How High Can Solana Go? • Price Analysis • Benzinga

Where To Store Solana Safely

Storing your cryptocurrency safely is extremely important due to the inherent nature of irreversible transactions. Although it may be convenient to store your money on an exchange when actively trading, it isn’t the safest route for protecting your capital. Wallets, both software and hardware can protect your cryptocurrency from the risk of exchange hacks or a compromised account. They do this by giving you physical, personal custody of your tokens by allowing you exclusive access to your private keys. A great saying in crypto regarding self-custody says “Not your keys, not your coins!”

Best Hardware Wallet: Ledger

Ledger has an extensive track record of providing hardware wallets for cryptocurrency investors. With a simple to use interface that unlocks with a pin code, many investors choose this staple device. Additionally, Ledger offers desktop and mobile programs that allow you to track the value of your assets without sacrificing security.

Best Software Wallet: Exodus

Exodus wallet is a software wallet, meaning that your coins are stored offline using your computer or mobile device. Although they aren’t as safe as hardware wallets, they are a great option for those that are looking for more safety than leaving coins on exchanges. Exodus wallet supports Solana, and even offers staking for passive income on your assets.

Bonus Section: Solana’s ecosystem is growing rapidly, and the low cost of transacting on the network allows for new and innovative protocols to be built atop the blockchain. If you are interested in how the network’s projects can affect the growth of the token price, be sure to check out all of the projects within the solana ecosystem here. The more users, TVL, and applications on a blockchain, the more investors may be eager to invest in the underlying project.

Current Crypto Prices

At the moment, the crypto market has rebounded healthily from the lows of July, with many coins either approaching or above significant resistance levels. While this is important for them to have recovered, the recovery was relatively quick, and temporary downside from here is possible. Many investors believe that the “double bubble” theory is very much at play, and that the crypto market will reach new all time highs without another multi-year drawdown. If that turns out to be the case, that means there’s a good chance of 6+ months more of price appreciation for most crypto assets. 

So, Is Solana a Good Investment?

When choosing crypto investments, there are an abundance of things to consider, and volatility is the only thing that is certain. Buying assets that are still proving their value can be a great opportunity to make gains before other investors have caught on to the value of a project. One of Solana’s head advisors is Sam Bankman-Fried, a 29 year old multi-billionare that is also the CEO of FTX  exchange and Alameda Research, a quantitative trading firm. With strong partnerships and the potential to become more integrated with powerful exchanges like FTX, it’s very possible that Solana continues to grow into the future. Overall, the modern iteration of the crypto ecosystem is still very young, and the use cases that Solana can serve are much larger than what it is currently being used for. If the vision of “blockchain at NASDAQ speeds” catches on among large financial institutions, Solana’s upside could be many multiples from current prices. Placing concentrated bets on teams with strong visions is a strategy that can pay dividends in crypto, and this team shows no signs of slowing down.