Galaxy Research Forecasts 2026: Brace for BTC Volatility, a Solana Power Shift, and a Massive Stablecoin Surge
Get ready for a year where the only constant is change. Galaxy Research's latest forecast paints a picture of a crypto landscape in 2026 defined by seismic shifts, where old paradigms get challenged and new capital floods in.
The King Gets Restless
Bitcoin won't be taking a quiet victory lap. Analysts are signaling major volatility ahead, with the flagship asset poised for dramatic price swings that will test the nerves of long-term holders and create a paradise for tactical traders. The coming turbulence is expected to redefine what 'store of value' really means in a digital age.
Solana's Network Effect Moment
Watch for a fundamental power shift toward Solana. The narrative isn't just about speed or low fees anymore; it's about a critical mass of developers and users consolidating on a single, high-performance chain. This migration could siphon momentum from other ecosystems, reshaping the entire altcoin hierarchy as projects chase the liquidity and attention.
The Quiet Giants Awaken
While the spotlight often follows speculative assets, the real engine of growth will be stablecoins. Prepare for a surge in adoption that dwarfs the noise from the rest of the market. This isn't about price appreciation—it's about utility, as these digital dollars become the indispensable plumbing for everything from decentralized finance to, ironically, the very traditional payments they were meant to bypass.
For all the talk of disruption, the biggest story might be how crypto's most boring asset class finally gets the respect—and the balance sheet—it deserves. After all, what's more traditional finance than chasing yield on a digital dollar? Some things never change.
Solana, Layer-1s, and a Shift in Value Capture
Beyond Bitcoin, the Galaxy analysis looks at the creation and retention of value through blockchains.
On Solana, the company forecasts Internet Capital Markets to increase from the current level of $750 million to $2 billion due to the demand for tokens representing real businesses as opposed to speculation. This also indicates a focus on real outcomes in the network.
Galaxy doesn’t think that Solana’s inflation debate will be resolved by 2026. What’s proposed currently for SIMD-0411 will likely be abandoned as the focus will be on changes to market structures rather than money.
On the whole, Galaxy believes that app revenues will increase to be more than network revenues. With fees going down and MEV decreasing, apps WOULD finally capture a larger portion of on-chain economic activity.
Source: Galaxy Research
This could trigger at least one of the major LAYER 1 chains to launch an app that generates revenue right into its own protocol, thereby enhancing protocol token economics.
Stablecoins, DeFi, and Finance Moving Onchain
According to a report, there are major changes in payment and capital markets. Stablecoins are expected to outrun ACH networks in terms of volume of funds moved, since supply is increasing steadily and regulations are better defined.
Source: Galaxy Research
This is also in line with Galaxy’s view that several popular bank-backed stablecoins will consolidate into a few that would be selected as favorites by users.
However, the SEC may grant limited exceptions for tokenized securities to operate in the DeFi space, but the traditional financial world is expected to resist.
Source: Galaxy Research
On the other hand, DeFi is expected to increase, with decentralized exchanges handling over 25% of the total spot trading activity in 2026. Galaxy also forecasts increased activity in crypto-backed lending, privacy coins, and prediction markets.
