Understanding Solana Price Chart
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.
What is Solana (SOL)?
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 some other coins, a limited supply of SOL is issued per year, although technically the token has an unlimited max supply.
The Solana blockchain uses a hybrid of Proof-of-Stake (PoS) mechanism to validate transactions, known as the Proof-of-History (PoH) protocol. PoH intends to improve transaction speeds, minimise network congestion and keep transaction fees low. The Solana network can theoretically process 65,000 transactions per second (TPS), which is far more than Bitcoin's average of 5 TPS.
The increased speed of the PoH mechanism means less computing power is required when validating transactions. This makes Solana more sustainable and energy-efficient compared to other networks that use the PoW consensus mechanism, such as Bitcoin.
Read our in-depth guide to Solana to learn more.
View our fill list of Crypto to AUD prices.
