Why This Crypto Report Suggests Solana As A Main Focus For The Next Bull Market
03 February 2024 - 11:50PM
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A recent ‘Navigating Narratives’ report by K33 Research provided
insights on how to trade altcoins. Interestingly, as part of their
analysis, they highlighted Solana (not ETH) as the main focus and
elaborated on why this was so. Related Reading: Chainlink
Price Surge Powers Altcoin Market, Bulls Aim For $20 Target Why
Solana Is The Main Focus The report, written by DeFi Analyst David
Zimmerman, stated that they were focusing primarily on buying SOL
if there was an opportunity to buy lower. They claim the reason for
this is that “SOL has solidified its place in the market as one of
the market leaders.” They also expect that SOL’s outperformance of
ETH will continue in this market cycle. Meanwhile, Zimmerman
highlighted how SOL’s on-chain activity has continued to flourish
and noted that the narrative of SOL being ETH’s main competitor was
still intact. The Solana network has long been dubbed the “Ethereum
Killer,” with the belief that the former will dethrone the latter
at some point. Indeed, Solana has gone toe-to-toe with
Ethereum in recent times, momentarily surpassing it in significant
metrics. Back in December, Solana ranked above Ethereum in
seven-day DEX volume for the first time in history and outperformed
it in NFT trading volume during that same period. More recently,
Solana’s Jupiter outranked Ethereum’s Uniswap in daily trading
volume. Solana currently trading at $98.9700 on the daily
chart: TradingView.com SOL also outperformed ETH last year, with
the former seeing a gain of about 1000%. Crypto analyst Santiago
Santos also recently gave his opinion on Solana and Ethereum’s
fight for dominance. Comparing Ethereum’s run during the ICO boom
to Solana’s current run, he noted that Solana had an edge since it
has “applications seeing meaningful usage and growth.” This
happens to be one of the reasons he believes that Solana will
“converge on Ethereum faster than most believe.” What Price Levels
Present Buying Opportunities For SOL Having explained why SOL was
the main focus among altcoins, the Navigating Narratives report
highlighted price levels they were eyeing in case in case the
market gives deeper pullbacks for SOL. These levels include the
$70, $50 and $30 price range. Related Reading: Stablecoins
Surge: USDT Leads $400 Million Inflows, Signaling Investor
Confidence However, they noted that they weren’t expecting the $30
buy order to be filled since it would require a crash like the one
that happened in March 2020. This was the period when Bitcoin lost
almost half of its value in a two-day plunge. Other crypto tokens
also experienced similar pain then. Meanwhile, if SOL continues to
rally, K33 Research highlighted the $115 and $140 price ranges as
ideal areas for selling and taking profits. At the time of
writing, SOL is trading at around $99, up in the last 24 hours
according to data from CoinMarketCap. Featured image from
Adobe Stock, chart from TradingView
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