What’s up everybody! This is Thomas Bahamas and you are here for another episode of Solana Weekly. Here to drop some alpha on what's going on and where we're going in this crazy space. Gotta say it’s not looking great for NFT’s. Whole NFT market is crumbling and I’m not going anywhere. I am a little sick, so I apologize if I sound like a Bitcoiner podcast on this one.
To the market:
Sol Price: $23.33 with an overall decrease of 4.3% on the week. Not a bad week price wise and if you check the chart we hit a high of 25.20 then came back down. Classic bart of a chart. But we’re still in range. Been reading ‘Reminiscences of a Stock Operator” lately and thinkin about changing my strategy. We’ve been in a pretty tight range and it’s so easy to get chopped up during these moves.
SolEth- .01285 decrease of 1.8% and nothing meaningful to gain from this.
SolBtc - Also flat on the week.
News:
tBTC officially launches on multiple chains and I’m hoping we get more liquidity on Solana from this.
L2’s vs Solana battles keep heating up. The truth of it is that their scaling solutions aren’t as fast or decentralized as Solana in their current form. They maintain it will get better and faster and cheaper, but it remains to be done. I think this fight won’t stop but it’s stupid. We can like both, we don’t have to be so extreme about our views just to get clout. L2’s in the short term will continue to be profitable to farm, Solana is and will be the best network to use for my use cases. So I make money where I can and keep my mind open.
Helium launches a $5 mobile plan in Miami. So sick. I can’t think of a better marketing plan than this. Still hoping they crush. The whole process was so easy to setup that this should be huge. Still not using my Saga too much, but holding a bag of Helium on it.
NFT’s - man we’re down bad. SMBs down to 79, gen 3 under 10. MadLads holding strong and I can’t get over how bullish I am on them. They have it all, great PFP’s, killer communication, marketing, and Backpack is sick. The market is so bad that even Tensorians are getting hit. Kanpai Panda’s are slow minting right now at 82 Sol, and it almost seems like a buy. Funny story about them: I bridged to Arbitrum when they were minting there and decided I didn’t want an NFT that was funding Gainzy and bro’s club experiences and that it was stupid. I took that money and ran up a bag trading on GMX and then I got a juicy Arbitrum airdrop because of this. They are also hustling like crazy and have done a great job.
But during all this struggle we are seeing one gem stand out. That’s right, the Crypto Duck Punkz are thriving. They are antifragile, you throw a bear market at them? They double. The Discord pops every now and then but I still think they are the most asymmetric bet in NFT’s. The owners are a bunch of Solana OG’s and aren’t going anywhere. Boogles, Bonk team, SMB’s, they are all allocated and they aren’t selling. Not a utility project and no promises, just memes. But they have done a lot. They were the first partner with Tensor, they have an xNFT in Backpack that quacks, they have staking for a bread token that does nothing, they burned the old tails, some of the memes are unreal, great live events and Breakpoint will have a great party, and even merch.
A trade idea: we are sitting in this range and need some confirmation of a breakout in order to shoot up. To me $38 Solana seems inevitable. I’m contemplating putting a fat long right above the previous resistance of 25.20 and taking it for a spin. The small trades aren’t worth it, just buy and hold seems like the best strategy.
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