There was a big fear about the unlocking SOL first, that it will be dumped to the market, and we will go below 10$. That didn’t happen, so the fear/panic was bigger, then the actual problem.
Personally I still believe, that SOL is undervalued compared to other cryptos. I may be too optimistic, but i keep DCA-ing here into SOL. If you believe in the ecosystem and in the Solana project itself, it can be good long term play, but only risk the amount that you can handle if you lose, because there are many forecasts which expect SOL under 10$.
Many compare the SOL chart to the ETH chart and expect a bright future in long term.
SOL NFT Market update
As the market crashed, the NFT market crashed with it as well. That happened as well in the last SOL crash, when we dipped to 30-40$. People started selling their NFT asap, so they can swap to stable coin before SOL goes even lower.
In the last few days, the situation became more stable (Solana is between 13-18$), moreover we are experiencing good runs at several projects. After a few days, people started to look at project’s FPs at $ in my opinion instead of Solana, and discovered there are insane deals, and many projects pumped a 50-100% in the last 3-6 days (Cets 11->20, y00ts 40->100, etc.)
The market volume is quite good, its above 250k SOL daily, which is insane compared to the volume which we had a few months ago (we had 40-60k daily volume for weeks).
The current situation seems like a small bull trap for me (regarding NFT market) and i believe things will change, as the SOL price changes.
- If the SOL pumps, probably many floor will dump, since people will start taking profits from the SOL pump, and dump their NFT-s.
- If the SOL dumps, probably there will be a similar dip, that we experienced a week ago (but much less intense imo), where true believers will be able to buy in to projects at a lower price, while others will sell to get into stable coin.
For now, as an investor, i am “waiting” for the second scenario. The current floor prices are quite well priced, and i do not see any big chance, that it will keep going in that rhythm, like it was in the last few days.
I am trying to take some profits into SOL from projects, which pumped recently, and only buying into projects, which i trust in long-term, or I expect some good news in the near future.
Buying to flip in short term based on charts/zones can be dangerous, since the FP is heavily based on the SOL’s price.
Upcoming projects
Regarding upcoming projects, we do not see many good ones coming in the next days/weeks, many of them are delaying the mint because of the crash, which is totally understandable at a level, since they know they can not ask for 2x SOL amount as a mint price in this tough situation.
I believe, we will see some new projects in the near future, who will become true builders in long term in the scene, since only true builders open to build and launch nowadays. Founders can make much less money, I expect much less cash grab projects.
Although many people left the scene, and liquidated their bag, i truly trust that who are staying here, keep pushing, trying and building will be successful in the next bull run, so if you are a true believer stay active, invest in a healthy way and support the true builders.
Thanks if you read through this analysis, appreciate if you put a 🟢 or 🔴 that you agree or disagree with the analysis. as always, DYOR NFA.
