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Solana’s Soaring: A Bullish Resurgence Amidst Crypto Chaos
Rarely do I ever see a weekly chart as bullish as Solana’s.
Amidst the new crypto Spring of 2023/2024 I firmly believe that Solana will be the Phoenix that rises from the ashes of the FTX debacle and 2022 Crypto Winter. One year ago, in November one of the largest crypto exchanges at the time FTX, filed for bankruptcy on November 11th 2022, exactly 363 days later Gary Gensler made a statement that FTX “could” be revived since then the coin which played a big role in the downfall of FTX, ‘FTT’ surged past the $5 mark, which equates to a 5x increase in less than a week. The coin which has absolutely no function or roadmap to anything is likely to crash back down to earth in my opinion. At least the people that lost their investments when the company went bankrupt will get back a little more of their losses. This event should not take center stage, however, for the real winner today was Solana.
Only Possible on Solana part: 2
Solana’s native token ‘SOL’ was also greatly damaged by the FTX collapse. This was because FTX was one of the largest holders of the token and when FTX went down it took SOL which had already been devastated along with the entire crypto sector down with it. The result was that Solana remained the most oversold crypto out of all the major coins. In December 2022 SOL hit a low of $8, after trading down approximately 97% from its all-time high reached the same time as Bitcoin’s, November 2021.
Solana, all time highs to bottomAlthough all major coins hit a low around December 2022, Bitcoin and many others started to pump back at the start of 2023. This can be seen on monthly chart containing both BTC and SOL. As evident on the chart Solana’s late start to this crypto bull season did not last as the coin has gained roughly 4 times that of Bitcoin since the December 2022 lows.
Monthly SOL/BTCAfter today’s tremendous rise of around 25%, Solana has risen 446% from those lows. The difference between the two tokens FTT and SOL is key and critical for any investor to know before risking any capital. FTT is most likely a pump and dump scheme, for instance the LUNA token which was responsible for kicking off the Crypto Winter, was also exhibiting huge gains on the day both Luna classic and Luna both exhibited gains exceeding Solana’s today. However, it is important for traders to know the difference between these ‘hype’ coins and Solana which has a bright future ahead of it.
A lot of these differences were highlighted in this year’s ‘Breakthrough 2023’ the annual convention which highlights the achievements both recent and ongoing on the coin that I believe will become the ‘Ethereum’ of 2023 – 2024. The event spoke of so many developments in the Solana ecosystem that I cannot cover them all in this brief editorial but include new and active partnerships with Google Cloud, Circle (USDC), and Star Atlas. These partnerships are possibly overshadowed by the fundamentals, which include Solana processing more transactions than all other layer 1 blockchains combined and that Solana has surpassed Ethereum in daily active wallets.
This pump in altcoins such as Solana’s meteoric rise and Ethereum’s double-digit gains yesterday is typical of Alt. Season, a term used to describe a period when alternative coins, i.e., other cryptocurrencies besides Bitcoin gain much more than Bitcoin itself. This rotation into riskier alt. coins usually precedes a period in which the most dominant crypto (Bitcoin) exhibits tremendous gains. This cycle is playing right into the historical and future timeline of Bitcoin’s expected rise around its next halving set for Spring of 2024.
My own equation for forecasting Bitcoin’s price at the next halving event (created in May 2020) can be seen here.