Solana is one of the best performers among the top 10 large-cap cryptocurrencies today. In the last 24 hours, Solana is up by 4.13% and, as of 11:33 GMT+3, was trading at $139.54.
This comes after big news about Solana staking on a top Swiss exchange courtesy of Apex Group and Figment Europe.
Apex Group and Figment Europe will debut Solana staking investment options on the SIX Swiss Exchange. The product, set to launch on March 12, will offer a platform for institutional investors seeking a passive income from cryptocurrencies to stake Solana easily.
🇪🇺 Figment Europe and Apex Group are planning to launch ETPs for staking #ETH and #SOL next week. ( TheBlock)
Join us today 👇👇👇👇👇👇👇https://t.co/tkHjWigwe7 pic.twitter.com/lyRSGVfHbx
— BlissFx Online Token/Investments (@BlissFxOnline) March 7, 2024
According to the CEO of Figment, the introduction of this product comes amidst rising demand for Solana staking products amongst their institutional customers. Through these products, he noted, it will be easier for such institutions to access the rewards that come with Solana and other Proof of Stake cryptocurrencies that are part of the arrangement, namely Ethereum.
Regulatory Compliance
While the staking rewards may be lower than trading cryptocurrencies, they are one of the best options for institutional investors looking to take part in staking in a regulatory-compliant way. This will also help enhance the security of Solana and Ethereum, making them more usable in the long term.
However, the biggest aspect of introducing these products is the aspect of credibility in the eyes of the average investor. With the introduction of these staking products, more investors on the sidelines will now have the confidence to invest in Solana. This is already showing in Solana and Ethereum’s price action immediately after this news hit the market. As more investors hear about it, FOMO could quickly build around Solana, making it one of the top-performing large-cap cryptocurrencies in this crypto bull cycle.
Solana Adoption On The Rise
The news also comes when investors turn to the Solana ecosystem for trading opportunities. Today, Solana-based meme coins and DeFi cryptocurrencies are among the best-performing ones in the market. This is all thanks to the low trading fees in the Solana ecosystem.
BREAKING NEWS
Memecoin #Colana has just came out with the first physical Cola drink on #Solana
Hopefully my friend @aeyakovenko takes a sip. #BNB #Coinbase #memecoin pic.twitter.com/PFPMExE6wc
— Fame (@FameBTC) March 7, 2024
For instance, several Solana meme coins have now hit the $1 billion market capitalization mark, and many more are coming up. This activity will likely give Solana upside momentum, especially now that bulls have taken control across the market.
The current upside momentum for Solana is due to news that Solana staking products are set to debut on a Swiss Exchange on March 12.
Solana Breaks Key Resistance Amidst Rising Volumes, A Strong Bullish Signal
In the last 24 hours, Solana has pushed through the $139.46 resistance and confirmed it a second time after a slight dip below it earlier in the day. This comes as buying volumes rise, a signal that buyers control the market.
If bulls can sustain the current upside momentum, Solana could be headed to prices above $200.
On the other hand, if Solana bulls lose momentum, two scenarios could play out. The first is a possible consolidation between $141.0 and $139.46, now a support level for the day.
However, if short sellers take control and push Solana through $139.46, then the $126.79 support would come into focus. If bears can push Solana through $126.79, then prices below $120 could be hit in the day.
Solana Price Prediction – Why $200 Is Within Reach
While there is a chance that the price of Solana could consolidate or turn bearish, the odds are that bulls will carry the day. That’s because the news of Solana staking products tailored for institutional money in Europe is a big deal. It is likely to inspire confidence among investors that Solana is a credible investment, which will likely play into SO’s value in this bull cycle.
Even better is that the news is coming at a time when bulls are firmly in control across the market. This means investors are likely to FOMO, especially when the products go live on March 12.
In addition to that, Solana is gaining traction as a launch platform for meme coins and other cryptocurrencies, and it is easy to see why momentum is building up, with $200 as the next key target.