Solana has shown a strong bullish momentum lately. In the last three months, it has outperformed certain top cryptos like BNB, as it has climbed by over 41.7%. In the last seven days alone, it has grown by at least 4.38%. At the time when the crypto community is discussing the future prospects of the SOL ecosystem, Sol Strategies, a Canadian company, has announced its plan to invest CAD $25M to support the growth of this blockchain.
Let’s discuss everything one should know about this development! Ready?
The investment has been granted as an unsecured revolving credit, at an interest rate of around 5% per annum. The credit line will be used to purchase SOL tokens, expand staking services and fund acquisitions. It will be valid until at least January 6, 2027. Reports suggest that nearly CAD $4 million of the total credit line amount has already been used.
It was in 2024 that Sol Strategies changed its focus to Solana. In the same year, it set its target to become the most prominent participant in the SOL ecosystem. As part of its SOL-focused strategy, and in order to focus solely on Solana, it exited all its non-strategic investments, including Animoca Brands.
Reports suggest that by the end of the year 2024 the company had no fewer than 1.5 million SOL tokens, valued at around CAD $450 million.
Solana stands out from other blockchains for its fast transaction capability and its potential to work with DeFi and NFT. It is seen as an ideal choice for firms looking to expand their presence in the Web3 environment.
SOL is one of those top coins that have witnessed massive growth following the US election. At the start of November 5, 2024, the price of Solana was at $157.97. Between November 5 and 11, it grew consistently by nearly 40.97%. On November 22, it touched a peak of $264.70. Between November 23 and December 22, the market saw a massive correction of 29.9%. The Solana price has not yet recovered from this huge fall.
In the first three days of January, SOL gained 15.45%, peaking at $223.02 on January 7. However, in the last 24 hours, the price has dropped sharply by 8.6%, bringing it down to $197.01
Sol Strategies’ CAD $25 million investment represents a strong vote of confidence in Solana’s potential. The future is bright!
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