SOL
Solana Market Cap Set To Skyrocket 1,000%: Crypto Fund CEO
Published
2 months agoon
By
adminJoe McCann, the CEO and CIO of the crypto hedge fund Asymmetric, recently made a bold statement on X (formerly Twitter), forecasting a $1 trillion market cap for Solana. McCann’s argument hinges on several key points that detail why he believes Solana has achieved product-market fit (PMF) as “The Chain for Retail,” juxtaposing it against Ethereum’s challenges and perceived shortcomings for retail users.
Solana Beats Ethereum
McCann critiques Ethereum for not being designed with retail in mind, pointing out its slow and expensive Layer 1 (L1) transactions, alongside the user experience (UX) nightmare posed by its numerous Layer 2 (L2) solutions. He states, “Ethereum is not a chain designed for retail – the L1 is too slow and expensive and the L2s are (currently) a UX nightmare.”
The friction for new users, fragmented liquidity across over “40 L2s”, and the complications with bridging are highlighted as significant barriers to Ethereum’s adoption by a broader retail audience.
Turning his attention to corporate-backed open-source projects like Coinbase’s L2 solution, Base, McCann acknowledges their potential to solve some UX issues. However, he also notes the inherent priority of such projects to serve corporate interests, often at the expense of broader community needs.
Despite his critique, he admits, “Most corporate open source ultimately ends up serving corporate priorities…and it should!” This acknowledgment underscores the complexity of balancing corporate involvement in blockchain development with the ecosystem’s decentralized ethos.
McCann attributes Solana’s rise to its ability to serve the retail segment effectively, particularly through its association with memecoins and speculative trading. Describing Solana as originally being “Blockchain at Nasdaq speed” for its high throughput and low latency, he notes a pivotal shift in its narrative towards retail.
He observes, “Not once has the concept of being The Chain for Retail™️ ever surfaced. Until now.” This shift is largely credited to Solana’s embrace by the memecoin community and the speculative trading that follows, marking a clear PMF with retail users.
Highlighting the explosion of memecoin speculation on Solana, especially post-NFL season, McCann points out, “Since the NFL season ended, speculation on memecoins has exploded…BONK and WIF are on Solana. […] Thousands of them are being created everyday and trading volumes are exploding.”
The extensive creation and trading volumes of these coins on Solana are seen as a testament to its appeal and utility for retail speculators. Notably, the majority of memecoins is on Solana, not Ethereum.
”Trading Bots aka the ‘Robinhood-ification of crypto’ has been driving the majority of the trading due to its…great UX. […] And the majority of those bots are trading memecoins on Solana. Solana is now consistently flipping Ethereum in DEX volumes yet for some reason, SOL is still 1/4th the value of Ethereum, it was 1/8th just a few days ago,” McCann noted.
He contrasts Solana’s market cap with Ethereum’s, using their relative valuations to argue for Solana’s growth potential. With Ethereum valued at just under $500 billion and Solana at about $115 billion, he suggests that Solana’s path to a $1 trillion market cap represents a nearly 10x growth opportunity, far outpacing the potential for Ethereum.
“ETH to $1T is a double. SOL to $1T is nearly a 10x. Which horse are you gonna bet on? The fastest one, obviously,” McCann concludes, encapsulating his bullish outlook for Solana based on its retail-friendly ecosystem and the vibrant activity around memecoins.
At press time, Solana traded at $201.27.
Featured image from Euronews, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Altcoin
Here’s Why This Analyst Is Predicting A Rise To $360
Published
2 weeks agoon
May 8, 2024By
adminRecently, a popular crypto trader and YouTuber has predicted a substantial surge in Solana price, forecasting it could reach as high as $360 soon.
This prediction is underpinned by a technical pattern on Solana’s chart—a bullish signal suggesting a potential reversal from bearish to bullish momentum.
Technical Insights Into SOL Potential $360 Rise
According to the trader, CryptoJack on X, SOL has developed a “rounding bottom pattern” over an extended period, indicating it is on the brink of a significant breakout.
Notably, the ’rounding bottom’ pattern, characterized by a gradual decline followed by a stabilizing trend and an upward breakout, is a classic bullish indicator in technical analysis.
CryptoJack’s analysis points out that Solana is setting up for a significant uptick, aiming for a price target double its current value of approximately $146.
Solana formed a rounding bottom pattern over many weeks and is primed for an explosion any moment now.
I entered a Long position on $SOL and expect it to break ATHs this year! #Solana pic.twitter.com/ApUazaXXz5
— CryptoJack (@cryptojack) May 8, 2024
Not only does CryptoJack see a bright future for Solana, but other analysts, such as Altcoin Sherpa, also maintain a bullish stance, with projections of the token potentially surpassing $500 this year.
This would represent a 300% increase from its current level, adding to the 589% growth it has already achieved year-to-date.
Solana Challenges Ethereum
While Solana has shown notable growth, some of its key metrics are also beginning to keep up the pace. Dan Smith, a senior research analyst at Blockworks, suggests that Solana could soon surpass Ethereum regarding transaction fees and capture Maximal Extractable Value (MEV).
Smith’s analysis of X highlights that Solana’s total economic value is nearing Ethereum’s, indicating its increasing relevance in the blockchain space.
Solana will flip Ethereum in transaction fees + captured MEV this month, maybe even this week
— Dan Smith (@smyyguy) May 7, 2024
Despite this competition, Ethereum maintains a significant lead in daily transaction fees and total value locked (TVL). In the last 24 hours, Ethereum generated over $2.75 million in fees, compared to Solana’s $1.49 million.
Moreover, according to data from DeFillama, Ethereum’s TVL of over $53 billion dwarfs Solana’s $3.96 billion, representing just about 7.2% of Ethereum’s scale.
Meanwhile, Ethereum does not come close to Solana in terms of market performance. Solana has seen quite outstanding growth in the past year, surging by over 500%. On the other hand, Ethereum has only seen a 66% surge over the same period.
Featured image from Unsplash, Chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Altcoins
‘Last Dip Ever’ – Analyst Predicts Solana Rally, Says Three Memecoins Will Surge Alongside SOL
Published
2 weeks agoon
May 8, 2024By
adminA closely followed crypto trader believes that Solana (SOL) just witnessed its last major correction for this market cycle.
Pseudonymous analyst Inmortal tells his 213,300 followers on the social media platform X that SOL bulls successfully defended support at around $120.
The trader shares a chart suggesting that the blue-chip altcoin is now poised to rally to a fresh 2024 high at $320.
“Last dip ever.
SOL.”
At time of writing, SOL is worth $153.45, suggesting an upside potential of nearly 110% if the altcoin hits the analyst’s target.
Inmortal also predicts that a trio of memecoins will rally alongside Solana. The trader is taking a close watch on Floki (FLOKI), which he says looks bullish after retesting the 200 moving average (MA) on the eight-hour chart and reclaiming support at $0.00015.
Inmortal believes that FLOKI will dip to around $0.00017 before surging to $0.00025 later this month.
“IF SOL goes up, THEN FLOKI, DOGE, PEPE go up too.
Especially interested in FLOKI
> Deviation + Retest + 200 MA
> A bit lagged.”
At time of writing, FLOKI is trading at $0.000179.
Another coin on the trader’s radar is Seedify.Fund (SFUND), an incubator and launchpad specializing in blockchain gaming. According to the analyst, SFUND is currently in the process of cementing the $2.60 level as support.
“Retesting a 578 days accumulation, for the second time.
Definitely, you don’t see this every day.
SFUND.”
Looking at the trader’s chart, he seems to predict that SFUND will rally to $6 in the coming months. At time of writing, SFUND is trading at $2.65.
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Altcoins
Solana Co-Founder Says Cosmos and One SOL Rival Are Clear Winners in Building Sovereign Blockchains
Published
3 weeks agoon
May 2, 2024By
adminSolana (SOL) co-founder Raj Gokal is naming two blockchains that have a head start in the sovereign blockchains crypto sub-sector.
At a TOKEN2049 panel discussion, Gokal says that Avalanche (AVAX) and Cosmos Hub (ATOM) are “the clear winners” with regard to sovereign blockchains.
A sovereign blockchain is typically under the control of a single entity, unlike public blockchains such as Bitcoin (BTC) which are decentralized.
According to Gokal, Cosmos Hub and Avalanche have some differences that set them apart.
“Cosmos is an old-school project and it’s not that coordinated. I think Avalanche brings the coordination and the ability for developers to configure their own chains how they want. So I like that about their design. And obviously, it’s a function of Emi’s [Gün Sirer] DNA and his great vision as a founder.”
On the Avalanche founder Emin Gün Sirer, Gokal further says,
“I think Solana loves competition. We love fierce competition, we love honest competition from people who have ferocity about the ideas they’re bringing to the table.
And I think Emin is probably the most ferocious layer-1 [blockchain] founder that I know. And he never backs down from a fight. But he will shake your hand behind the stage and he’s friends with everyone. And he’s been very supportive of a lot of founders.
So I think as an individual I have a lot of respect for Emin and what he’s brought to the space.”
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