Sol Strategies Emerges as an Excellent Beta Solana Project, Showing Strong Correlation With SOL

Sol Strategies, a Canadian publicly-traded holding company, has emerged as an excellent beta Solana project, showing a strong correlation with the popular altcoin.

Sol Strategies (TSX:SHO,OTCQB:CYFRF) shares have skyrocketed an incredible 107% over the past 30 days. A significant portion of this surge can be attributed to the ongoing bull rally in the cryptocurrency market, which has seen Bitcoin and other major coins achieve substantial gains. Since April 21, two days before Sol Strategies announced its landmark $500 million convertible note facility to expand its Solana (CRYPTO: SOL) holdings, shares of the company have soared by nearly 200%.

As Sol Strategies continues its partnership with DigitalX and kicks off its journey with Superstate, the company appears poised for a strong bullish continuation, establishing it as one of the best Solana stocks to buy today. Investors can buy SOL Strategies stock, listed under the ticker symbol HODL on the Canadian Securities Exchange and CYFRF on the OTCQB.

Meanwhile, traders seeking alternative beta bets on Solana may want to consider Solaxy (SOLX), a new presale token that is rapidly emerging as one of the standout picks in 2024, attracting significant "whale" investments.

Sol Strategies - The MicroStrategy of Solana

Sol Strategies, a Toronto-listed digital asset company, is successfully establishing itself as the Microstrategy (NASDAQ:MSTR) of Solana.

Last month, the company signed an agreement with ATW Partners for the issuance of a $500 million convertible note. The goal is to expand Sol Strategies’s existing Solana holdings, and the purchased $SOL will be staked on validators operated by Sol Strategies.

Last week, the company announced that it has now fully deployed the initial $20 million tranche received from ATW, acquiring 122,524 $SOL at an average price of $148.96.

Sol Strategies now has a holding of 395,708 $SOL, which is valued at nearly $69.64 million. Although the company is still in the early stages of executing the Microstrategy playbook, investors have quickly recognized its potential.

Popular crypto influencer Gum (@0xGumshoe) highlights how Sol Strategies could soon hold nearly 0.5% of all SOL - assuming Solana’s fully-diluted market capitalization remains $105 billion after the company fully deploys its $500 million note.

$480M of $SOL buy pressure coming. From one single player. @solstrategies_ has already bought $20M in May. They’re aiming for up to $500M in the future.

Think that’s not a lot?

> Saylor owns ~2.4% of BTC.

> They could buy up to 0.5% of all SOL.

Almost no one's talking about… pic.twitter.com/8Gfafl0J7h

The company is also continuing to expand its presence in the Solana ecosystem. For instance, a publicly-traded Australian firm DigitalX (ASX:DXL) is partnering with Sol Strategies for its Solana staking.

Last week, Sol Strategies also announced plans to tokenize its shares on the Solana blockchain using Superstate’s regulated “Opening Bell” platform - aiming to be the first public issuer to do so.

In a bid to further engage with retail investors, Sol Strategies has launched the Orangefin mobile application. Available on Android, iOS and Solana Mobile, the application will allow users to stake their SOL and collect rewards directly through their phones.

INTRODUCING THE ORANGEFIN MOBILE APP:

Now available on Android, iOS, and @solanamobile !

- Stake SOL from your phone

- No seed phrases required

- 0% commission & one of the highest APYs

- App audited by @HalbornSecurity 🔒

Download today! pic.twitter.com.com/1pAIZ1VLuD

Next up, Sol Strategies CSO Michael Hubbard will be speaking at the Solana Conference on June 14.

Sol Strategies Stock Price Doubles In 30 Days - Still Strong Upside?

Shares of Sol Strategies have emerged as one of the best Solana beta projects and crypto stocks to invest in.

Following its April 21st bottom, the tech stock has appreciated by nearly 200% and is currently up by nearly 100% over the past 30 days. However, the stock still has significant upside potential, as indicated by its bullish technicals.

Sol Strategies has now flipped its macro downtrend, which is highlighted in yellow on the chart. Moreover, its Elliot Wave counts suggest that the stock is still in its 3rd impulsive wave. The subsequent 4th and 5th waves could potentially propel the stock to a new all-time high, especially since investors are anticipating a strong bull rally continuation in the crypto market.

What Are Whales Pouring Millions Of Dollars In For?