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Solana Is Soaring. Is It Still Undervalued?

By March 12, 20243 minute read

As the crypto market is brimming with bullish sentiments, Solana has emerged as a force to be reckoned with. Despite recently hitting a two-and-a-quarter-year high, an air of mystery surrounds Solana’s valuation – a perception that it remains undervalued.

In this blog, we’ll delve into the multifaceted aspects of Solana’s recent performance, exploring the fundamental factors, unique features, and upcoming developments that contribute to its enigmatic allure.

Solana’s Phenomenal Performance

Solana’s recent price surge, witnessing a remarkable 1400% gain in just 14 months, positions it as one of the standout performers in the crypto space. The chart-topping trajectory reflects the crypto’s resilience and market appeal, showcasing its potential to rival even the most established players.

Stablecoin Volume Surge

A key indicator of Solana’s growing influence is the surge in stablecoin volume, with nearly $100 million in daily inflows. This not only underscores Solana’s stability but also hints at a burgeoning demand for its native stablecoins within the ecosystem.

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Decentralized Exchange Dominance

Solana’s dominance in the Decentralized Exchange (DEX) arena is a testament to its efficiency. Termed as the “black hole” for its insatiable ability to attract transactions, Solana outshines competitors in daily transaction volumes. In comparison, Ethereum, Binance Smart Chain, and Arbitrum pale, solidifying Solana’s position as a market leader.

Total Value Locked (TVL) Parabolic Surge

The TVL on Solana has witnessed a parabolic surge, recently breaching $3 billion. This staggering growth, coupled with a rapid $400 million increase in 48 hours, indicates the network’s robust fundamentals. Solana’s TVL trajectory suggests that the platform is attracting substantial assets, positioning it for continued expansion.

Pantera Capital’s Strategic Interest

Pantera Capital, a renowned crypto investment firm, adds a layer of credibility to Solana’s potential. With an eye on acquiring $250 million worth of Solana tokens, Pantera’s strategic move indicates a long-term commitment. The move is not only a significant endorsement but also eliminates a potential market overhang, allowing Solana to enter a price discovery phase.

Airdrops and Innovative Projects

Solana’s ecosystem is thriving with innovative projects and airdrops, adding unique value to the network. Projects like Kamino, Drift, and Parcel bring diverse functionalities, showcasing the versatility of Solana’s blockchain. Airdrops, like the upcoming Kamino airdrop, offer additional incentives for users and contribute to the overall vibrancy of the Solana community.

Analyzing Valuation through Fundamental Metrics

Beyond the price charts, fundamental metrics paint a compelling picture of Solana’s undervaluation. The price-to-sales ratio, a crucial metric comparing market cap to revenues, suggests that Solana is worth more than its current valuation. Despite recent rallies, Solana’s robust performance in various metrics indicates it still has substantial room for growth.



Solana’s meteoric rise is a testament to its technological prowess and growing market appeal. From stablecoin dominance and decentralized exchange superiority to strategic investments and innovative projects, Solana continues to carve its niche in the crypto space. As Pantera Capital explores a substantial investment, with upcoming airdrops and developments, Solana remains an enigmatic titan, poised for further ascent in the ever-evolving crypto landscape. The market might just be catching up to the true value of this blockchain gem.

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
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Harshita Shrivastava

Harshita Shrivastava is an Associate Content Writer with WazirX. She did her graduation in E-Commerce and loved the concept of Digital Marketing. With a brief knowledge of SEO and Content Writing, she knows how to win her content game!

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