Solana Coin Price & Market Data
Solana price today is $89.00 with a 24-hour trading volume of $3,040,438,516. SOL price is down -7.0% in the last 24 hours. It has a circulating supply of 310 Million SOL coins and a total supply of 508 Million. If you are looking to buy or sell Solana, Binance is currently the most active exchange.
Solana crypto is a high throughput blockchain based on the Proof of History (PoH) and Proof of Stake (PoS) consensus. Built by a team of networking engineers, Solana aims to become the blockchain infrastucture for modern internet applications.
What can Solana do?
Solana is a general purpose blockchain similar to Ethereum. It has a different technical underlying such that developers write applications using Rust instead of Solidity or Vyper. End user applications as of now include decentralized finance (DeFi), non-fungible tokens (NFT), marketplaces, games, and more.
One of its biggest feature is its scalability in which Solana is able to process over 700,000 transactions per second. Its high throughput capability appeals to high frequency traders, in which spearheaded by FTX and Alameda Research. The first use case for DeFi application on Solana is Serum, built by the team behind FTX.
What is the Solana coin used for?
Solana's native currency SOL is used to pay for transaction fees and staking in order to support the network. SOL coin can be bought on exchanges such as FTX, Coinbase, Kraken, and more.
Solana in 2021
Solana crypto price has experienced a hyperbolic growth in 2021. In 2020, SOL was trading below $2. With the advent of multichain and increased adoption of DeFi and NFT, Solana managed to capture a large market share. Developers were attracted by the technical underlying and started building dapps such as Star Atlas, Mercurial, Orca, Saber, and more.
On September 9th, 2021, Solana was trading at an all time high of $213 recording a near +10,000% gain since 2020.
While Solana has been on a high note, it did experienced some setback with network outages lasting as long as over 16 hours on September 15th, 2021. The Solana team and node operators coordinated a reset in order to revive the network. Despite that, Solana coin managed to remain steady above $150 after the incident occured.