Grayscale Names Solana DeFi Apps as Q1 Favorites – Is SOL About to Reach $1,000?

A new report from Grayscale is once again putting Solana and its native token $SOL on the spotlight for this upcoming year as the asset management company believes that its ecosystem still has tremendous potential for growth ahead.

In its report , Grayscale analysts said that the result of the November U.S. election, which favored Donald Trump, and the approval of spot exchange-traded funds (ETFs) for Bitcoin (BTC) and Ether (ETH) contributed to catalyze the significant increase that the value of cryptocurrencies have experienced thus far in 2024.

In the case of Solana, Grayscale noted that both its layer-one network and other strong competitors like Sui (SUI) have disrupted the long-standing monopoly that Ethereum had on the smart contracts sector.

Solana managed to position itself as the most scalable network of the two while its success could be partially attributed to the rise of meme coins as most creators and developers choose to rely on its mainnet to mint these assets rather than the Ethereum Virtual Network (EVM) as it offered faster transaction execution speeds and lower costs.

However, although meme coins are perhaps the loudest digital assets of the Solana ecosystem, they are not necessarily the only thing that is driving the adoption of this blockchain.

DeFi protocols like Jupiter, Jito, and Helium have contributed to a fair share of the network’s activity growth.

In terms of fee revenue, the Solana network is getting closer and closer to Ethereum according to Grayscale’s findings.

They see fee revenue as the most important catalyst for the market cap of smart contract platforms.

Solana’s Bull Trap Still in Play – Successful Break Could Result in Big Short-Term Gains

The price action for the Solana ($SOL) token has been forming a bullish pattern known as a flag in the past few weeks. The flag’s body has been enlarged amid multiple failed breaks of the upper boundaries, which means that the pattern could soon unfold in one way or the other.

Considering that the market already managed to flush excess demand via the December 20 bull trap, late buyers could now step in during the Santa Claus rally to push the price of $SOL above the $210 mark to break the upper bound of the flag.

If this happens, the price of $SOL could soon resurge to its 22 November all-time high of $264.32 per token and possibly higher once alt-season begins.

The price of $SOL already doubled this year as a result of the industry-specific tailwinds mentioned earlier.

However, multiple events in the future can still catalyze and move higher, including Donald Trump’s Inauguration Day, positive legislation coming through in Congress, and further embracement of the Solana ecosystem by top institutions.

This Solana L2 Token Offers 523% Staking Rewards

The presale of the native token of the latest layer-two network for Solana, Solaxy , marches on to raise $7.3 million from investors as it proposes to solve one of the hurdles that have prevented this blockchain from overtaking Ethereum.

The rise of meme coins and the significant growth of DeFi platforms like Jupiter have congested the Solana network.

Solaxy alleviates these jams by bundling transactions offline into single blocks that the network can rapidly process.

With just 24 hours left until the next price increase, there’s still a bit of time for early buyers to benefit from grabbing some $SOLX tokens at the current low price.

Presale events like this offer a favorable asymmetric investment opportunity that may yield high returns without taking significant risks amid the low price at which the token is currently offered.

$SOLX is available at $0.001586 until the offer expires. To buy the token, visit the official website of Solaxy and connect your crypto wallet to convert ETH, USDT, or BNB into this new asset.

Once the presale ends, the token will be listed on decentralized exchanges (DEXs) first and then likely picked up by the largest crypto exchanges once liquidity rises.

Staking rewards for $SOLX holders are quite attractive at 523% and investors have already parked nearly 2.2 billion tokens.

A year is about to end and the Solana ecosystem keeps growing by the hour. Solaxy stands to reap the rewards of this trend and early buyers of $SOLX will be the most favored.

For the latest updates on the project, connect with the $SOLX community on X (formerly Twitter) and Telegram