When you pick a digital asset for investment, you should analyze some factors that affect its price. Here are some of them:
- The technology at the core of a project
- News background
- The market trend
- Total emission of coins
- Use cases.
The top-traded crypto assets made it to the top list because they all have some valuable technology and many use cases. Usually, the emission of valuable coins is limited, or there are regular burning mechanisms. All crypto asset prices rise or grow depending on the market trend, and they are helpless in front of it. It happened in the spring of 2022 when following BTC, all digital assets significantly lost value, and it happened again in November after the well-known FTX exchange went bankrupt. On that day, all crypto assets dropped, including the strongest, such as Solana. Let’s look at this project and see what Solana price today looks like.
What is SOL?
Solana is a crypto project that competes with the Ethereum blockchain. Decentralized apps, NFTs, and smart contracts developers use these networks to build their products. However, before the Ethereum merge, it was somewhat complicated to do it – the fees increased, and throughput dropped. Solana offers the solution for these issues and received hundreds of clients and developers. The popularity of Solana is growing along with the user base growth. Looking at the Solana price today, we can see it largely declined compared with a month’s values and especially the year’s mark. The coin reached its lowest price since March 2021.
The price once again dropped over 60% on the day when the FTX exchange revealed its financial problems. The matter is that the Solana foundation used to store millions on this exchange and its FTT tokens. So that was a massive hit to the price of SOL.
Solana’s all-time high was fixed at the mark of $267. The project launched the release of a Web3 crypto smartphone, “Solana Saga,” in June 2022. The developers are working on the product but there are no additional details that have not been revealed yet.
To check the SOL price, go to the WhiteBIT exchange – the largest and one of the most reliable platforms for trading. It makes it possible to buy Solana crypto using fiat money and your bank card. WhiteBIT offers convenient crypto charts where you may pick a timeframe and track the price changes.
