HCryptocurrency is gaining significant traction as its viability for huge returns attracts traders and investors to the crypto space. This potential makes crypto trading one of the best ways to make money online. But one asset that is appealing to people is Solana. Hence, you may want to know how much 1 Solana is in naira today.
Crypto trading is a popular venture in Nigeria. This involves traders buying crypto assets when their prices are hitting moonshots and selling to maximize profits in anticipation of a fall in price.
While there are over 20,000 cryptocurrencies in the market, you can be confused about which asset to trade in Nigeria.
This harps on price history, current price, and price prediction. So, if you are a new or existing Solana trader, you must have a requisite knowledge of the price of Solana in the equivalent of the naira.
What Is Solana?
Solana is a blockchain network that employs the Proof-of-Stake (PoS) mechanism to provide smart contract functionality.
It is a highly functional open-source platform implementing a new permissionless and fast-speed layer-1 blockchain.
Launched in 2020 by Solana Labs, the native asset of Solana is SOL. This utility token enables the transfer of value and staking to provide blockchain security.
In addition, the Solana protocol is designed to enable the creation of decentralized app (DApp) – to improve scalability.
This is through introducing a proof-of-history (PoH) consensus in sync with the basic PoS mechanism of the blockchain.
Meanwhile, it should be noted that Solana can not be mined. You can earn the token through staking and validation.
- Staking involves earning rewards from staking your coins to confirm transactions. In most instances, validators in the Solana network can pay you up to 8% for allowing your coins to be staked for transaction confirmation.
- Validation is earning commissions in every reward generated by people who staked their coins. There is a need to have a high-powered server to start validating transactions.
In light of these, people can profit from Solana by staking and validating transactions or trading the token.
But while trading Solana is less tedious than earning the coin from its blockchain, a price overview of its market value becomes important.
Solana Price Overview
Solana (SOL) has had bearish and bullish price runs since its launch in 2020.
The all-time high for Solana price was $260.06 on November 6, 2021, and its all-time low on May 11, 2020, at $0.5052.
At the time of writing this article, the price of Solana is $19.88, with a market cap of over $8.1 billion.
This makes the token the 10th-largest cryptocurrency, attributed to the market cap and daily trading volume increasing by 4.47% and 92.81%, respectively.
However, the current price of Solana at publishing has dropped by 92.46% from its all-time high and increased by 3780.04% from its all-time low.
Meanwhile, Solana price prediction varies with experts, as the token is estimated to trade at an average price of $22.23 by the end of 2023.
All predictions are speculative, but one thing is sure – Solana has the potential to have a bullish run if the crypto market is favorable.
How Much Is 1 Solana In Naira Today?
When publishing this article, the price of 1 Solana in Naira is 14,834 naira. However, it is important to note that the value may increase or decrease over time.
This is due to the volatility feature of cryptocurrencies that also binds Solana.
Solana’s price depends on the token’s demand and the general crypto market outlook.
How To Buy Solana In Nigeria
You can buy Solana (SOL) on crypto trading platforms like major exchanges and peer-to-peer (P2P) platforms. Here is a broad step on how to buy Solana:
- Choose your preferred crypto exchange
- Create an account with the exchange and log in
- Choose to buy Solana with the available payment on the exchange
- Check the payment details and fees
- Store your SOL in the exchange wallet that you’ve created
How To Sell Solana In Nigeria
- Choose an exchange that supports SOL/NGN trading
- Create an account with the exchange and log in
- Deposit Solana into your exchange wallet if you have it elsewhere
- Sell Solana for fiat (naira)
- Withdraw your fiat into your bank account
Frequently Asked Questions (FAQs)
How Much Is 1 Solana Today?
At the time of writing this article, the price of 1 Solana is $19.88, which is equivalent to 14,834 naira in Nigeria. But, this price is subject to change due to the volatility of cryptocurrencies.
Where Can I Sell My Solana In Nigeria?
You can sell your Solana on crypto exchanges like Binance, Coinbase, Kraken, and other trading platforms that support SOL. You must create an account with these platforms to start trading on them.
How Can I Earn SOL In The Solana Blockchain?
You can earn Solana by staking your coins to confirm transactions on the Solana network. Validators can pay you as high as 8% for staking.
Will Solana’s Price Increase?
There is no certainty as to if Solana’s price will increase. It should be noted that predictions on SOL prices by experts are widely speculative.
Therefore, we are unsure of the future of Solana’s price.
Let’s reiterate that the global crypto market and the economics of demand and supply underscore the price outlook of the token.
When Can I Buy Solana In Nigeria?
We recommend that you buy Solana now. While this is not financial advice, Solana enjoys a positive market sentiment while writing this article.
Therefore, you may consider buying the asset now to sell later.
Conclusion
Solana is a popular crypto asset that continues to attract new traders. This is due to its resilience in staying afloat in the crypto market despite the recent storm that has rocked it.
However, it is important to do market research and study your preferred exchange whenever you want to buy or sell Solana.
In addition, it should be noted that the price of Solana in naira in this article is not the final price. The price varies across time and crypto exchanges.
