In the past 24 hours, the price of Solana has increased by 0.7%. It's price has risen by 4.4% in the last 7 days. The current price per SOL is $20.31 AUD. There is a current circulating supply of 363,157,017 SOL.
The candlestick chart above shows Solana price in Australian dollars (AUD). This price chart is dated back to the launch of Solana, allowing traders to view the asset’s lifetime performance.
These price charts let traders input custom timeframes and view daily pricing candles of their favourite assets. Swyftx users can use these candlestick charts to perform crypto technical analysis and develop trading strategies based on an asset’s performance.
These charts also provide information on Solana’s market cap, 24hr trade volume and global rank.
Solana (SOL) is an open-source blockchain platform designed to host and build decentralised applications (dApps), execute smart contracts and power non-fungible tokens (NFTs). Solana’s native token, SOL, provides network security through staking. SOL can also be used as a means of transferring value on the network and acts as a governance token, meaning holders of the token can vote on decisions relating to the future of the platform. Like many coins, there is a limited supply of SOL created per year.
The Solana blockchain uses a hybrid of Proof-of-Stake (PoS) to validate transactions, this is known as the Proof-of-History (PoH) protocol. PoH speeds up the transaction process exponentially, minimising network congestion and keeping transaction fees low. The Solana network can process 65,000 transactions per second (TPS), which is far more than Bitcoins average of 5 TPS.
The increased speed of the PoH mechanism means that less computing power is required when validating transactions. This makes Solana far mor sustainable and energy-efficient compared to other networks such as Bitcoin and Ethereum that use the PoW consensus mechanism.
Read our in-depth guide to Solana to learn more.
The price of Solana (SOL) is determined by supply and demand, similar to other crypto and fiat currencies. When demand for SOL increases, the price increases. The price of SOL will fall when demand for the asset is low. The supply of SOL also influences the assets price, excess volume and low demand will cause Solana’s price to fall.
Solana is one of the biggest competitors to Ethereum. The two blockchains share many similarities such as being able to support DApps, execute smart contracts and mint NFT’s. However, Solana’s main innovation is its unbeatable speed, The Solana network can process 65,000 transactions per second.
Solana’s fast processing speed mitigates networks congestion and greatly reduces the computing power required per transaction. This makes the Solana network far more sustainable than its competitors and means that transactions fees remain low.
Solana was first founded by Anatoly Yakovenko, who developed Solana Labs with Greg Fitzgerald and Eric Williams. Solana’s mainnet first went live in 2020 after raising $25 million USD via an Initial Coin Offering (ICO).
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