One opportunity to ‘buy the dip in Solana’ is underway in our view, presumably around mid-August.
RELATED – A Wildly Bullish Reversal on Solana’s Long Term Chart
According to our latest Solana prediction, SOL touched the highest point of our ‘buy the dip’ area: $122. The next dip might give a similar reading.
Whatever happens in crypto markets, SOL is showing leadership and this means that any dip in SOL can be bought.
Solana now the 4th largest cryptocurrency
It happened – SOL is now the 4th largest token by market cap. It overtook BNB today.
That’s a confirmation of relative strength.
It also confirms that whenever the next bullish window arrives in crypto markets (unlike the lack of momentum which characterizes today’s crypto market) there will be multi-baggers in Solana’s ecosystem.
$SOL overtakes $BNB to become the 4th largest crypto by market cap as it reclaims the $190 level.
How bullish are you on Solana? pic.twitter.com/vwTtKoI9yb
— CoinGecko (@coingecko) July 29, 2024
If anything, we are tracking multiple tokens on Solana’s network, some of them tipped last week to premium members.
READ – The Next Big Wave + Two Solana Token Tips
We are preparing a dedicated Solana edition in our crypto research service, with our top 5 to 7 favorite Solana ecosystem token tips.
SOL – relative strength
Relative strength is what we noted, and recommended to track the SOLBTC chart.
Our viewpoint is gaining traction.
We certainly agree with this viewpoint – SOL strength is here to stay – not any reason why SOL should suddenly start lagging the crypto market.
SOL/BTC chart still pretty much the standout of this 4YR Cycle.
Do not see any good reason why this trend should change.
Back to the ’21 highs and say a #bitcoin double, you can see how $SOL gets to $600 very quickly, and still be way less than half $ETH mcap. pic.twitter.com/C0g2L7FHJo
— @BobLoukas July 22, 2024
SOL – from headwind to tailwind
Earlier this year, SOL faced some headwind with the sales of Solana tokens (FTX implosion).
Breaking: @FTX_Official Bankruptcy Estate Has Sold ALL Locked @Solana Tokens Worth About $1.6b At $64 Per Token To Firms Including @galaxyhq And @PanteraCapital 👀
All staked $SOL will be restaked and cannot be sold for 4 years.
BULISH #Solana pic.twitter.com/HvY56uFoJB
— MartyParty April 5, 2024
Admittedly, it created headwind, also on Solana’s chart.
It’s clear now that supply has been absorbed smoothly.
While this bodes well for Solana, it is even more bullish for a few quality tokens on Solana’s ecosystem.
The lack of momentum in crypto markets is preventing 99% of tokens to create bullish momentum. This implies that some tokens are wildly undervalued. Whenever the time is right, some tokens in Solana’s ecosystem will appreciate tremendously.
We recommend looking in Solana’s ecosystem for value, buy the summer 2024 dip.
