The Potential Investment Opportunity in Solana (SOL)
The decline in key network metrics of Solana may present an investment opportunity. A crypto influencer recently projected a $100 target for SOL, which would mark a 410% hike. The influencer cited Solana’s recent collaborations with Shopify, Visa, and MakerDAO as potential catalysts for SOL.
Crypto Influencer Alex Wacy’s Analysis
Solana (SOL) may witness a 410% hike to soar all the way up to $100, says crypto influencer Alex Wacy. Wacy, who is a contributor to crypto projects Entangle Protocol and Massa Labs, believes that the recent decline in key network metrics of Solana presented a long-term investment opportunity for crypto traders.
Alex Wacy took to X (formerly Twitter) earlier today to share their Solana analysis. According to Wacy, Solana is poised to induce a paradigm shift in the crypto market following continued expansion. The crypto influencer presented SOL as a more lucrative investment opportunity than cryptocurrencies like ETH, ARB, and OP.
Wacy cited Solana’s growing adoption and recent collaborations with industry giants as bullish indicators. Visa recently launched payments with stablecoins on Solana, paving the way for Visa’s 700 million daily users to the blockchain. Solana Pay also integrated with e-commerce giant Shopify to enable digital dollar payments for its users.
Key Solana Network Metrics
In order to provide a comprehensive understanding of the Solana Network, Wacy highlighted a few key metrics. Solana’s total value locked took a significant hit following the implosion of FTX and Alameda Research in November last year. The TVL went from $1 billion to $308 million at the time of writing, marking a 70% decrease.
Furthermore, the daily active addresses have dropped to 180,000, the lowest in two years. The total daily volume through decentralized exchanges (DEX) on Solana averaged 20 million this month, which was considerably less than before. However, Wacy stated that the declining metrics were a long-term investment opportunity in SOL.
Wacy told their followers that long-term accumulation of SOL could be a safe option. After looking at fundamental factors, tech implementations, and development, the crypto influencer concluded that the bullish scenario was $100, while the bearish scenario was $10.
