Bull market, NFT drops and rising value: Solana’s predictions for 2024

Published:

  • Solana expects buzz and a potential bull market in the fresh year.
  • NFT airdrops will be one of the factors driving mass adoption.
  • The SAGA phone is still waiting for shipments, but it will be one of the stories for 2024.

Solana may come back as one of the essential hubs for Web3 features. The network supports NFTs, gaming, DeFi and more, and is one of the easiest and affordable ways to distribute Web3 assets. However, using Solana still comes with pitfalls caused by malicious actors.

SOL and its ecosystem were also the latest addition to the Trezor hardware portfolio. This move will affect both fresh owners and older cryptocurrency and blockchain users.

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Here are three factors to watch out for for Solana in 2024. Even with the price boom and fresh designs, Web3 is still in its discovery phase, and protected apply requires awareness of the risks.

Solana dump scams

Solana is one of the networks where multiple discharges occur quickly and frequently. The opportunity to receive an asset for free and potentially make a profit on resale attracts thousands of people to these airdrop events.

Airdrop attacks are therefore becoming more aggressive and linked to the theft of NFTs and other assets. Wallet emptying usually occurs in situations where the end user needs to approve transactions and then the clever contract steals the entire contents of the wallet.

Solana wallets provide transaction simulations to update balances. However, you may be asked to manually approve the transaction. End users need to be aware of risky applications that require manual approval.

Wallet eaters remain popular, and startups are now scrambling to provide tools to isolate risky applications. So far, there are only unofficial lists of potential recipients on Ethereum, Solana and other networks.

The threat did not stop the discharges and there are still predictions that 2024 could be the year of Solana.

Solana bull market: advantages and risks

Based on social media buzz, Solana could be in for a bull run in 2024, setting the stage for prices above $100 again. SOL exceeds $75 at the end of the year and is close to being among the top five coins and tokens.

The Solana ecosystem is also gaining value from its L1 protocols, potentially increasing the market price of SOL due to higher demand.

Late 2023 Solana Total Value Locked (TVL) returned over $1 billion. The fresh trend is still far from the peak set at the end of 2022, but it shows possibilities for recovery. Messari’s analysis also puts Solana among the bullish networks whose growth potentially outpaces ETH’s growth.

However, a bull market move can also result in corrections and significant losses in the event of hacks and exploits.

Solana SAGA phone

Solana is another blockchain project aimed at creating its own brand of phones. Following Finley and Samsung’s attempt to create a phone with a native wallet, SAGA is Solana’s upcoming device intended to support the entire ecosystem.

The SAGA phone can make or break Solana’s reputation. The promises for this device are high, but there are also skeptics and critics. In the meantime, there are challenges and drawings to win SAGA once the device hits the market.

In any case, the launch and deliveries of the SAGA phone will be one of the main narratives around Solana. The device was first mentioned in 2022, and its development took a long time. The goal is to sell a Web3 phone with easier access to NFT, gaming wallet, airdrop and DeFi markets.

Solana has risen above the L1 network list and is fighting for visibility. It is one of the most populated ecosystems and plans to boost mass adoption in 2024. Despite this, Solana still has no influence on Ethereum, which is making its own moves and may continue to lead the Web3 space in 2024.

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