What’s up everybody! This is Thomas Bahamas and you are here for episode number 30 of Solana Weekly. Here to drop some alpha on what's going on and where we're going. Where we are going is up and I’m hoping this trend continues. We’ve finally got a positive narrative leading to positive price action and hot damn it’s about time. It seems like all the regulatory pressure is being followed by tradfi making their move.
Sol Price: $16.91- Up a total of 13% and looking like we might fill that gap back up over $22 if we keep this up. I am long and had a take profit set at 22, and the main man Darb came into the trading channel and said it’s looking like we’re headed back up and had a take profit box around there. I feel validated and seen and euphoric just because of that. But we’ve got the bullish trend and things are looking good. I’m bull posting like crazy. Just looked at the chart again - we’re breaking through resistance at 17.05, lets gooooo.
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Sol Eth: Up a tiny bit to .00914, BTC and ETH are leading this rally, but Solana isn’t really that far behind. I think what we are going to see is the coins that have been held down by the bear should fly on the backs of BTC and ETH. I know it’s stick with the majors season, and you should have a stack of btc and eth, but if Solana holds these levels I’m expecting Solana to out perform.
Sol BTC: .0005655 Down a tiny bit. Very small. It’s Bitcoin season and Solana is holding it’s own. Why is this? Blackrock has announced it’s ETF application and they have an approval rate of 275 - 1. Blackrock is huge, and this will bring in other players as well. It’s a shift in perception of risk of crypto. With rumblings that Gensler is getting fired, backlash from both sides of the aisle on the regulation we are seeing this horrible downtrend come to an end. I am here for it and will be looking forward to a great summer.
Alright so now that we hit the prices, the main topic I want to go over is the level of outperformance we are seeing in sol.
Two areas: NFT’s, defi.
NFT’s: the release of compressed NFT’s and the implications. I kind of thought this was going to be a nothingburger as far as having really cheap NFT’s. But it’s actually really sick and no other blockchain has anything close. We are literally distributing massive amounts of NFT’s for free. Not a single cost to the consumer. We’re seeing new alt 1’s that can’t compete, at all. Sui put out a cost of creating NFT’s and decided to just leave out the cost of compressed NFT’s because they can’t compete. They said it was because it was a hash that points to something off chain, but that’s literally every nft and you need to sign a transaction to transfer it. In fact we are seeeint the different level of domination that Solana has with the dismal launch of aptos and Sui. Sui can’t compete on any level. They falsified tps calculations in order to be relevant and now no one cares about them. Aptos is a zombie chain already after 7 mediocre months.
NFT’s on Solana are simply a better experience than every single other chain. They took the best of eth and we built out tensor which is 10x better than blur.
Then we can also look at what Polygon tried to do, they tried to buy the protocols from Solana and bring them to Polygon. They got magic eden, y00ts and phantom to release support for their chain, but there is no volume. There is no community. It's a worse experience. So what we are seeing is an experience that can't be beat, with the most amount of users.
When it comes to defi and on chain perps we have drift.
Drift was pretty similar to gmx at the start. A couple offerings and you could trade on leverage on chain.
Started out similar, but in the last couple months drift has 100x’d their platform and gmx has done nothing. The difference is night and day.
Setting up a trade on drift is a dream now. You can set a limit order, with a stop loss, take profit, and it creates this in seconds and costs a few cents to set up. The whole process is amazing.
Then they continue to add on new tokens to trade, they have btc, eth, sol, doge, bonk, op, arb, rndr, it just doesn’t look like it’s stopping.
They brought on cross chain swaps and who knows what they are doing next.
The experience can’t be topped at this point and what we are seeing is no developer in Solana is hitting cruise control, they are pressing the gas and continuing to ship non stop.
That’s most of what I’m thinking about this last week. Had some time off to reflect.
Other news:
Marculino dropped bit dudes through $5 nft and they are sick, he did the artwork for the pod.
SMB has a drop date of June 26,27,28 so we are getting ready!!! The previews are sick.
We’re gearing up for Solana summer right now and I’m freaking pumped. I hope you enjoyed this episode of Solana Weekly and I’ll look forward to catching you next week.
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