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A prominent cryptocurrency investor has now questioned if Solana (SOL) will become the first major cryptocurrency to reach a fresh all-time high (ATH) in 2024. Rising concerns over bot activity and low user balances have some doubting Solana’s promise, despite its recent spike in active wallet addresses. Meanwhile, the investor suggested two promising altcoins to gain large profits: Rexas Finance (RXS) and Chainlink (LINK).
Solana appears to have filled its growth clouds for a potential ATH
The blockchain platform of Solana celebrated recently surpassing 100 million active wallet addresses. However, our data indicates that more than 86 million of these wallets contain no SOL, and 15 million hold less than 1 SOL. There’s a glimmer of hope that a new ATH for this token is yet to be achieved, but the investor is suggesting that this surge in addresses is likely from bot activity not real, first-time, real people. The increase in wallet addresses driven by this bot is likely to mislead the market into thinking Solana’s user base is growing rapidly. Yet, a substantial fraction of addresses possess meaningful SOL balances, proposing user engagement might not be as high as the numbers would suggest. Since Solana has rallied recently, the investor anticipates a swift correction, with the Solana price trending back into more stable levels.
Rexas Finance (RXS) Attracts Investor Attention
Solana’s future is uncertain, while the investor is pretty bullish on Rexas Finance (RXS). In the project, they become pioneers of Real-World Asset (RWA) tokenization, which is fractional ownership of real estate and gold through digital tokens. This approach can provide access to opaque markets that are not open to global investors, which is attractive to those investors searching for liquidity and lower transaction costs. The presale for Rexas Finance has already raised over $3.6 million, with tokens priced at $0.06 in Stage 4. Based on the platform’s tokenomics and innovative use cases, we think this platform will see massive growth in the next bull market. Analysts say RxS could crescendo and become a must-have in any crypto portfolio. The project’s raising funds and listing on CoinMarketcap have increased its visibility among traders. Rexas Finance will have a supply of 1 billion tokens, with a $1 million giveaway to kick off. RXS can bring in big returns from the investor’s point of view because RWA tokenization continues to give back as more investors start to understand the potential.
Chainlink (LINK) Positioned for Growth
Chainlink (LINK) is another altcoin that the investor likes and continues to grow its position in the blockchain ecosystem. Chainlink’s decentralized oracles bridge the gap between smart contracts on the blockchain and outside information; this is especially important for decentralised finance (DeFi), NFTs, and other blockchain applications. Chainlink’s services are increasingly becoming important as the need for decentralized applications (dApps) rises. Chainlink has some strong partnerships built with the leading DeFi projects, and it has integrated with multiple blockchain ecosystems. Chainlink is a key player in future blockchain technology through these collaborations. Chainlink is a strong candidate for exponential returns in the next rally because they believe the investor that the growth potential of Chainlink and the mounting use of oracles make it a good bet. As with any other established platform, the demand for its services will increase with time as users find Chainlink’s efficient and secure Oracle solution to be the preferred choice. With this growing need for reliable data in smart contracts, Chainlink has an edge over the rest of the industry. LINK is viewed as a valuable asset by investors to drive long-term growth in the blockchain space.
Conclusion
Despite recent excitement around Solana’s growth, experts remain skeptical about its chances of reaching a new ATH in 2024. The inflated number of active wallet addresses, driven by bots and low balances, suggests that genuine user interest may be lower than expected. In contrast, Rexas Finance and Chainlink offer more promising opportunities for significant returns, with both projects poised to benefit from future market developments.
Website: https://rexas.com
Whitepaper: https://rexas.com/rexas-whitepaper.pdf
Twitter/X: https://x.com/rexasfinance
Telegram: https://t.me/rexasfinance
Source: https://finbold.com/heres-why-one-solana-investor-says-sol-wont-see-a-new-ath-in-2024-reckons-these-2-altcoins-will-do-better/