If you're bearish on $SOL, you're missing the technical and/or fundamental setup. In either case, you are missing out on a massive opportunity to double your money at current levels, if not 50x over the course of the next several years. That's right, I think SOL could hit $1,000 next cycle. However, that's for another post.
Bullish Fundamentals:
• Currently the most hated L1, which is eerily similar to $BTC maxis bashing $ETH for the past several years. For a chain that people are so convinced of going to zero, it's amazing how much attention and hate people send its way. Said differently, people see SOL as a real threat.
• One of the most active communities besides BTC and ETH.
• One of the most active chains in terms of developers.
• Cheapest and fastest transactions.
• Daily (non-vote) transactions > all other L1s and L2s combined.
• Backed by large institutions, with several others building on top of it.
• More decentralized than any other L1 or L2 (see Nakamoto Coefficient).
• Well positioned to dispel lots of "bad narratives," such as the association with SBF, being VC-backed, network going down, etc.
• Taking a different approach to scalability. ETH, L2s, and EVM chains are all betting on their approach to scalability working, which many think will prove to be a failure come next bull market when all become incredibly congested like we see time and time again.
• Lots of cool new innovation on the horizon; Jump's Fire Dancer scalability solution, Solana Saga mobile phone, real world assets picking up steam, innovative projects like Helium transitioning to Solana, etc.
Bullish Technicals:
• Appears to have found a bottom after correcting -97% from top to bottom over the past year, which is eerily similar to ETH in the 2018-2019 bear market.
• Pushing up against 200D and 50D moving averages.
• On the cusp of breaking out of a +1 year long descending channel.
• Tightening Bollinger bands.
As I see it, all the aforementioned fundamentals and technicals make for a powder keg that is set to explode in the short-, medium-, and long-term. Once SOL starts to break out of the current channel, we could see it rerate higher and place itself above other top crypto projects that have a less active community, weaker innovation, limited utility, and inefficient designs (ADA, DOGE, MATIC, BNB, etc.). For a top 20 project that has weathered so much bad news over the past 1/1.5 years, it's incredible that the community remains so vibrant and innovation is chugging along. No large cap cryptoasset is better positioned than SOL to surprise to the upside.
Bullish Fundamentals:
• Currently the most hated L1, which is eerily similar to $BTC maxis bashing $ETH for the past several years. For a chain that people are so convinced of going to zero, it's amazing how much attention and hate people send its way. Said differently, people see SOL as a real threat.
• One of the most active communities besides BTC and ETH.
• One of the most active chains in terms of developers.
• Cheapest and fastest transactions.
• Daily (non-vote) transactions > all other L1s and L2s combined.
• Backed by large institutions, with several others building on top of it.
• More decentralized than any other L1 or L2 (see Nakamoto Coefficient).
• Well positioned to dispel lots of "bad narratives," such as the association with SBF, being VC-backed, network going down, etc.
• Taking a different approach to scalability. ETH, L2s, and EVM chains are all betting on their approach to scalability working, which many think will prove to be a failure come next bull market when all become incredibly congested like we see time and time again.
• Lots of cool new innovation on the horizon; Jump's Fire Dancer scalability solution, Solana Saga mobile phone, real world assets picking up steam, innovative projects like Helium transitioning to Solana, etc.
Bullish Technicals:
• Appears to have found a bottom after correcting -97% from top to bottom over the past year, which is eerily similar to ETH in the 2018-2019 bear market.
• Pushing up against 200D and 50D moving averages.
• On the cusp of breaking out of a +1 year long descending channel.
• Tightening Bollinger bands.
As I see it, all the aforementioned fundamentals and technicals make for a powder keg that is set to explode in the short-, medium-, and long-term. Once SOL starts to break out of the current channel, we could see it rerate higher and place itself above other top crypto projects that have a less active community, weaker innovation, limited utility, and inefficient designs (ADA, DOGE, MATIC, BNB, etc.). For a top 20 project that has weathered so much bad news over the past 1/1.5 years, it's incredible that the community remains so vibrant and innovation is chugging along. No large cap cryptoasset is better positioned than SOL to surprise to the upside.