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Solana continues to be the top-performing large-cap cryptocurrency this bull cycle, living up to its “Ethereum Killer” brand.
The Solana price is up by 10% over the past week and 130% year-to-date. On the contrary, Ethereum is down by 6% in the past 7 days and is up by only 36% since the start of the calendar year.
With Bitcoin hitting a new all-time high of $94,000 on Wednesday, SOL appears to be next in line. Notably, smart money investors are betting heavily on SOL proxies, including Solana meme coins like Slothana and undervalued stock assets like Sol Strategies.
Is It Too Late To Buy Solana?
After trading as low as $8 in the aftermath of the FTX crash, Solana has seen a remarkable resurgence in 2023 and 2024. It is currently trading at $240 at press time, up 30x from the post-FTX bottom of $8.
All indications point towards a bullish continuation for SOL in 2025, with a growing consensus that it could peak near the $1000 mark in this bull cycle, especially if it continues to bounce from the 10-month Simple Moving Average.
#Solana is bouncing away from the 10 sma 🔥$SOL follows the pattern of last moves.The pattern will bring $SOL to $1000 🚀 pic.twitter.com/57FaUbATHs
— Trader Tardigrade (@TATrader_Alan) November 20, 2024
It also appears a good time for swing traders and sidelined investors to ape into SOL, considering that it is breaking out of a 7-month bullish pennant.
Solana’s bullish thesis is quite clear - its excellent network throughput, low trading costs and high scalability have universally impressed TradFi institutions, whales and retail investors alike.
The Solana ecosystem continues to hit new milestones almost daily. For instance, the Solana network saw $311 million in stablecoin inflows over the past 24 hours, the largest even in its history.
BREAKING: @Solana sees $311M in stablecoin inflows over the last 24 hours, the largest inflow of all time. pic.twitter.com/1SwA0CxHDu
— SolanaFloor (@SolanaFloor) November 20, 2024
Donald Trump’s landmark victory in the recent US presidential elections is even more bullish for the altcoin. For instance, TradFi and crypto institutions like VanEck, 21Shares and Canary Capital have already filed for spot Solana ETF.
With the crypto-antagonistic Chair Gary Gensler set to resign from the SEC, there is a strong possibility that a new pro-crypto chair will approve the spot ETFs. In this scenario, a parabolic rally to $1000 isn’t a distant dream.
However, new buyers will still only see 4x returns from it. Unsurprisingly, smart money investors are pivoting to SOL beta bets, aiming for 10x to 100x returns in the coming months.
These $SOL Proxies Could Rise Alongside The Solana Price In 2025
Smart money investors are actively stacking Solana meme coins that showcased extraordinary bullish strength earlier this year.
2x down, another 5x to go.$slerf https://t.co/VW4ddQeIWJ pic.twitter.com/wkcEkcvcki
— Bluntz (@Bluntz_Capital) November 17, 2024
For instance, legendary trader Bluntz is bullish on Slerf, the sloth-based meme coin, is expecting another 5x returns from it in the coming weeks.
Another sloth-based meme coin, Slothana, is in high demand and has rallied by over 60% in the past week.
Yet, it is still a microcap meme coin and has a market capitalization of $13 million, down 86% from its all-time high.
In the extreme bull market euphoria of the upcoming supercycle, it wouldn’t be a surprise if it sees anywhere between 10x to 20x returns in the coming weeks.
$SLOTH currently has a 99/99 score on DEXTools with a 92.3% community trust rating.
Large-cap Solana meme coins like Bonk and Dogwifhat ($WIF) are also excellent beta bets on Solana, with the $BONK price setting a new all time high this week.
Meanwhile, stock investors are bullish on Sol Strategies, a Microstrategy-type treasury stock that continues to add Solana to its books.
Its stock, CYFRF (or HOLD on the Canadian stock exchange), is already up by over 1000% YTD, substantially higher than Microstrategy’s MSTR and the S&P 500 due to its low valuation.
This #Solana proxy will probably go ape shit tomorrow and shoot north of $1 - Chart Perking up and SOL had a bonkers weekend. #SolStrategies $CYFRF #OTC pic.twitter.com/VJiX3X8hke
— InvestAnswers (@invest_answers) November 18, 2024
Currently valued at well under $200 million per Tradingview data, experts believe that Sol Strategies could hit the billion-dollar mark in the coming months, especially with the Solana price poised for a 4x rally itself.
Some crypto news sources have compared Sol Strategies to MicroStrategy, dubbing it the MSTR of $SOL.
Investors can check out more SOL proxies with Best Wallet’s “Upcoming Tokens” feature, which lists all the trendy coins that are set to go live soon. Notably, low-cap meme coins and new tokens routinely deliver 100x to 1000x returns during a bull market.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
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