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 đŸ§”đŸ‘‡

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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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