Wrapped Solana (SOL)

📱📱📱 https://t.co/TgpfQeRIJb

Still dropping 🚨 #Solana $Sol\nIt was recently in a negative trend. Still the same trend.\nThe area where a reaction could rise is the lower green box. The latest accumulation aligns with the bottom of the trend.\n\nI do NOT expect anything positive before the cloud turns green. #altcoins #coin #Crypto https://t.co/s4fvqTkG7J

This chart looks pretty bad, ngl $SOL

Basically bulls want the monthly to hold above $100 which could lead to a retest of $125. Bears want the monthly to close below $100 which could lead to a retest of $60, $40, and maybe even $20

It’s gonna be a long month lol

I’m leaning bearish. Smart contract platform valuations don’t really match up with usage. Too much block space, not enough transactions, not enough things to do on-chain, no killer applications really (pumpfun is the closest Solana got to having a killer app besides NFTs circa 2021 but both were not sustainable). I still think gaming is an awesome SCP use case that has not been fully explored (maybe it will be in next bull cycle) but I’m not sure what else is on the menu to fill up block space and usage until then.

I love both Solami bulls and bears, this is just my opinion, not financial advice, etc.

Important to note that tokens with revenue streams and buybacks are holding well (IE PUMP, HYPE are holding well despite market downturns). This further indicates to me that we have mostly exited the era of SCPs and have entered the era of applications, whereby revenue generating applications will continue to do well while tokens with zero verifiable revenue will basically not do anything until they do acquire revenue streams. SCPs that continue onboarding applications with real usage will eventually swing back, and I think Solana will always be in that conversation.