{"id":573167,"date":"2024-02-03T12:50:49","date_gmt":"2024-02-03T12:50:49","guid":{"rendered":"https:\/\/wncen.com\/?p=573167"},"modified":"2024-02-03T10:52:02","modified_gmt":"2024-02-03T10:52:02","slug":"why-this-crypto-report-suggests-solana-as-a-main-focus-for-the-next-bull-market","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/why-this-crypto-report-suggests-solana-as-a-main-focus-for-the-next-bull-market\/","title":{"rendered":"Why This Crypto Report Suggests Solana As A Main Focus For The Next Bull Market"},"content":{"rendered":"
A <\/span>recent \u2018Navigating Narratives’ report<\/span><\/a> by <\/span>K33 Research<\/span><\/a> provided insights on how to trade altcoins. Interestingly, as part of their analysis, they highlighted <\/span>Solana (not ETH)<\/span><\/a> as the main focus and elaborated on why this was so.\u00a0<\/span><\/p>\n The report, written by DeFi Analyst David Zimmerman, stated that they were focusing primarily on buying SOL if there was an opportunity to buy lower. They claim the reason for this is that \u201cSOL has <\/span>solidified its place<\/span><\/a> in the market as one of the market leaders.\u201d They also expect that SOL\u2019s outperformance of ETH will continue in this market cycle.\u00a0<\/span><\/p>\n Meanwhile, Zimmerman highlighted how SOL\u2019s on-chain activity has continued to flourish and noted that the narrative of SOL being ETH\u2019s main competitor was still intact. The <\/span>Solana network<\/span><\/a> has long been dubbed the \u201cEthereum Killer,\u201d with the belief that the <\/span>former will dethrone the latter<\/span><\/a> at some point.\u00a0<\/span><\/p>\n Indeed, Solana has gone toe-to-toe with Ethereum in recent times, momentarily surpassing it in significant metrics. Back in December, <\/span>Solana ranked above Ethereum<\/span><\/a> in seven-day DEX volume for the first time in history and outperformed it in NFT trading volume during that same period. More recently, <\/span>Solana\u2019s Jupiter outranked Ethereum\u2019s Uniswap<\/span><\/a> in daily trading volume.\u00a0<\/span><\/p>\n SOL also outperformed ETH last year, with the former seeing a gain of about 1000%. Crypto analyst Santiago Santos also <\/span>recently gave his opinion<\/span><\/a> on Solana and Ethereum\u2019s fight for dominance. Comparing Ethereum\u2019s run during the ICO boom to Solana\u2019s current run, he noted that Solana had an edge since it has \u201capplications seeing meaningful usage and growth.\u201d\u00a0<\/span><\/p>\n This happens to be one of the reasons he believes that Solana will \u201cconverge on Ethereum faster than most believe.\u201d<\/span><\/p>\n Having explained why SOL was the main focus among altcoins, the Navigating Narratives report highlighted price levels they were eyeing in case in case the market gives <\/span>deeper pullbacks for SOL<\/span><\/a>. These levels <\/span>include the $70<\/span><\/a>, $50 and $30 price range.\u00a0<\/span><\/p>\n However, they noted that they weren\u2019t expecting the $30 buy order to be filled since it would require a crash like the one that happened in March 2020. This <\/span>was the period<\/span><\/a> when Bitcoin lost almost half of its value in a two-day plunge. Other crypto tokens also experienced similar pain then.<\/span><\/p>\nWhy Solana Is The Main Focus<\/b><\/h2>\n
Solana currently trading at $98.9700 on the daily chart: TradingView.com<\/a><\/pre>\n
What Price Levels Present Buying Opportunities For SOL<\/b><\/h2>\n