Some think the rally is slowing, while others predict $SOL could hit $600 to $1000 soon.
After diving deep into the data surrounding SOL, I've found some intriguing insights...
Here's why both SOL and Solana memes could still see another x+ surge this cycle 🧵👇
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1/ Few have experienced the journey that Solana has
- The way SOL plummeted from $200 to $8 amid widespread FUD, which was, in fact, valid
- Then, it nearly reached its all-time high again, emerging as one of the top performers this cycle
- That’s what sets Solana apart.
2/ I have been steadily building my positions in $SOL for quite some time, and I have faith in the blockchain itself.
- While there are discussions suggesting that the Solana cycle has ended and that it might be fragile,
I am convinced that the SOL rally is just getting started, and here’s why👇
3/ SOL/ETH Chart Update
- The SOL/ETH pair has successfully breached the resistance level on the weekly chart.
- After the chart stabilizes and this resistance transforms into a support level, we anticipate significant growth for SOL.
5/ Gambling on Solana
- Meme coins have clearly become the biggest narrative of the 2024 cycle
- Retail traders want to gamble, just like regular people who see this as a casino and a chance to make 1000x
- An influx of new users = an influx of liquidity = growth
5/ Volume
- The trading volume of SOL has surged 66-fold, fueled by the growing popularity of meme coins.
- Furthermore, SOL's decentralized exchange (DEX) volume has recently exceeded that of ETH over a 30-day period.
6/ Solana Revenue Compared to Other L2s
- The strong emphasis on meme coins within Solana has significantly influenced its revenue streams.
- On July 29th, Solana's revenue surpassed the combined total of Ethereum, Arbitrum, Optimism, and Base.
7/ Celebrities Embracing SOL
- A number of celebrities, including Andrew Tate and Iggy Azalea, have publicly expressed their interest in SOL.
- This celebrity endorsement has significantly boosted its visibility, attracting attention from individuals who may not be familiar with cryptocurrency.
- Consequently, this increased exposure is likely leading to a surge in new users joining the SOL community.
8/ Devs Activity
- Developer activity on Solana dropped significantly from its peak in 2022 but is now starting to grow again
- More developers mean greater interest in SOL as a blockchain on a fundamental level, which ultimately also signals growth.
9/ Real World Investors Choosing Solana
- Asset managers are choosing SOL as an investment
- Hamilton Lane, with $920B in AUM, has recently launched a fund on Sol
SOL is being talked about on CNBC, making it the 1st alt, aside from ETH, to achieve this level of recognition
10/ SOL ETF
- Following the relatively successful launches of BTC and ETH ETFs, speculation surrounding a SOL ETF began to emerge
- Recently, those rumors were validated, with numerous companies submitting applications for SOL ETFs
- This development is bound to have a beneficial effect on Solana as well.
11/ The Flip Side of Solana
- It's crucial to acknowledge the criticisms directed at Solana, with many likening it to a fragile house of cards.
- The rise of meme coins has resulted in a surge of rug pulls, fraudulent transactions, and inflated trading volumes.
Let me clarify what this entails:
12/ To boost the visibility of a token, developers may resort to using bots to artificially inflate transaction numbers and trading volume.
This suggests that a portion of the volume reported by DeFiLlama for SOL is not genuine, and when the hype diminishes, Solana might face a temporary drop in value.
13/ Overall, I don't view this as a significant issue or consider SOL to be overvalued, particularly in the long run.
- However, it's essential to examine both perspectives.
- I remain optimistic about SOL, given all the relevant factors, and I believe that reaching $1,000 per SOL is a realistic target.
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