BREAKING NEWS Breaking News: Marinade Staked SOL Smashes 10M Milestone: Will...

Breaking News: Marinade Staked SOL Smashes 10M Milestone: Will MSOL Price Explode in 2024?

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In a significant development for staking, Marinade achieved a notable milestone by officially surpassing a remarkable 10 million SOL stake!  Now, will the MSOL price explode in 2024? Let’s take a look at this MSOL Price article in more detail.

What Is Marinade Staked SOL?

According to the official X account, With over 10 million SOL tokens staked across a decentralized network featuring 100+ high-performing validators, Marinade has solidified its position as a leading player in the realm of decentralized finance (DeFi). The achievement includes an impressive +6.5 million in mSOL liquid staking and an additional +3.5 million in Marinade Native, marking a substantial stride towards the platform’s mission of advancing liquid staking protocols on the Solana blockchain.

Marinade.Finance stands as the pioneer Liquid staking protocol constructed on the Solana blockchain, with backing from the Solana Foundation. Participants engage in staking their SOL tokens with Marinade, leveraging automated staking strategies for the delegation of SOL to validators. 

In return, users are issued “staked SOL” tokens known as mSOL. These mSOL tokens can be utilized within the realm of decentralized finance (DeFi) or seamlessly exchanged back to the original SOL tokens whenever users choose to unstake.

Founded in 2021 following notable recognition at a Solana hackathon, Marinade has emerged as the foremost staking platform on the Solana blockchain. Beyond providing a user-friendly avenue for network validation and yield generation, Marinade has positioned itself as a frontrunner in the field of liquid staking.

Liquid staking has gained immense popularity by addressing a key challenge associated with traditional staking—token lock-up. Marinade, as a liquid staking provider, issues tokenized receipts for staked assets, enabling investors to maintain liquidity while earning additional yield.

In this regard, Marinade issues stakes mSOL, a token that finds utility in various DeFi applications. Moreover, it is seamlessly exchangeable for other tokens such as SOL, ensuring stakers can easily maintain liquidity.

These factors contribute to Marinade recently surpassing the milestone of 10 million SOL staked on its platform. Despite the nascent stage of the liquid staking sector on Solana, Marinade exhibits promising potential.

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How has the MSOL price moved in recent days?

MSOL/USD Daily Chart- TradingView

The current price of MSOL stands at $86.93, exhibiting a 5.55% increase in the past 24 hours. The 24-hour trading volume is $446,909. Marinade staked SOL achieved its peak 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, plummeting to an all-time low of $8.97, marking a cycle low. Since the all-time high, the lowest price reached was $8.97. 

Notably, the highest MSOL price since the last cycle low was $87.72, representing a cycle high. The current sentiment for Marinade staked SOL price prediction is bullish, complemented by a Fear & Greed Index indicating 73 (Greed).

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Why is the MSOL Price Up?

Marinade has reached a significant milestone, officially surpassing an impressive 10 million SOL stake! This accomplishment underscores the steadfast support from the community and highlights the remarkable strides made throughout 2023. With more than 10 million SOL tokens staked across a decentralized network boasting 100+ high-performing validators, Marinade has cemented its standing as a key player in the decentralized finance (DeFi) sector. 

Noteworthy achievements include a remarkable +6.5 million in mSOL liquid staking and an additional +3.5 million in Marinade Native. These accomplishments 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 the MSOL Price Prediction for 2024?

Analyzing the recent performance of MSOL, it is evident that the token has displayed remarkable strength and resilience in the crypto market. Over the past year, the MSOL Price has surged impressively, marking an impressive 490% increase. 

This outstanding growth has outpaced a staggering 94% of the top 100 crypto assets, showcasing MSOL as a standout performer in the market. Notably, it has even outperformed major players like Bitcoin and Ethereum. 

The current position above the 200-day simple moving average is indicative of a sustained bullish trend. With 17 green days recorded in the last 30 days, constituting 57% of the period, the positive momentum appears robust. Additionally, trading near the cycle high further reinforces the token’s potential for continued upward movement. Considering these factors, the outlook for MSOL remains optimistic, and traders may anticipate further gains in the near future.

Considering today’s classical pivot point (P1) at $82.81 for Marinade staked SOL, the support and resistance levels provide crucial insights for traders. The support levels are identified at $80.13, $75.01, and the strongest support at $72.32. These levels suggest potential areas where the price may find buying interest or encounter a rebound. 

On the flip side, the resistance levels stand at $87.94, $90.62, and $95.75, indicating points where selling interest might emerge, potentially causing a pause or reversal in the upward movement. 

The current assessment of Marinade Staked SOL suggests a low-risk profile, determined by an analysis of its susceptibility to manipulation based on recent market dynamics. 

This evaluation takes into account the amount of capital required to influence its price over the past 24 hours, coupled with an examination of alterations in trading volume and market cap. The risk gauge operates on a scale from 0 to 100, where lower scores indicate higher risk and higher values signify lower risk. 

In the case of MSOL, the analysis of its price volatility over the last 24 hours yields a low-risk classification. This is attributed to the combination of its price volatility and changes in trading volume, instilling confidence among investors in the token’s current manipulability. Investors may find assurance in the token’s stability, potentially influencing their decision-making in the market.

Integration with other successful DeFi projects or platforms could expand Marinade’s reach and utility, potentially attracting more users and investors. Based on this there is a prospective price range for MSOL in the coming year, spanning from $80 to $260. This projection suggests the possibility of Marinade Staked SOL experiencing a substantial increase, potentially exceeding 200%, and reaching the upper target of $260 if it attains the higher value target set for 2024. 

Investors and traders may find these projections valuable in formulating their strategies and assessing the potential for significant price movement in the year ahead. 

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