Expert Tezcan Geçgil recommends Solana to those who want to make long-term investments. At the end of 2020, Solana was around $1.51. Now, the popular altcoin is changing hands around $90. Therefore, an increase in the price of SOL-USD in a little over a year means a return of 5,900%. In other words, the $1,000 invested in SOL-USD in January 2021 is now worth about $60,000, despite the decline over the past three months. Detail cryptocoin.com‘in.
Popular altcoin Solana for long-term investment
Given the volatility in the broader markets as well as digital currencies, short-term price predictions are not easy. However, investors with a two- to three-year horizon may consider a small allocation of SOL-USD in their portfolio, says the analyst. The reasons are as follows: Smart contract projects are moving to Solana. With a market cap of $28.9 billion, Solana is among the top 10 cryptocurrencies. Therefore, it attracts the attention of important investors. But more importantly, it has become a major competitor for Ethereum, the largest smart contract crypto. Functionally, Solana is similar to Ethereum, and most applications running on Ethereum can be easily ported to Solana.
Low transaction fees and high transaction speeds have made Solana a promising alternative to Ethereum. The Solana network has a unique blockchain technology called proof of the past. Solana has also made significant progress in the area of non-exchangeable tokens (NFTs). The platform has been used to print more than 5.7 million NFTs. Solana’s NFT marketplace, Magic Eden, has 58,400 weekly active addresses. Therefore, users of OpenSea, the leading NFT marketplace, are also watching Magic Eden closely. Meanwhile, on February 1, the network announced its Solana Pay platform, which aims to become a leader in crypto payments among traders.
The protocol allows consumers to send stablecoins such as USD Coin (USDC-USD) directly to merchant accounts. The network’s high throughput and low transaction costs are expected to be key drivers for the new payment platform. Alkesh Shah, an analyst at Bank of America, recently stated that Solana could be the “visa of the digital asset ecosystem.” Solana has a strong investment situation. Demand for SOL-USD may also tend to increase as network decentralized applications (dApps) and DeFi products continue to gain popularity.
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