Despite Bitcoin moving towards $64,000 this week and continuing to break higher, as predicted in last weeks article, I am going to be digging into Solana this week.
Coincidently, as I write this article our Vanguard indicator has just issued a new short-term buy signal for SOL.
Source: Biyond.co
There are a few reasons I am choosing to focus on Solana, especially given the superior fundamental backdrop surrounding SOL right now.
The Solana Mobile team announced a its Web3-centric smartphone, Seeker, this week adding a price bump.
Source: Twitter.com
Then we have market share capture from Ethereum, becoming the second-largest blockchain by total value locked (TVL).
Plus the hype from several Solana spot exchange-traded fund (ETF) applications currently pending regulatory approval in the United States.
Continued growth in projects like Helium, Jupiter, and even the PayPal USD stablecoin on its network suggest that SOL could skyrocket during this bull market.
Source: Twitter.com
Looking on-chain and data from IntoTheBlock shows a massive increase in daily active address usage in September.
This is clearly a huge bonus for SOL and another reason why I think SOL is heading higher and soon.
Source: IntoTheBlock
And massive increase in users is also seen, plus fees are remarkably low as evidenced in the attached chart.
Source: IntoTheBlock
The technicals things look good for SOL in the short-term, as we have a nice buy signal on the daily Williams Aligator indicator.
The Demark indicator also points to the 175.00 area if we continue to see daily closes above 147.00.
Source: Symbolik.com
More medium-term and I would like to talk in percentage terms. I am making a call for a move towards $290.00 in the next 6-months.
I think this set SOL for close to a 100 percent gain. Hence why I am very interested right now in entering into a medium-term position.
Other topic pics for me are ETH, XRP, and LINK. But more on them next week.
