Just before entering the New Year, the price of the Ethereum killer hit a curb and its rally stalled, which was a big blow to its investors. However, the latest Solana news indicate that its price is ready to reverse the duration of underperformance and could be on its way to reach the record high it had hit previously. It seems that Solana’s just might reach its all-time high of $261, as a bullish chart patterns shows that it is awaiting an ascent of about 27%. However, it is important to note that this optimistic target will only end up on the radar if SOL is able to slice above a prominent resistance barrier at the value of $203.
Moreover, with non-fungible tokens (NFTs) becoming very popular these days, there is another reason for Solana to step into the spotlight. The blockchain has become a very attractive choice for a number of NFT investors and projects because of its very low gas fees, as opposed to that of Ethereum. These days, there are a number of Solana NFTs that have attracted attention and if you are interested, you should definitely check them out. Galactic Space Garage (GGSG) is the first option to explore that comprises of space racing geckos more than 10,000 in number with a warrior past.
Instead of war, these warriors have opted to settle political Solana’s conflicts via dangerous spaceship races. Holding a Galactic Gecko NFT can be beneficial in several ways, such as give you access to sponsored meetups, giveaways and exclusive merchandise, amongst others. This NFT Solana’s project is a promising one because Geckos valued at more than $47 million have been traded since launch. Solana Monkey Business is another NFT that has become popular because it is community-focused. You can get access to the first NFT DAO on Solana called the MonkeDAO.
Furthermore, it also gives you access to a members-only, exclusive wallet that has a future on-chain voting system. Boryoku Dragoz comes next and it is different from most of the NFT collections that exist. It provides holders with unique utilities Solana’s, such as daily token airdrops, token burning mechanics and a breeding game. Pesky Penguins, Thugbirdz, Lotus Gang and Aurory Project are some of the other Solana NFTs that you can invest in.
Even though Solana hasn’t had a strong start to the year, as January 3rd, 2022 saw its price decline, but there is hope for growth. Solana had an excellent year in 2021, when it had a price of just $0.43 in January and closed the year at a value of $195, which meant gains of 45,000%. Most of this incredible growth drove Solana from a position of obscurity to the list of top 10 cryptocurrencies in the market and it is because of its unique blockchain technology.
It has combined the proof-of-stake protocol with the ‘proof-of-history’ protocol, which allows transactions on Solana to be processed in order and this makes them extremely low cost and lightning quick. This puts Solana’s in direct competition with Ethereum, especially where the NFT market is concerned, as the latter’s high costs and slow speeds are considered a big hurdle. Solana is expected to be one of the most highly demanded altcoins in the future and its price is predicted to reach the $316 mark by the middle of the year.
This would be an increase of 62%. The price of Solana by year end is expected to be $428, which would mean that investors make returns of about 120% in the next 12 months. Even though Ethereum is expected to switch its proof-of-work protocol to proof-of-stake, the update is taking time and this provides Solana the perfect opportunity to become a favorite of many investors. As mentioned above, its NFTs are already gaining popularity because of the lower gas fees and speed and the coin is expected to continue its growth in 2022 as well.