Solana recently launched its new payment mechanism just a couple of weeks ago. Now, experts believe that this could give the right push for Solana’s price. Solana’s promised fee structure against the 2.75% transaction fee of Cash App from Block could save nearly 82% of the fee that goes for transactions alone. This dramatic change in the existing transaction cost would benefit both buyers and sellers who prefer the digital market. This could potentially be the propulsion Solana needs to reach the $150 range.
Although launched in 2017, Solana’s growth has been exponential, particularly in the last two years. The coin managed to utilize the crypto boom in 2021 and posted a growth of over 12,000% from its starting price. The coin also accumulated a market cap of 66 billion dollars, making it the 5th largest cryptocurrency at that time. Now, despite not being in its best position, Solana’s numbers still look good. The slump of the cryptocurrency market towards the end of 2021 and the beginning of 2022 has brought the market cap to 36 billion dollars. Four billion dollars short of Cardano’s $40 billion, Solana is now the 8th largest cryptocurrency in the market.
Solana’s focus has always been on creating effective decentralized apps to facilitate the various services. So far, Solana has been one of the pioneers in designing dApps for non-fungible tokens and crypto payments. The cryptocurrency project also moved to wallet service in collaboration with Web3Auth. This will not just eliminate complexities during transactions but also make Solana a one-stop solution for all the services and needs of cryptocurrencies. As new projects and dApps bring momentum to Solana, read this SOL coin price prediction to know how they might affect the price.
Solana’s endurance in the market will owe a lot to the launch of Solana Pay. Although the digital payment space is highly competitive, this new venture of Solana is expected to outrun the existing projects. Solana Pay is set to be the most sophisticated payments app that transfers funds just like the internet sends data. This new app is not made for payments alone as it would incorporate NFTs, metaverse, and other ongoing projects in the Crypto space. Apart from the tax-free mode, Solana Pay promises to carry out the transactions for as much as “fractions of pennies.” This, as experts believe, is enough to attract more merchants.
What does it mean for the price of SOL? It is speculated that when Solana Pay goes online, the price could skyrocket substantially. Block, the provider of the leading payments dApp called Cash App, is currently worth $65 billion. It seems like a long shot for Solana to reach the moon immediately. However, even if Solana manages to go only halfway after Solana Pay, with a 40% gain, Solana’s market cap would reach $50 billion. In that case, the value of Solana could get to approximately $158.