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Can Cryptocurrency Hit $200?

The price of Solana cryptocurrency rose to a record high of $258.93 last June, but is currently trading much lower.

We explain how the value of cryptocurrency has risen and fallen since last summer’s massive rally – and whether it can hit $200 this year.

Solana's price has skyrocketed in recent days

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Solana’s price has skyrocketed in recent daysCredit: Getty

Remember to buy electronic money It is always a risky business, and you should only invest what you can afford to lose.

They are very volatile and your cash can drop and increase quickly.

It’s important to only invest in things you understand, and some crypto products and services can be very complicated.

Before investing, you should do your research as crypto companies are not regulated like other financial companies.

This means you won’t have any protection if something goes wrong and you could lose all your money.

What is the price of Solana?

In June, Solana was trading at $258.59 according to CoinMarketCap – but at the time of writing its worth is now $98.30.

The cryptocurrency market as a whole has suffered in the second half of last year, impacted by market forces and government crackdowns.

The world’s largest cryptocurrency exchange, Binance, is banned from operating in the UK by the financial watchdog in June.

While China It is also becoming more difficult to mine cryptocurrencies, which use a lot of energy to create new coins.

Several authorities across the country have ordered the closure of crypto mining projects – including Sichuan Province.

Solana is a challenger Ethereum is the blockchain of choice for building decentralized applications.

Similar to opponents like Cardano, the project claims to provide a faster and more efficient alternative.

Solana’s original idea and work started in 2017 but it was not officially launched until March 2020.

Solana price prediction in 2022

Cryptocurrencies are highly volatile, which means their prices can rise or fall very quickly.

This makes it impossible for us to accurately predict whether they will increase or decrease in the future.

That hasn’t stopped crypto fans from trying to predict Solana’s fortunes.

Solana’s price could reach $250 by the end of the year, according to the website’s prediction Coin price forecast.

Investor Wallet has estimated it can hit at least $200 in a year.

Meanwhile, according to Finder’s team of 50 fintech experts, Solana’s price could reach $1,178 by the end of 2025 and then rise to $5,057 by 2030.

“We think SOL is one of the few smart contract-based blockchains with a technical architecture that Ethereum will find it difficult to compete with based on transaction speed and transaction costs,” said general partner of the fund. Crypto hedge fund Gavin Smith said.

He added: “For the use of smart contracts, especially in DeFi, these factors are an important indicator of success.”

What can affect the price of Solana?

Cryptocurrency values ​​can rise and fall based on regulatory decisions by governments and financial watchdogs.

Comments by famous individuals, such as Elon Musk, can also impact prices.

Although it was down from last August, Solana rose after a “milestone scalability test” in October.

It hosts “Degenerate Ape Academy”, a collection of digital art (NFT) works on Solanart, a marketplace on the Solana network.

Myron Jobson, personal finance campaigner at Interactive Investor, previously told The Sun: “The 10,000 artwork collection reportedly sold out in less than 10 minutes. Each part is ‘minted’ using SOL tokens. “

He added that “there is a sentiment among crypto evangelists that Solana has cemented its position as a credible challenger to Ethereum as the blockchain of choice for building decentralized applications.” concentrate”.

The creators of Solana have claimed that it can process more than 50,000 transactions per second.

“However, Solana is competing with Ethereum, which is off to a good start when it comes to injecting money and time to develop decentralized finance projects,” Jobson said.

“Also, Ethereum’s efficiency is expected to improve with upgrades over the long term, such as the most recent Ethereum London Hard Fork upgrade.

“Whether Solana can overcome Ethereum’s first advantage remains to be seen.

“There is no guarantee that Solana, Ethereum and wider cryptocurrencies will be and can be used more efficiently on a transactional basis.”

“As such, the crypto market remains highly speculative and volatile.”

But as the global crackdown on cryptocurrencies continues, the coin could suffer.

Earlier this week, Solana – along with Bitcoin, Ethereum and many other currencies – went into free fall after Russia promised to… tough on the market.

Inside Bitcoin tycoon’s £8 million seafront ‘fortress’ with ‘moat’ and jacuzzi after winning £100 million in crypto

https://www.thesun.co.uk/money/15898907/solana-price-prediction-2022-can-the-cryptocurrency-hit-200/ Can Cryptocurrency Hit $200?

JACLYN DIAZ

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