Crypto Report Suggests Solana A Main Focus For Next Bull Market

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A recent ‘Navigating Narratives’ report by K33 Research provided insights connected really to waste and acquisition altcoins. Interestingly, arsenic portion of their analysis, they highlighted Solana (not ETH) arsenic nan main attraction and elaborated connected why 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 location was an opportunity to bargain lower. They declare nan logic for this is that “SOL has solidified its place successful nan marketplace arsenic 1 of nan marketplace leaders.” They besides expect that SOL’s outperformance of ETH will proceed successful this marketplace cycle. 

Meanwhile, Zimmerman highlighted really SOL’s on-chain activity has continued to flourish and noted that nan communicative of SOL being ETH’s main competitor was still intact. The Solana network has agelong been dubbed nan “Ethereum Killer,” pinch nan belief that nan former will dethrone nan latter astatine immoderate point. 

Indeed, Solana has gone toe-to-toe pinch Ethereum successful caller times, momentarily surpassing it successful important metrics. Back successful December, Solana classed supra Ethereum successful seven-day DEX measurement for nan first clip successful history and outperformed it successful NFT trading measurement during that aforesaid period. More recently, Solana’s Jupiter outranked Ethereum’s Uniswap successful regular trading volume. 

Solana presently trading astatine $98.9700 connected nan regular chart:

SOL besides outperformed ETH past year, pinch nan erstwhile seeing a summation of astir 1000%. Crypto expert Santiago Santos besides recently gave his opinion connected Solana and Ethereum’s conflict for dominance. Comparing Ethereum’s tally during nan ICO roar to Solana’s existent run, he noted that Solana had an separator since it has “applications seeing meaningful usage and growth.” 

This happens to beryllium 1 of nan reasons he believes that Solana will “converge connected Ethereum faster than astir believe.”

What Price Levels Present Buying Opportunities For SOL

Having explained why SOL was nan main attraction among altcoins, nan Navigating Narratives study highlighted value levels they were eyeing successful lawsuit successful lawsuit nan marketplace gives deeper pullbacks for SOL. These levels include nan $70, $50 and $30 value range. 

However, they noted that they weren’t expecting nan $30 bargain bid to beryllium filled since it would require a clang for illustration nan 1 that happened successful March 2020. This was nan period erstwhile Bitcoin mislaid almost half of its worth successful a two-day plunge. Other crypto tokens besides knowledgeable akin symptom then.

Meanwhile, if SOL continues to rally, K33 Research highlighted nan $115 and $140 value ranges arsenic perfect areas for trading and taking profits. 

At nan clip of writing, SOL is trading astatine astir $99, up successful nan past 24 hours according to data from CoinMarketCap. 

Featured image from Adobe Stock, floor plan from TradingView

Disclaimer: The article is provided for acquisition purposes only. It does not correspond nan opinions of NewsBTC connected whether to buy, waste aliases clasp immoderate investments and people investing carries risks. You are advised to behaviour your ain investigation earlier making immoderate finance decisions. Use accusation provided connected this website wholly astatine your ain risk.

Source Investment