Solana Price Potential?! Watch THIS Update If You Hold SOL!!

Ever since BTC hit a new all-time high Everyone has been wondering which large Cap altcoin will be the first to follow Suit well believe it or not but it looks Like the answer is soul besides the fact That Soul has been surprisingly Resilient over the last few months Salana is on the brink of hitting major Milestones that could cause another Massive breakout that's why today we're Going to bring you up to speed on what Salana has been up to analyze how high Soul could go and and examine which Catalyst could be the one to take it There so if you hold Soul you can't miss This I'll start by saying that nothing In this video is financial advice it's Purely educational content that's meant To inform you about salana I'll also Note that many members of the coin Bureau team myself included hold Soul as Part of their crypto portfolios but we Will be objective in our analysis with That said it's only been about 4 months Mons since we last covered salana so We're going to assume that most of you Are pretty familiar with the project if You're not don't worry we'll leave a Link to our last salana update in the Description along with a link to our In-depth article about salana 2 now Shortly after our last salana update its Wormhole Bridge announced that it had Raised

$225 million if the name sounds familiar That's because the Wormhole Bridge was Hacked for over 320 million in 2021 jump Crypto which owns the bridge Subsequently injected $320 million in Order to keep it open and if you're a Member of the coin Bureau Club you'll Know that we predicted that Wormhole Would launch its own token in our pith Network review lo and behold Wormhole Subsequently revealed that it would be Airdropping its W token to early Adopters and developers more details in The description and speaking of pith Network in December last year the salana Foundation said that the crypto Oracle Was experimenting with permissioned Environments on its pith net blockchain For context pith Network actually has Its own blockchain called pith net which Is basically a permissioned copy of Salana more on that later I hold pith by The way just to be Transparent now another thing that Happened in December was the initial Wave of mcoin Mania on salana which Appears to have begun with the Bonk Token the subsequent airdrop of Bonk to Holders of sana's saga phone resulted in The phones selling out and seems to have Caused Solana's upcoming phones to sell Out too in between all the mem coin hype There were two very significant salana Announcements the first was that Circle

Had issued its Euro stable coin natively On the salana blockchain for reference Salana was once named as the offic Official blockchain for circles usdc Though it's not clear if this is still The case when you combine this with the News that New York Regulators gave the Green light to paxos to issue its assets On salana it gives the impression that Institutions see salana as a serious Alternative to Ethereum this is surprising though given Sana's congestion and outage issues but We'll come back to those in a second now After the spot Bitcoin e FS launched in January this year there was lots of Speculation about the possibility that Salana could someday see a spot ETF of Its own the speculation appears to have Come from tweets posted by asset manager Franklin Templeton who highlighted Sana's strengths on Twitter however Bloomberg ETF analyst James saart noted that a salana ETF Won't be coming quote not anytime even Remotely soon this makes sense Considering that salana is fa ing SEC Scrutiny for those unfamiliar the SEC Noted Soul as a security in its lawsuits Against binance and coinbase last year Even so it's possible that salana could Someday get an ETF of its own this Likely depends on whether Soul lists on The Chicago mertile Exchange or CME like

BTC and eth once did it's believed that Soul will eventually list there along With Ada Dot and many other large cap Altcoins that's because the CME added Pricing data for these cryptos way back In 20122 and by the way if you're enjoying The video so far be sure to smash that Like button to give it a boost And Subscribe to the channel and ping that Notification Bell so you don't miss the Next one now aside from the ETF Speculation salana made the headlines in January because of the launch of So-called token extensions these can be Simply understood as new token standards On salana designed for institutional Adoption to that end they feature Built-in compliance and privacy features Unfortunately though this bullish news Was overshadowed by the outage salana Experienced in early February it was the First outage in almost a year according To the salana status website salana Stopped working for over 4 hours a Postmortem revealed the outage was due To a bug that was known to developers This is more unfortunate than you might Think because reliability is what Institutional investors care about the Most at least according to a panel Discussion at sana's breakpoint Conference last year sana's outage Therefore likely shook the confidence

That some institutional investors have In the project fortunately this didn't Deter Abu Dhabi from partnering with Salana to work on blockchain Solutions It also didn't deter her disgraced FTX Founder Sam bankman freed from Shilling Soul to his prison guards FYI salana was FTX is de facto exchange chain and FTX Was one of the biggest investors in its Ecosystem and the bearish news for Salana continued earlier this month with Binance announcing that it had Temporarily suspended withdrawals due to Congestion issues on the salana Blockchain any coinbase users in the Crowd will know that it also made Similar announcements around that time Obviously these congestion issues were Being caused by The mcoin Craze on Salana which went into overdrive a few Weeks ago so much so that mcoin Pre-sales on salana were raising Hundreds of millions of dollars many Compared these pre-sales to ethereum's Ico hype during the 2017 bull market What's not so obvious however are the Technical reasons why this congestion Was creating issues now if we understand Correctly the congestion issues were Fundamentally due to the maximum Extractable value or me function offered By salana clients namely GTO which ended The functionality earlier this month for Those unfamiliar me essentially allows

Validators to rearrange transactions in Order to maximize their profits the Practical effect of this is that Transactions don't always go through Hence the exchange issues What's interesting is that salana Validators appear to be upset about Gto's removal of me this was revealed in A recent validator discussion posted to Sana's YouTube channel which we'll leave In the description the tldr however is That some salana validators are starting To use other kinds of software or even Build their own to reintroduce the M Function this foreshadows more issues For the blockchain for what it's worth Franklin Templeton continues to be Bullish on salana so much so that it Published a research note for its Clients making the case that memecoins Are an effective way of increasing user Adoption this highlights the possibility That these memec coin rallies are Manufactured for that purpose the proof Appears to be in the pudding salana has Reportedly overtaken ethereum by Dex Trading volume sana's former head of Growth believes that salana will soon Outpace ethereum in terms of consumer Applications too but that seems unlikely Given that black rock recently launched A fund on ethereum and if you're Wondering which of these two cryptos is Better you can check out our salana

Versus ethereum video using the link in The Description now all of sana's updates Announcements and developments have had A predictable effect on Soul's price Action as you can see Soul experienced Explosive growth a couple of weeks ago Onchain analysis suggests this was Related to the memec coin hype as salana Saw a spike in users and transactions And this is consistent with the number Of downloads of the Phantom wallet Browser extension which now stands at Over 3 million to put things into Perspective there were still only 2 Million Phantom downloads 4 months ago This suggests that salana is Experiencing exponential adoption Onchain analysis also confirms that the Number number of salana accounts has Been rising exponentially and reveals That this growth is reaching levels not Seen since the crypto bull market in 2021 so this begs the question of what Exactly all these new users are doing Well you already know the answer data From dap radar reveals that sana's Radium Dex has seen almost 1.3 million Unique wallets over the last 30 days any Mcoin Deens will know that this this is Where most meme coins on salana are Trading it should come as no surprise Then that radium is currently the eighth Most popular dap what is surprising

Though is that the magic Eden nft Marketplace isn't that far behind with 300,000 unique wallets created over the Last 30 days this suggests that there's Been a Resurgence in sana's nft Ecosystem too this is confirmed by Recent reports about salana nft sales Hitting a milestone of $5 billion traded This is more significant than you think Because soul is required to buy mem Coins and nfts in other words everyone Who wants to speculate on salana mem Coins or nfts has to buy soul first this Buying pressure appears to have been the Primary demand driver for soul over the Last few months but that's just the Demand side of the equation on the Supply side of the equation archival Data suggests that Soul's supply has Increased by roughly 20 million over the Last 4 months so if we assume an average Price of $150 per Soul this translates To as much as $3 billion of sell Pressure the fact that Soul's price Almost hit an all-time high despite all This sell pressure suggests that the Buying pressure was much more than $3 Billion or that the selling pressure Wasn't that big which is also possible Regardless it's eye openening to see Just how much money is being piled into Mem coins if you watched our video about When altcoin season will come you'll Know the mcoin hype appears to be due to

The lack of new retail investors this Has likely incentivized crypto Wales to Focus their efforts on existing retail Investors most of whom are well-versed In using dexes hence the mcoin hype Whatever the case soul is looking in Incredibly bullish on multiple time Frames on the weekly it appears to be Painting a bull flag that could take it Above $300 but it's important to note that it Faces a lot of resistance around these Levels the same is true when you zoom Out to the monthly Soul could break Above This resistance though because it Looks even more bullish in BTC terms to Bring you up to speed BTC pairs measure How strong an altcoin is relative to BTC In Soul's case it appears to be breaking Out against BTC on the weekly and the Monthly foreshadowing a 35 to 45% gain Respectively what this means is that if Btc's price stays roughly where it is Soul could rally between 35 and 45% Bringing it close to that $300 Mark Given that the Bitcoin harving is just Around the corner it's likely that btc's Price will rally though That means a 35 to 45% gain in Soul Versus BTC would bring it above the $300 Milestone now if you want to trade this Potential pump then check out the coin Bureau deals page it's got trading fee Discounts of up to 60% and sign up

Bonuses of up to $60,000 on the best Crypto exchanges these are the biggest Crypto exchange deals you can find and They're only available to our viewers For a limited time so be sure to take Advantage of them you using the link in The description before it's too late now Whether Soul can hit $300 or more Ultimately depends on sana's upcoming Milestones the salana foundation put out A day facto road map back in January Which included four Milestones the first Was the release of token extensions Which you'll recall occurred shortly After in January the second milestone is The launch of new validator clients Namely fire dancer without getting too Technical validator clients effectively Make it possible for validators to Interact with the blockchain the fired Dancer client will significantly Increase sana's speed but it's not Entirely clear by how much salana Founder anatol yakovenko noted in a December interview that fire dancer will Be released by the next breakpoint Conference which is scheduled for September this year the fact that Anatolia had initially noted that it Would be released in the first half of This year suggests it could be delayed As a fun fact salana will officially be Out of beta once fire dancer has been Implemented it's safe to say that the

Performance increase and this label Change will be bullish for soul come to Think of it it's possible that this Could be the Catalyst that takes Soul Above $300 in the coming weeks now the Third Milestone on Solana's day Factor Road map is unspecified institutional Support the Milestone notes that Enterprise now have access to all the Tools they need to build on salana the Fact that Solana's purpose is to be a Decentralized NASDAQ suggests that Tokenized real world assets could be Coming the fourth Milestone meanwhile is Quote a mature building ecosystem and Calls on Solana's developers to make use Of all the tools to build products and Services on salana the authors highlight Gamey Dows permissioned products Infrastructure payments and Interoperability as areas of focus now An additional salana Milestone was Mentioned by the salana foundation in a Recent blog post and that's an upcoming Upgrade that should alleviate sana's Congestion issues this upgrade is Scheduled for Mid April and it sounds Like it could feature some sort of meev Functionality and last but not least Sana's governance Forum suggests that It's going to be working on a new Governance structure a post from August Last year notes that a governance Structure would be introduced in the

First quarter of this year but it's not Entirely clear if it has been developed Yet it's also a bit concerning that Salana appears to have an internal road Map in an interview earlier this year it Was revealed that Anatoli has an endgame Road map which apparently exists as a Google doc we weren't able to find this Document anywhere possibly because well Well it hasn't been made public and this Ties into the challenges we foresee for Salano the first challenge is regulation In case you missed the news the SEC is Reportedly investigating entities in Ethereum's ecosystem if the SEC launches An enforcement action against ethereum It's likely that soul will crash under The assumption that salana is next in Another December interview Anatoli said That salana is counting on us Politicians to pass reasonable crypto Regulations put differently they're Hoping that Pro crypto laws will be Passed in the US so that salana and the Rest of the crypto industry are spared From the sec's Relentless WTH this is a Big ask considering that us politicians Appear to be preoccupied with much more Pressing political and geopolitical Issues even if they do somehow manage to Pass reasonable crypto regulations Salana could still f regulatory scrutiny Because of pith Network specifically Antitrust scrutiny you see pith

Network's data feeds are posted directly To the salana blockchain and to the PNET Blockchain in turn the data feeds on the Pith net blockchain are then broadcast To other blockchains via the Wormhole Bridge logically this extra step means That there's a lag in those bridged data Feeds by contrast the data feeds being Fed directly to salana by the pith Oracle will have no lag whatsoever now One could argue that this will give Salana an unfair advantage over all Other smart contract cryptos to be fair Though this can be addressed by pith Network feeding its data directly to Other blockchains too this relates to Sana's Second Challenge and that's Reliability at some point sana's outages Will push away all the institutions that The project has been trying to attract Now in theory the fire dancer upgrade Should make salana more robust in Practice it could lead to more technical Issues you'll remember that there seem To be emerging meev issues among Validators as well if Solana continues To see more adoption and use then the Incentive for validators to find ways to Extract more value will likewise Increase these ways could likewise lead To more technical issues and outages Thankfully though it seems that these Technical issues and outages haven't yet Alienated sana's users or the users of

Any other blockchains for that matter The catch is that salana is unlikely to Reach its full potential if it's limited To retail related use cases and it's Unlikely that the memec coin craze will Last forever either this relates to Sana's third Challenge and that's Sustainability according to the money Printer website the salana blockchain is Generating $16 million of Soul staking Rewards per day you'll notice that this Is the biggest daily issuance of any Cryptocurrency apart from Bitcoin at $60 Million worth of BTC per day this means That salana requires constant demand for Soul's price to stay where it is and Even more demand for it to rise so far We have yet to see a sustainable source Of demand for soul as just noted the Speculative hype around mem coins won't Last forever salana therefore needs a Replacement ASAP from our perspective The only demand driver that could Replace mcoin speculation is crypto Payments something that salana has been Hyperfocused on and something that will Only be possible once stable coin Regulations pass in the United States With a bit of luck they'll be passed Sooner rather than later in some then Soul is looking very good in the short Term in the medium- term the lack of Sustainable demand drivers could result In a large correction in the longterm

Meanwhile sana's success fundamentally Depends on its reliability and crypto Regulations both of which should be Addressed eventually you should also Know by the way that soul is not the Only crypto that could see a large Correction in the medium term and you Can find out more about that in the Description and that is all for today's Video folks so if you found it Informative smash that like button to Let us know if you want to stay informed About the top crypto projects subscribe To the channel and ping that Notification Bell and if you want to Inform others about salana be sure to Share this video with them as always Thank you so much for watching and I'll See you in the next one this is guy over And [Music] Out