3 months ago
A recent ‘Navigating Narratives’ report by K33 Research provided insights connected however to commercialized altcoins. Interestingly, arsenic portion of their analysis, they highlighted Solana (not ETH) arsenic the main absorption and elaborated connected wherefore this was so.
Why Solana Is The Main Focus
The report, written by DeFi Analyst David Zimmerman, stated that they were focusing chiefly connected buying SOL if determination was an accidental to bargain lower. They assertion the crushed for this is that “SOL has solidified its place successful the marketplace arsenic 1 of the marketplace leaders.” They besides expect that SOL’s outperformance of ETH volition proceed successful this marketplace cycle.
Meanwhile, Zimmerman highlighted however SOL’s on-chain enactment has continued to flourish and noted that the communicative of SOL being ETH’s main rival was inactive intact. The Solana network has agelong been dubbed the “Ethereum Killer,” with the content that the former volition dethrone the latter astatine immoderate point.
Indeed, Solana has gone toe-to-toe with Ethereum successful caller times, momentarily surpassing it successful important metrics. Back successful December, Solana ranked supra Ethereum successful seven-day DEX measurement for the archetypal clip successful past and outperformed it successful NFT trading measurement during that aforesaid period. More recently, Solana’s Jupiter outranked Ethereum’s Uniswap successful regular trading volume.
SOL besides outperformed ETH past year, with the erstwhile seeing a summation of astir 1000%. Crypto expert Santiago Santos besides recently gave his opinion connected Solana and Ethereum’s combat for dominance. Comparing Ethereum’s tally during the ICO roar to Solana’s existent run, helium noted that Solana had an borderline since it has “applications seeing meaningful usage and growth.”
This happens to beryllium 1 of the reasons helium believes that Solana volition “converge connected Ethereum faster than astir believe.”
What Price Levels Present Buying Opportunities For SOL
Having explained wherefore SOL was the main absorption among altcoins, the Navigating Narratives study highlighted terms levels they were eyeing successful lawsuit successful lawsuit the marketplace gives deeper pullbacks for SOL. These levels include the $70, $50 and $30 terms range.
However, they noted that they weren’t expecting the $30 bargain bid to beryllium filled since it would necessitate a clang similar the 1 that happened successful March 2020. This was the period erstwhile Bitcoin mislaid astir fractional of its worth successful a two-day plunge. Other crypto tokens besides experienced akin symptom then.
Meanwhile, if SOL continues to rally, K33 Research highlighted the $115 and $140 terms ranges arsenic perfect areas for selling and taking profits.
At the clip of writing, SOL is trading astatine astir $99, up successful the past 24 hours according to data from CoinMarketCap.
Featured representation from Adobe Stock, illustration from TradingView
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