- Crypto enthusiast Alex Wacy predicts a 410% price surge for Solana (SOL), potentially reaching $100.
- Wacy believes the recent downturn in Solana’s network metrics presents a promising long-term investment opportunity for traders.
- Solana’s growth, partnerships with industry leaders, and its declining total value locked (TVL) have led to a 70% decrease in total value locked (TVL) and daily active addresses.
According to crypto enthusiast Alex Wacy, there is a strong possibility that Solana (SOL) could experience a remarkable 410% price surge, reaching $100. Wacy, known for contributing to crypto projects like Entangle Protocol and Massa Labs, believes that the recent downturn in key network metrics of Solana has opened up a promising long-term investment opportunity for crypto traders.
In a recent post on X (formerly known as Twitter), Alex Wacy shared their analysis of Solana. Wacy is optimistic about Solana’s future and suggests that it could bring about a significant transformation in the crypto market as it continues to expand. According to Wacy, SOL presents a more attractive investment proposition compared to other cryptocurrencies such as ETH, ARB, and OP.
Wacy pointed to several positive signs for Solana, including its growing adoption and recent partnerships with industry leaders. Notably, Visa has introduced payments using stablecoins on the Solana blockchain, allowing Visa’s 700 million daily users to access blockchain technology. Additionally, Solana Pay has integrated with e-commerce giant Shopify, enabling digital dollar payments for Shopify’s vast user base.
To provide a comprehensive view of the Solana Network, Wacy highlighted some key metrics. Solana’s total value locked (TVL) experienced a significant drop following the issues with FTX and Alameda Research in November of the previous year, plummeting from $1 billion to $308 million at the time of writing, marking a 70% decrease.
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Moreover, daily active addresses on the Solana network have fallen to 180,000, reaching their lowest point in two years. The total daily trading volume on decentralized exchanges (DEX) within the Solana ecosystem averaged 20 million this month, which is considerably lower than before. However, Wacy believes that these declining metrics represent a long-term investment opportunity in SOL.
Wacy advised their followers that accumulating SOL for the long term could be a prudent choice. After evaluating fundamental factors, technological implementations, and development progress, the crypto enthusiast concluded that the bullish scenario for Solana is a price of $100, while the bearish scenario is $10.