What Is Solana?
Solana is a decentralized network, which was founded in 2017. The main idea behind creating such a blockchain platform was to reduce the limitations that its previous platforms had, such as slow transaction speeds and high fees. That’s why it is known as an Ethereum killer due to its scalability, speed, and decentralization.
Each blockchain has an official coin; for Solana, it is called SOL. However, most of the time when talking about Solana, it refers to its coin, which is the asset you buy as an investment. You should also know that each coin you buy can be used for various reasons besides investment. Consequently, if you buy SOL, not only do you have a crypto asset as an investment, but you can also use it for transaction fees, staking, and participating in governance decisions.
You may wonder what governance decisions mean and if they can affect the price of a coin? Well, if a coin gives you the ability to participate in governance decisions, it means you can vote on different projects and regulations on its network, which might affect the price of a coin. However, you should note that it doesn’t directly affect the price. Furthermore, it is also not the only factor that determines the coin’s price.
SOL can be bought, sold, and traded on numerous cryptocurrency exchanges, like BlockTrade. Check out the SOL payment methods such as buy SOL with PayPal, buy SOL with bank transfer, buy SOL with credit card, buy SOL with debit card, buy SOL with Google Pay, and buy SOL with Apple Pay on blocktrade.
What Is Polygon?
Polygon is a cryptocurrency and blockchain platform launched in 2017 under the name of Matic and rebranded to Polygon in 2021. However, its native coin still carries the MATIC name. Therefore, the blockchain platform is Polygon, and the coin is MATIC.
Like most cryptocurrency platforms, the main reason Polygon was created was to perform better than its previous blockchains, which were slow and expensive. Therefore, the new blockchain platform should be able to provide faster and cheaper transactions, which Polygon claims, and it actually does.
Like other coins, you can buy Matic as an investment. However, this coin can also be used for paying transaction fees, participating in Proof-of-Stake consensus, and voting on governance decisions.
You can buy, sell, or trade MATIC in different cryptocurrency exchanges, including BlockTrade. Check out the MATIC payment methods such as buy Matic with PayPal, buy Matic with bank transfer, buy Matic with credit card, buy Matic with debit card, buy Matic with Google Pay, and buy Matic with Apple Pay on blocktrade.
Similarities Between Solana and Polygon
As mentioned, Polygon (MATIC) and Solana (SOL) are both blockchain platforms that aim to provide scalability, speed, and low-cost transactions for decentralized applications (dApps). Let’s check out other similarities these coins have:
- Energy Efficiency and Security. They both use proof-of-stake (PoS) consensus mechanisms, which are more energy-efficient and secure than proof-of-work (PoW) mechanisms.
- Ethereum Compatibility. All the dApps and smart contracts built on Ethereum are supported by Polygon or Solana.
- High-Speed Transaction. The main idea of both platforms was to create a faster bockchain, and they both could reach this goal. Both Solana and MATIC have the same peak transactions per second at 65,000.
Now that we know how similar these two coins and their blockchains are, it’s time to check out the differences to compare and discover the better option. However, we should mention again that you can’t decide on investing in a coin by only checking their differences. We will explain more factors later.
Differences Between Solana and Polygon
All the coins have some features that are better than others. Let’s check out the differences between Polygon and Solana:
Still seems complicated, right? Don’t worry! You are not supposed to decide now because we still have more to tell about these coins.
Which One Is Better Investment?
It’s time to talk about the investment. Before getting into this part, we should mention that cryptocurrencies are volatile and risky assets. A coin that is performing well now may drop in the future. However, that’s all these fluctuations that can make an investment win or lose.
Furthermore, there are some factors to consider while buying a coin, including technical analysis, fundamental analysis, and price predictions. What are they?
- Technical Analysis: It involves examining historical price data, patterns, and indicators to predict future price movements. In this case, the prices are analyzed over different periods, such as daily, weekly, or monthly charts.
- Fundamental Analysis: It involves measuring factors such as the value of the stock, business model, financial and economic data, and even the company management to determine if the current price of the coin is accurate.
- Price Predictions: Most crypto experts can predict the price of a coin in the future based on its performance in the past and its current market. However, they are just predictions and might not happen, but can give an idea about a coin’s future.
For a beginner, it’s not easy to do all these analyses on coins, especially when it comes to comparing two of them. However, we give you a brief history and predictions of each coin to help you have a brighter imagination about what may happen when you buy either of them.
Here, we start from their history. First, let’s take a look at Solana’s past.
Solana vs Polygon: Price History
Although you can’t buy a coin based on their price in the past, it can still help you find out about its volatility and risks.
Solana introduced its official coin ‘SOL’ in April 2020, with a price of $0.79 per coin. Well, the price was low enough that everyone could buy this coin. However, as a new coin to the market, no one had any forecast about its future. Anyhow, the ones who bought the coin at its initial price were the luckiest because in only one year, the SOL price rose to $260. Being surprised by this huge profit, people started buying the coin with the hope of more rise, but it could never reach higher than this amount; instead, it dropped to $12 in November 2022.
What happened to MATIC in these years?
The MATIC coin was released in 2017 with an initial price of $0.013. Unlike SOL, it didn’t have any growth until 2021, when its price reached $1! But on the other hand, when most of the cryptocurrencies had a drop in price in 2021, MATIC coin reached its highest price at the end of 2021, which was $2.874. However, very soon, it dropped to $1 again. But it showed it could be profitable in the long term.
Well, what happened in the past stays in the past. Now let’s see what we can expect for the future.
Polygon vs Solana: Price Predictions
Based on different factors, some analysts and experts have made different predictions for coins’ price in the future.
Here are some examples of SOL price predictions from various sources:
- According to Changelly, the SOL price by 2025 might be around $63. It also predicts another growth for this coin in the next ten years. Therefore, Changelly believes that SOL can reach up to $900 by 2032.
- Bitcoin Wisdom predicts that the SOL price could get as high as $70 by 2025, and it might continue to rise and possibly reach $200 by 2031.
- According to CryptoNewsZ, the SOL price prediction is expected to be around $74 per coin by 2025. It also predicts for the price of this coin to rise, and its minimum price for 2030 might possibly be around $170.93.
What do experts predict for MATIC price in future?
- Based on the analysis of CryptoNewZ upon MATIC price, it is expected that this coin reaches an average price of $2 by 2025. Additionally, they don’t expect a huge rise in its price up until 2030, which could possibly reach $3.5 per coin.
- The Changelly website prediction for MATIC price is almost the same for the short-term. Accordingly, they believe its price might reach an average price of $2 by 2025. However, they think MATIC’s price might increase and possibly reach as high as $10 by 2030.
- According to Bitcoin Wisdom, the MATIC price might get as high as $2.3 by 2025, and it might possibly increase and reach up to $6.3 by 2030.
These predictions are based on various methods and assumptions. As such, they should not be relied upon as financial advice. The actual price of a coin can vary depending on many factors that are impossible to predict with certainty. Therefore, you should always do your own research and analysis before investing in any cryptocurrency.
Here are some tips about investing in a coin:
- Consider the price of the day, and the average price prediction to find out how much each coin might have profit.
- As a beginner, it is not recommended to put all your money on a coin. Always invest as much money as you afford to lose.
- It’s better to consider an exit point for your investment.
- Always use a secure wallet, especially if you want to keep a coin for a long-term investment.
- Read the analysis, predictions, and comments of experts and analysts before buying a coin.
Bottom Line
Solana and Polygon are both well-known blockchain platforms with their unique features and advantages. Buying coins as an investment might be profitable, especially if you search enough to discover the better option. However, no one can guarantee if a coin will be profitable in future. But, the analysis and predictions can brighten the way of buying a cryptocurrency. In this article, we compared Solana vs Polygon. We hope you can decide which one to buy.
Meanwhile, both coins are available on BlockTrade. Since you don’t have any limitation on buying coins, you can invest in both too.
FAQs
Is Polygon the same as Solana?
Polygon and Solana are both popular blockchain platforms. Despite their similarities, they are not the same. Moreover, they have different coins. Therefore, if you want to invest in either of them, read more about each coin’s price and expert analyses.
Is Solana or Polygon better for NFTs?
The choice between Solana and Polygon for NFTs depends on various factors. Some collectors and creators might prefer SOL due to its speed and low transaction fees. On the other hand, that doesn’t mean you can’t use Polygon for NFTs. Being a layer-2 solution for Ethereum, Polygon offers compatibility with the vast Ethereum ecosystem, including existing NFT projects and marketplaces. Therefore, the better option might be different based on each project.
How many SOL coins are out there?
Up until now, more than 489M SOL coins have been supplied and released to the market. However, SOL doesn’t have any max supply, which means there is no limit on how many SOL tokens can be created.
How many MATIC coins are out there?
The maximum supply of MATIC is 10B coins. Until this moment, more than 9B coins are in circulation.
