Will MSOL prices explode in 2024?
In a significant advancement for staking, Marinade has officially achieved a notable milestone by surpassing an incredible 10 million SOL stake! Now, will MSOL prices explode in 2024? Let’s take a look at this MSOL price Read the article in more detail.
What is Marinated Steak SOL?
According to the official This achievement includes an increase of over 6.5 million mSOL Liquid Staking and over 3.5 million Marinade Native, making significant progress toward the platform’s mission to advance the Liquid Staking protocol on the Solana blockchain.
Marinade.Finance is the pioneering Liquid staking protocol built on the Solana blockchain with support from the Solana Foundation. Participants participate in staking SOL tokens to Marinate, utilizing an automated staking strategy to delegate SOL to validators.
In return, users are issued “Staked SOL” tokens called mSOL. These mSOL tokens can be utilized within the decentralized finance (DeFi) space or can be seamlessly exchanged back to the original SOL tokens whenever the user chooses to unstake.
Founded in 2021 after receiving notable recognition at the Solana Hackathon, Marinade has emerged as the premier staking platform on the Solana blockchain. In addition to providing a user-friendly way to validate and monetize the network, Marinade has established itself as a leader in liquid staking.
Liquid staking has gained enormous popularity by solving a major challenge associated with traditional staking: token locking. Marinade, a liquid staking provider, issues tokenized receipts for staked assets, allowing investors to earn additional returns while maintaining liquidity.
In this regard, Marinade issues mSOL stakes, a token that finds utility in various DeFi applications. It can also be seamlessly exchanged with other tokens like SOL, making it easy for stakers to maintain liquidity.
These factors have led Marinade to recently surpass the milestone of 10 million SOL staked on the platform. Despite the early stages of the liquid staking segment at Solana, Marinade shows promising potential.
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How has MSOL price moved recently?
The current price of MSOL is $86.93, up 5.55% over the last 24 hours. The 24-hour trading volume is $446,909. Marinated Staked SOL reached its highest value on August 23, 2021, soaring to an all-time high of $3,531.98.
Conversely, the lowest recorded price occurred on December 29, 2022, when it plummeted to an all-time low of $8.97, marking a cycle low. The lowest price since the all-time high was $8.97.
Notably, the highest MSOL price since the last cycle low is $87.72, which represents a cycle high. The current sentiment for the Marinated Staked SOL price prediction is Bullish, with the Fear and Greed Index reading at 73 (Greed).
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Why are MSOL prices rising?
Marinade has officially reached a major milestone, surpassing the impressive 10 million SOL stake! This achievement highlights the continued support of our community and highlights the incredible progress made throughout 2023. With over 10 million SOL tokens staked on a decentralized network boasting over 100 high-performance validators, Marinade has solidified its position as a key player in the decentralized space. Financial (DeFi) sector.
Notable achievements include an increase in mSOL floating staking by over 6.5 million and marinade native by over 3.5 million. These achievements represent substantial progress toward the platform’s overarching goal of advancing liquid staking protocols within the Solana blockchain ecosystem.
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What is MSOL price prediction for 2024?
Analyzing MSOL’s recent performance, it is clear that the token has shown remarkable strength and resilience in the cryptocurrency market. Over the past year, MSOL prices have surged significantly, recording an impressive 490% increase.
This impressive growth outperforms 94% of the top 100 cryptocurrency assets and shows that MSOL is outperforming the market. In particular, it performed better than major players such as Bitcoin and Ethereum.
The current position above the 200-day simple moving average indicates a continued bullish trend. In the past 30 days, the number of green days was 17, accounting for 57% of the total period, so positive momentum appears to be strong. Additionally, trading near cycle highs further strengthens the token’s continued upside potential. Considering these factors, the outlook for MSOL remains optimistic and traders can expect further gains in the near future.
Considering that marinated SOL’s classic pivot point (P1) today is $82.81, support and resistance levels provide important insight for traders. Support levels are identified at $80.13, $75.01, with the strongest support at $72.32. These levels suggest a potential area where the price may show buying interest or a rebound.
On the other hand, resistance levels at $87.94, $90.62, and $95.75 represent points where selling interest may emerge, potentially pausing or reversing the upward movement.
The current assessment for Marinade Staked SOL suggests a low risk profile determined through analysis of its susceptibility to manipulation based on recent market dynamics.
This assessment examines changes in trading volume and market capitalization as well as the amount of capital required to influence price over the last 24 hours. The risk gauge runs on a scale from 0 to 100, with lower scores indicating higher risk and higher values indicating lower risk.
For MSOL, analyzing price volatility over the last 24 hours results in a low risk classification. This is because the combination of price volatility and volume changes gives investors confidence in the token’s current manipulation potential. Investors can gain confidence in the stability of the token and potentially influence decision-making in the market.
Integrating with other successful DeFi projects or platforms can expand the scope and usefulness of Marinade, potentially attracting more users and investors. Based on this, the expected price range for MSOL next year is from $80 to $260. This forecast suggests that Marinade Staked SOL will likely experience significant increases, potentially exceeding 200%, and possibly reach its upper target of $260 if it achieves the higher valuation target set for 2024.
Investors and traders will find these forecasts valuable in formulating strategies and assessing the likelihood of significant price movements over the coming year.
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