SOLANA NEWS, ANALYSIS AND FORECAST
Latest Solana News
Solana Technical overview
Latest Solana Analysis
Editors' picks
Semler Scientific reveals plans to buy 105,000 BTC by 2027
Semler Scientific (SMLR) announced a three-year plan on Thursday to boost its Bitcoin holdings to 105,000 BTC by the end of 2027. The announcement comes after it appointed a new executive to spearhead its Bitcoin strategy.
Ethereum Price Forecast: ETH network growth explodes as GENIUS Bill advances
Ethereum (ETH) is trading around $2,500 in the early Asian session on Friday despite a surge in new address growth over the past month. The development follows progress in digital assets regulations after the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) bill passed the Senate.
Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH, XRP consolidate as traders await Trump’s decision
Bitcoin (BTC) price is hovering above the key support level on Friday; a breach below this level could trigger a sharp decline. Ethereum (ETH) and Ripple (XRP) followed BTC’s footsteps and stabilized around their crucial levels, with a failure below their support levels indicating a potential correction ahead.
Top Crypto Gainers: OKB, Sei, Bitcoin Cash – Altcoins shine through amid market volatility
The top cryptocurrencies in the market remain quiet at crucial support levels, while some altcoins experience a bullish spark. Top performers over the last 24 hours include OKB (OKB), Sei (SEI), and Bitcoin Cash (BCH) with over 8% recovery and key resistance breakouts.
Bitcoin: BTC could slump to $100K amid Trump-Musk tussle
Bitcoin (BTC) tumbled to a low of $101,095 on Friday amid volatility in the market. The effect of the tussle between United States (US) President Donald Trump and Tesla Chief Elon Musk negatively influenced the NASDAQ and Tesla's stock price on Thursday, although both are recovering on Friday.
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What is Solana?
Solana is a blockchain network that leverages novel techniques to host decentralized applications and crypto tokens.
Proposed in 2017 by Anatoly Yakovenko, Solana is home to hundreds of applications across decentralized finance (DeFi), GameFi, SocialFi and non-fungible tokens (NFTs) protocols.
Solana's uniqueness comes from its ability to process a large number of transactions at low fees – thanks to its Proof-of-History (PoH) and Proof-of-Stake (PoS) consensus mechanisms.
PoH works by cryptographically generating publicly verifiable proofs of the passage time between events in a blockchain network, making it difficult for bad actors to tamper with a network's timestamp.
PoS, on the other hand, leverages a system where users put their coins at stake to validate transactions. The system rewards users with cryptocurrency rewards and punishes bad behavior by slashing their staked coins.
With the combination of both PoS and PoH consensus systems, Solana can theoretically process up to 710,000 transactions per second.
Its native cryptocurrency, also named Solana (SOL), is central to this consensus process. SOL is used for paying transaction fees on the network and ranks as the sixth-largest crypto asset by market capitalization as of December 30, 2024.
Non-fungible tokens and several cryptocurrencies, known as Solana Program Library (SPL) tokens, also run on the Solana blockchain.
Solana has also become a prominent platform for launching meme coins in recent times due to its high throughput and low fees.
Solana wallets
Solana wallets allow you to interact with the Solana blockchain network and the various applications that run on top of it, as well as manage SOL tokens, SPL tokens and NFTs.
Most Solana wallets are specifically designed to process only Solana-based transactions, except when a user decides to use a multi-coin wallet.
- Web wallets: This type of wallet allows users to store, send and receive Solana-based assets while enabling access to decentralized applications. Web wallets manage users' private/public keys through browser extensions or mobile applications.
- Hardware wallets: These are physical devices that enable users to manage their Solana private keys offline. Unlike web wallets, hardware wallets do not have internet connectivity unless connected to a computer.
- Exchange Wallets: These wallets are automatically created on behalf of users who use cryptocurrency exchanges. The user doesn't have to worry about managing their private keys as the exchange manages the entire process. However, exchange wallets are often criticized due to their centralized nature and risk of susceptibility to hacks.
Best cryptocurrency exchanges to buy Solana
There are several factors to consider before choosing an exchange to buy cryptocurrencies. With hundreds of exchanges available, selecting one that aligns with your trading or investing preferences is important.
However, before exploring the product suites of a crypto exchange, investors should ensure that it legally operates within their locality. It's not advisable to trade on unregulated exchanges due to the risks associated with their platforms. In certain countries, trading on an unregulated exchange could attract a penalty on the user. In the United States, the body that regulates exchanges is the Securities & Exchange Commission (SEC).
Crypto exchanges are divided into two major categories – centralized and decentralized exchanges.
Centralized crypto exchanges are platforms that operate under the supervision of a third party. This means that a central authority oversees the actions of every user on the exchange.
Decentralized exchanges operate without the involvement of third-party intermediaries. These exchanges use smart contracts known as automated market makers (AMMs) to manage trades between users.
Another factor to consider when choosing an exchange is its interface. Typically, newer investors are advised to select exchanges with simple features for easy navigation. Most popular exchanges often offer simpler services to new users to avoid unnecessary complexities while using the platform.
Investors may also consider factors such as an exchange's asset range, deposit-withdrawal options, on-off ramp solutions and security measures.
Furthermore, it's advisable to consult prominent review websites before choosing an exchange, as poor reviews are a potential red flag.