{"id":2984,"date":"2024-01-27T10:46:02","date_gmt":"2024-01-27T10:46:02","guid":{"rendered":"https:\/\/solanacrypto.news\/2024\/01\/27\/solana-is-down-68-from-its-all-time-high-time-to-buy\/"},"modified":"2024-01-27T10:46:02","modified_gmt":"2024-01-27T10:46:02","slug":"solana-is-down-68-from-its-all-time-high-time-to-buy","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2024\/01\/27\/solana-is-down-68-from-its-all-time-high-time-to-buy\/","title":{"rendered":"Solana Is Down 68% From Its All-Time High: Time to Buy?"},"content":{"rendered":"
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Putting money to work in the cryptocurrency market is back in style. The industry saw its value double in 2023, so some investors are trying to buy digital tokens that can supercharge their portfolio returns.<\/span><\/p>\n

Look at <\/span>Solana<\/span><\/strong> (CRYPTO: SOL)<\/span><\/span>. This <\/span>cryptocurrency<\/span><\/a> skyrocketed 963% last year, and it’s currently the fifth most valuable blockchain network in the world. <\/span><\/p>\n

However, Solana remains 67% off its peak price (as of Jan. 25). Does this mean it’s a smart idea to buy it on the dip right now?<\/span><\/p>\n

Unique features<\/span><\/h2>\n

When looking at a potential cryptocurrency investment, it’s a good idea to figure out what makes a digital token stand out from the tens of thousands that are out there. With this perspective, it’s safe to say that Solana is unique.<\/span><\/p>\n

It includes functionality for <\/span>smart contracts<\/span><\/a>. This makes it similar to <\/span>Ethereum<\/span><\/strong> and <\/span>Cardano<\/span><\/strong>, and it opens up Solana to launch decentralized applications. In fact, Solana is in the top 10 on the list of cryptocurrencies with the most active developers, which bodes well for its future when it comes to introducing use cases.<\/span><\/p>\n

Solana’s greatest feature, though, is its incredible speed, with a theoretical throughput of 50,000 transactions per second (TPS). This puts it in the same ballpark as <\/span>Visa<\/span><\/strong>, one of the largest payment networks in the world. In comparison, Ethereum is only able to process about 12 TPS. The way Solana orders its transactions, called a proof-of-history, requires less data. This also makes Solana a top blockchain when it comes to <\/span>decentralized finance<\/span> protocols.<\/span><\/p>\n

Indeed, Solana is making a push in the payments industry. Solana Pay allows merchants and customers to transact directly with each other, using the native SOL token or a <\/span>stablecoin<\/span>, to facilitate transactions on the blockchain. With near-zero fees and instant settlement, the hope is that Solana Pay will achieve greater adoption. Integrating with <\/span>Shopify<\/span><\/strong> should help in this regard.<\/span><\/p>\n

Entering the hardware space<\/span><\/h2>\n

Besides services, Solana is trying to make a splash in the world of hardware. Last April, the Saga smartphone was released with a $1,000 price tag. This is a mobile device developed specifically for users to interact with <\/span>web3<\/span> applications on the Solana network. <\/span><\/p>\n