Solana's retracement is not finished yet and neither is its bear market. I do expect further downside later this year. So far I think we've completed a macro-A wave of an ABC correction for Solana and the macro-b rally should take Solana over $70 to come this year.
The reason I'm more optimistic we've seen the bottom for some alts such as XRP&LINK is because they've completed an ABC correction. Unfortunately or fortunately this isn't the case for Solana and many of the alts I will cover. I'm not against the idea of trading "shitcoins" for the retracement rally but you have weigh up that the r/r, the upside with Solana isn't going to be much greater than BTC. I almost exclusively trade coins that have been around for over 4 years and buy projects from 2018 onwards because they have a lot more historical data and have proven they can survive a bear market.
A lot of people genuinely believed Luna's UST model was sustainable, a lot of people also believe Solana's network issues can/will be fixed or that FTM would revolutionise DEFI etc. I was never a fan of any of these tokens and I predicted the Luna crash.
Solana on the other hand... has managed to at least maintain some credibility. It has some developers that are still interested in using the network and by all measurable metrics, it is the most used blockchain followed by XLM but there's a lot of manipulation behind these numbers since it doesn't weigh certain transactions more than others and there's no way of working out what type of transactions are being executed. Also, the gas fees on these 2 blockchains are much lower than the fees on BNB & Ethereum. I believe most of the transactions on Solana are dust attacks unless someone can prove to me otherwise.
Solana is being used although it's hard to say how many of the transactions are real. It's up to you to decide if you think it will end up being a major player after this ABC correction completes. I personally will not be investing in Solana because I am not a believer in this project at all. I have tried to work out where I think it will bottom and explained my reasoning.
I am doing this because I'm seeing a lot of people buy this token up at $40, what they need to realise is the ICO prices are much lower than the prices you got into this token at. If you're buying Solana with the goal of flipping it for a 2x on the b-wave you might as well of just traded BTC and ETH this tells me a lot of people think it's a good time to start DCA into Solana. I think Solana will come down over 60% from the levels we're at right now so I wouldn't start to DCA into Solana right now.
Current blockchain TPS
www.realtps.net/
Look into dust attacks if you want to know why XLM and Solana are the most used blockchains.
www.gemini.com/crypt...sting-attack-bitcoin
XRP & ETH bear markets from 2018
In the previous bear market, the majority of alt-coins bottomed just after taking out the low that lead to their final impulse. The final impulse for most altcoins was usually in the 2018 Alt-coin season. Bitcoin also followed this pattern where it took out the root of the impulse that lead to the run to $20k at the end of 2017. The root of the last impulse for BTC was around $3.4k and BTC bottomed at $3.1k in December 2018.
This is why I believe the vast majority of altcoins need to take out the bottom of their last impulse. This level is significant and it's usually the lowest entry point of the 'early masses' and puts almost all retail investors' portfolios deep in the red.
The reason I'm more optimistic we've seen the bottom for some alts such as XRP&LINK is because they've completed an ABC correction. Unfortunately or fortunately this isn't the case for Solana and many of the alts I will cover. I'm not against the idea of trading "shitcoins" for the retracement rally but you have weigh up that the r/r, the upside with Solana isn't going to be much greater than BTC. I almost exclusively trade coins that have been around for over 4 years and buy projects from 2018 onwards because they have a lot more historical data and have proven they can survive a bear market.
A lot of people genuinely believed Luna's UST model was sustainable, a lot of people also believe Solana's network issues can/will be fixed or that FTM would revolutionise DEFI etc. I was never a fan of any of these tokens and I predicted the Luna crash.
Solana on the other hand... has managed to at least maintain some credibility. It has some developers that are still interested in using the network and by all measurable metrics, it is the most used blockchain followed by XLM but there's a lot of manipulation behind these numbers since it doesn't weigh certain transactions more than others and there's no way of working out what type of transactions are being executed. Also, the gas fees on these 2 blockchains are much lower than the fees on BNB & Ethereum. I believe most of the transactions on Solana are dust attacks unless someone can prove to me otherwise.
Solana is being used although it's hard to say how many of the transactions are real. It's up to you to decide if you think it will end up being a major player after this ABC correction completes. I personally will not be investing in Solana because I am not a believer in this project at all. I have tried to work out where I think it will bottom and explained my reasoning.
I am doing this because I'm seeing a lot of people buy this token up at $40, what they need to realise is the ICO prices are much lower than the prices you got into this token at. If you're buying Solana with the goal of flipping it for a 2x on the b-wave you might as well of just traded BTC and ETH this tells me a lot of people think it's a good time to start DCA into Solana. I think Solana will come down over 60% from the levels we're at right now so I wouldn't start to DCA into Solana right now.
Current blockchain TPS
www.realtps.net/
Look into dust attacks if you want to know why XLM and Solana are the most used blockchains.
www.gemini.com/crypt...sting-attack-bitcoin
XRP & ETH bear markets from 2018
In the previous bear market, the majority of alt-coins bottomed just after taking out the low that lead to their final impulse. The final impulse for most altcoins was usually in the 2018 Alt-coin season. Bitcoin also followed this pattern where it took out the root of the impulse that lead to the run to $20k at the end of 2017. The root of the last impulse for BTC was around $3.4k and BTC bottomed at $3.1k in December 2018.
This is why I believe the vast majority of altcoins need to take out the bottom of their last impulse. This level is significant and it's usually the lowest entry point of the 'early masses' and puts almost all retail investors' portfolios deep in the red.