In the weeks and months that ensued, the price was able to rebound. At the time of writing this, the SOL price is trading at $32.95.