Solana's (CRYPTO: SOL) price hit a record high of $294 on Jan. 15, 2025. But as of this writing, the cryptocurrency trades at $106. Like many other cryptocurrencies, Solana lost its luster as inflation, rising interest rates, geopolitical conflicts, and other macro headwinds drove investors toward more conservative investments. However, Solana could still be a great place to put $500 (or more) you can afford to lose -- since it still has plenty of upside potential. Image source: Getty Images. Solana isn't mined with an energy-intensive proof-of-work (PoW) consensus mechanism like Bitcoin (CRYPTO: BTC). It was built as a proof-of-stake (PoS) blockchain -- like Ethereum (CRYPTO: ETH) -- which doesn't support mining.
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