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Are you an Ethereum trader? Do you often find a gnawing sense of ennui growing inside you as you see the ETH transaction time and fees growing by leaps and bounds? Don’t worry, “Ethereum Killer” Solana has come to the rescue. If you’re already in the business, then you are familiar with popular cryptocurrencies like Ethereum and Bitcoin.
But Solana?
Do you know how this one-and-a-half-year-old cryptocurrency became one of the best performing cryptocurrencies of 2021? With a whopping 17,500% growth in 2021 alone, Solana is all set to be the cynosure of the crypto market.
But is the Indian crypto market suitable for Solana coin investment? In this article, we will give the complete guide of Solana coin investment in the Indian market. Read till the end to know more about Solana coin price in india and everything you need to know before proceeding with Solana coin in India. Let’s get started!
Is Solana a Good Investment?
Solana was created in March 2020 to support smart contracts and decentralized apps or dApps. Solana is bloating to be one of the toughest contenders of Ethereum. The main difference between ETH and SOL is that transactions on Solana are much cheaper and faster. Solana completes thousands of transactions in a duration where Ethereum can do only a few hundred transactions. Sounds promising, right?
SOL is the crypto coin on Solana’s blockchain network. On Solana, you can do what you do on other crypto platforms. Trade, borrow, leverage, borrow and lend your crypto assets. The aim of SOL is not jostling with ETH but to snatch the crown of the market leader.
Further, Solana makes itself investor-friendly by using proof-of-history. If you’re an existing investor, you already know that cryptocurrencies use a proof-of-work or/and proof-of-stake validation model, allowing the investors to be in the race. You either have to solve cryptographic problems faster than others or hold more stakes than others. But Solana takes a step ahead.
Solana uses a proof-of-history validation model along with a proof-of-stake model. So what’s the benefit?
Using proof-of-history transactions on Solana are automatically timestamped from time to time and verified. That’s why Solana can achieve faster transactions at lower fees.
On one hand, when Ethereum conducts only 13 transactions per second, on the other, Solana can conduct tens of thousands of transactions in the same amount of time. Solana coin investment can be your wherewithal in the future to stand out in the crypto market. However, you must keep some tips in mind before proceeding with Solana coin investment.
Solana Coin Investment in India – Top 3 Tips to Remember
Solana coin is one of the fastest-growing cryptocurrencies. With over 350 projects ongoing on its platform, Solana is targeting the first position from fourth at its market value around the world. Solana isn’t ubiquitous, and that’s why you need to remember the following tips before proceeding with your plans of Solana investment in India –
1. Do Your Research
The Crypto market is like a rollercoaster ride. So, it is important to do your research before diving into it. Even the most popular cryptocurrencies are not totally risk-free with a high volatility rate. Further, the market is still going under major changes. That is why it is still not absolutely protected from scammers and hackers.
Each year, 41% of fraudulent cases increase in the crypto market. In 2021 alone, $2.99 billion worth of crypto assets were lost due to cyber-attacks. Over it, Solana is a relatively new cryptocurrency. Therefore, you need to keep the following points in mind while doing your research on Solana:
- Know how smart contracts and blockchains work.
- Stay updated with the Solana coin price movements. WazirX provides you with regular and accurate updates.
- Risks involved in Solana coin investment.
2. Keep Your Priorities Set
What are your financial responsibilities? What are your priorities? Before proceeding with Solana coin investment, you must set your priorities. The crypto market is volatile. Therefore, you must have a fixed asset for emergency purposes. The crypto market can be both the Red Bull and the last nail to your assets.
Further, having funds separated for an emergency is essential for any smart investor. It is strongly advised to not spend all your assets only on the crypto market. So that, even when the market breaks down, it doesn’t drag you down with it.
3. Choose the Best Cryptocurrency Exchange Platform for Solana Coin Investment in India
When we are talking about tIndia’sbest cryptocurrency exchange platform, the first name that any experienced investor will take is WazirX. WazirX provides you with the best in class security to keep your data and your transactions safe and secure. Speed is crucial in any crypto transaction, and WazirX excels on that aspect too. With lightning speed, WazirX handles millions of transactions each second with ease. The simple design offered by WazirX is perfect for navigating and understanding, no matter if you are an old horse or a newbie.
Further, many cryptocurrency exchange platforms don’t provide you with a wide collection of cryptocurrencies to choose from. However, WazirX stands out in this field too, providing you with a wide range of available cryptocurrencies to trade, borrow, lend, stake, and invest. Even a new cryptocurrency like Solana has been well researched and discussed by the experts on WazirX.
Further, WazirX is the movement builder of #IndiaWantsCrypto. So, if you want to go ahead with Solana coin investment in India, make sure to go with the most reliable market giant, WazirX.
Should I Go For Solana Coin Investment?
To answer the question, we can say, why not? As we discussed in this article, Solana coin investment promises a bright future for investors. Even though it is relatively new, Solana is probably the most promising “Ethereum Killer” available in the market. With its high-end performance, Solana is now the talk of the town. It currently has over 350 projects ongoing on its platform, with the numbers increasing by leaps and bounds.
But is the graph always going to go up? We can never guarantee that in a volatile market like the crypto market.
Therefore, you can surely proceed with your plans of Solana coin investment in India only after thorough research of its pros and cons.
Further, with safe and trusted crypto exchange platforms like WazirX, your Solana coin investment plans are most likely to turn out to be your wherewithal if you take each step with proper planning.
Frequently Asked Questions
Is Solana A Good Investment?
Solana is a promising investment due to its fast transaction speeds and low fees. It has attracted the attention of prominent investors and institutions, and its value has increased significantly in recent months.
Is Solana A Good Buy Right Now?
Solana has established itself as a strong player in the NFT market, with strong fundamentals indicated by user base, network stability, and transaction activity. Despite the FTX market meltdown, Solana's performance in the NFT space remained stable. The launch of Solana Mobile, which is the world's first crypto phone, is a crucial project to watch out for, as it represents Solana's entry into the world of Web3. Solana has made significant efforts to reassure its developers that the network is not going away, and its ecosystem is vibrant. Its benefits however can be reaped by long term investors
Why Solana Is Falling?
Crypto analysts have identified a few factors contributing to Solana's falling price. Firstly, the Crypto market has experienced a downturn over the past few months, impacting Solana majorly. Secondly, Solana has faced tough competition from newer and more innovative blockchain projects, attracting attention and investment away from Solana.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
