Most altcoins are down by more than 40% Since March but some have been Surprisingly resilient very resilient Resilience and adaptability salana is One of them and this has left everyone Wondering whether Soul could actually Surprise to the upside when the crypto Bull market enters its parabolic phase And that's why today we're going to tell You what salana has been up to and how High Soul could go in the coming months If you hold Soul or are thinking of Picking it up this is a video you can't Afford to Miss 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 and I'll also Note that many members of the coin Bureau team hold soul in their personal Crypto portfolios but we will be as Objective as possible in our analysis as Always That said it's only been around 3 months Since we last covered salana but a lot Has happened since then for starters Salana actually flipped ethereum by Stable coin volumes this was back in March when the crypto Market was Experiencing a many alt season of sorts And salana was front and center of it What's interesting is that its price Peaked shortly before the FTX estate Announced that it would sell 41 million
Soul to investors at a 68% discount That's worth about $7.6 billion FTX Finished these OTC sales back in May but It's important to point out here that They're all subject to vesting schedules Over 4 years in other words they should Be minimal Al steady selling pressure Coming from these buyers if they do sell Their soul when it vests now as most of You will know the reason why salana was So popular was because of all the coins That were launching on its blockchain This meming coin hype was facilitated by The March launch of the pump. fun mcoin Generator oh and um here's a fun fact it Recently flipped ethereum by transaction Fees that's right folks a mean coin Generator on salana generated more fees Than ethereum what a time to be alive Now there's a simple reason why ethereum Is bigger than salana and that's Reliability Solana's mecoin hype Basically brought its blockchain to a Grinding Halt and though it technically Didn't experience any sort of outages The congestion issues were so bad that It became almost unusable for reference These congestion issues began in April And they seem to have been one of the Biggest contributors to the fud in Souls Price since then Solana's validators Subsequently implemented a technical Upgrade grade That was supposed to fix The congestion issues but it still seems
To have persisted for some uses Thankfully though this didn't dissuade Institutions from adding soul to their Crypto bags a coin shares report found That since the start of the Year 15% of Institutional investors it surveyed had Increased their soul exposure though It's possible that some of this Potentially came from those who gained Exposure through the FTX OTC sales in Any case there was another bullish Catalyst for Sal in April and that was The news that stripe which of course we Know is a very large payment processor Would be introducing usdc payments on Multiple blockchains including salana This is significant because salana has Been positioning itself as the Blockchain for crypto payments that's Why the news in May that PayPal had Launched its py USD stable coin on Salana should not be overlooked in an Accompany in promo video a member of PayPal's team explicitly stated that They want to use py USD on salana for Commerce and payments and hence its Confidential transfer feature make no Mistake stable coin payments could be The killer use case that takes soul to Epic Highs but we'll come back to that a Bit later by the way if you enjoying This video so far be sure to smash that Like button and subscribe to the channel And ping the notification Bell as well
So you don't miss the next one now June Was a very very busy month for salana it Started off with institutional investors Doubling down on Soul after its Partnership with payal was announced Institutional investors weren't the only Ones feeling the fmo either usdc issuer Circle announced it would also be Launching enhanced stable coin features On salana as a fun fact salana is Actually the official blockchain for Usdc at least according to a blog post By the center Consortium it's not clear If this is still the case because the Center Consortium which governs usdc Dissolved the last summer for those that Don't know the Consortium consisted of Coinbase and circle anyways speaking of Enhanced features salana introduced an Enhanced feature of its own called Blockchain links or blinks for short as The name suggests blockchain links make It possible to post a link anywhere on The internet that you can interact with Using a salana wallet like phantom for Example it's pretty cool indeed what's Not so cool though is the news that the Cftc is investigating jump crypto for Those unaware jump crypto is a key Player in Solana's ecosystem it helped Build the pth network Oracle the Wormhole bridge and is even helping with Solana's fire dancer client a key piece Of infrastructure how exactly an
Investigation into such a pivotal firm In the salana ecosystem will impact its Development remains to be seen I guess It all depends on how much of the Development of fire dancer is being Handled by other companies and its Ecosystem now fortunately for salana the News of the jump crypto cftc Investigation uh seems to have been Overshadowed by reports that Vanek had Filed for a spot salana ETF in June but It's assumed that salana will not be Getting an ETF anytime soon despite the Spot ethereum ETF approval However many analysts have highlighted The fact that a sole ETF could be Approved if there's a change of Administration in November and that's Just because it could also mean a change In leadership at the SEC it's admittedly A tall order but it seems possible given The increasingly bipartisan support for Crypto on Capital Hill even so Bloomberg ETF analyst Eric balunis underscored the Fact that the final deadline for the so ETFs will likely be sometime next March Which is quite a way away by the way 21 Shares also filed for an ETF after van Ected and it's likely that we could also See other asset managers follow suit as With the spot Bitcoin and ethereum ETFs There is a wide range of predictions About how a so ETF could affect its Price at one extreme some projections
Believe that there's next no effect at All at the Other Extreme some Projections believe Soul could rip by More than nine times from its current Price something that they are pointing To that could back this up is the fact That grayscales gou trust is trading at A massive premium to its net asset value Institutions are bullish AF in other Words anyways bringing this back to the Soul price some of you might know that Our topof the bull market Target for Soul is somewhere around $1,200 this is coincidentally consistent With the9 next projections made by some Crypto analysts and it's possible if Those ETFs launch when the crypto bull Market is hitting Peak Euphoria and this Brings me to Soul's current and future Price action whereas most altcoins have Been crashing Soul has been Consolidating you can tell because it's Essentially been chopping between $130 And $200 range since late February Though it is worth noting that this is Also the case for Bitcoin ethereum and Other large altcoins obviously cons Consolidation is typically followed by a Big breakout to the upside or the Downside of the particular range the Chart suggests a breakout to the upside Could take so as high as $300 in the Coming weeks whereas a breakout to the Downside would take so as low as $90 in
The same time frame of course getting a Sense of how high or low soul could go Doesn't really tell us which way it will Go to figure that out all we must do is Look at the source sources of new Supply I.E selling pressure and the drivers of Demand AKA buying pressure this is just Because supply and demand are what Determine price on the supply side Soul's supply seems to have increased by Around 20 million since we last covered It assuming an average price of around $150 this means that Soul could have Experienced as much as $3 billion of C Pressure in less than 4 months assuming Of course that all of it was sold this Sounds like a lot Until you realize that The demand side of the solar equation Has been even bigger here are a few Stats to consider first the Phantom Wallet has over 4 million downloads to Put things into perspective it had 3 Million when we last covered salana Second according to DAP radar Solana's Radium deck has seen over 5.5 million Unique active wallets in the last 3 days This is an almost four times increase Compared to the 1.4 million back in March dap radar also notes that there's Been a 50% increase in active wallets in The last month third the total value Locked in Solana's defi protocols Continues to hover around 4.5 billion This despite Soul's price declining 20
To 30% from its recent highs this is Significant because it means that new Money is entering Solana's D5 protocols Despite the price dip and the generally Bearish market conditions fourth and Most importantly this is all consistent With the number of active Wallets on Salana which has been holding steady at Around 900,000 per day according to Soul Scans analytics page and this brings me Back to Soul's current and future price Action the strong demand side of the Supply and demand equation is why it's Been so resilient the fact that the Trend for these demand drivers continues To be going up suggests that Soul has a Higher chance of breaking to the upside In other words there's a higher chance In the coming weeks of Soul rallying to $300 than crashing to 90 and that would Translate to an almost 50% gain from Current prices just keep in mind though That this would require a break above $200 and that requires a catalyst Regardless if you want to make the most Of this potentially massive move then be Sure to check out the coin Bureau deals Page it has trading fee discounts of up To 70% and sign up bonuses of up to $100,000 on the best crypto exchanges These deals are exclusive to coin Bureau Viewers and they won't be around for Long so be sure to take advantage of Them ASAP using that link in the
Description now you'll recall that a Break above $200 would require a Catalyst of some kind as as it so Happens salana has no shortage of Upcoming Milestones that could play that Role the most notable of these is of Course fire dancer the aforementioned Validator client to bring you up to Speed fire dancer is a big deal because It will increase Solana's speed in a Recent interview a member of the fire Dancer team revealed that it will Initially scale Solana to 20,000 Transactions per second or TPS for short It will then gradually work its way up To 1 million TPS for anyone wondering Solana's highest recorded speed so far Is around 7K TPS and while its highest Possible TPS is believed to be around 65k a member of the fire Daner team Revealed that it's closer to 200k However he also said that serious issues Arise when you surpass the ATK TPS level So scaling to 1 million will require Other changes anyhow regarding timeline Salana founder anatol yakovenko has Mentioned in many interviews that his Team hopes to roll the initial version Out before its breakpoint conference in September the fact that they recently Announced a bug Bounty for fire dancer Suggests it will be sooner rather than Later before you get too excited though I'll remind you that jump crypto is
Helping to build fire dancer and they're Currently being investigated by the cftc And I'll also remind you that salana has A bit of a history with technical issues A member of salon's GTO validator client Team has revealed in a recent interview That fire dancer could also encounter Some issues with that said if fire Dancer causes soul to break above $200 Then the chances are that the Catalyst That takes it above $300 will be Announced at breakpoint some of you will Also recall that previous conference Announcements have had a huge impact on The price besides fire Daner and Whatever is announced at the conference Salana seems to have two other upcoming Milestones that could boost Soul's price The first is the development of formal Onchain governance structure something That's been discussed in Solana's forums Developing a formal governance structure Will help to decentralize salana and Hopefully this will reduce the Regulatory scrutiny it's been facing From the likes of the SEC to refresh Your memory Soul was noted as being Unregistered Security in the sec's Lawsuits against binance and coinbase Now the second upcoming Milestone that Could boost soul is a lot more Significant but also much less certain And that's the passing of stable coin Related regulations in the US Austin
Federa the head of the strategy at Stana Foundation asked Pro crypto politician Bull hagy about this in an interview Unfortunately bull effectively said that It would be a while before stable coin Regulations are passed and this is just Because there's still a lot of Opposition from Democrats in the Senate Despite otherwise bipartisan support and This would explain why large soul Holders have been doubling down on Funding Republicans for what it's worth It looks like the next 8 months are Going to be pretty action-packed for Salana first fired answer then whatever Happens at breako then stable coin Regulations assume in a republican Victory in November and then an ETF Early next year assuming again a Republican Victory these upcoming Catalysts make it easy to see how Soul Could surpass $1,000 before the crypto Bull market is over but it also makes it Clear that this will require a lot of Things going right that are completely Outside of Solana's control and this of Course brings me onto everyone's least Favorite section the challenges we Potentially foresee for salana the first Challenge is of course regulations as With the bullishness of stable coin Payments the bearishness of the jump Crypto cftc probe which should not be Overlooked for example assume that the
Lawsuit gets so involved that jump Decides to scale back a lot of its Crypto business this isn't just Speculation either the head of Jump's Crypto business resigned a few weeks ago If such a large firm in the salana Ecosystem decides to scale back it would Significantly roll back the timeline for Fire dancer Etc there's also the sec's Ongoing scrutiny of Soul as an asset Itself this is likely to continue for The foreseeable future if the Democrats Sweep Congress in November then the Scrutiny of salana will probably Intensify now Sal's Second Challenge is Well competition it's easy to forget That they aren't the only super fast L1 On the block or should I say blockchain So-called salana Killers like eptos and Suie are starting to get ground in the Layer One race and not only that but Anatoli has admitted in interviews that They are concerned by the competition Posed by these projects this is Understandable when you realize that Aptos and sui weren't created overnight The technology behind them had been in Development for years at Facebook for Those unaware these projects were born Out of Facebook's Libra project but That's a topic of another video entirely Either way the result is that Aptos and Suie don't only have the tech but also The relationships moreover I have spoken
To many developers who find the move Programming language to be incredibly Easy to build on now even though Aptos And sui haven't seen as much adoption as Salana any technical issues salana Experiences could cause many users to Jump ship it will be analogous to how Ethereum Killers saw adoption because of Ethereum's unaffordable gas fees for Example history doesn't repeat but but It it does rhyme and this ties into the Third Challenge and that's development Anatolia and other Salon developers Jokingly say that building on salana is So hard that it's analogous to quote Chewing on glass which I can only Imagine isn't good for one's Digestion in all seriousness though this Is a risky position to be in when you Have competitors with supposedly Seamless programming languages case in Point if you watched our recent suie Review you'll know that soand once one Of Solana's largest defi protocols Deployed on sui as suland to be clear This doesn't mean that soand has Abandoned salana but it does suggest That salana developers and projects are Exploring other blockchains with all That said though there's no question That salana is a top crypto project and That soul will experience incredible Gains in the coming months if Solana can Address its challenges and meet its
Milestones Soul could easily surprise to The upside and we believe the chances of That are quite high and that's why most Of us here at the coin Bureau hold it as Part of our crypto portfolios and Believe it will be one of the top Performing cryptos among the large caps In fact we believe there's a good chance It will see the highest returns in Percentage terms out of the cryptos Currently in the top 10 what this means Is that the altcoins in Solana's Ecosystem could see even larger gains Relative to their peers and if you want To know which cryptos these are then be Sure to join the coin Bureau Club it's Where we explore promising upand coming Altcoins voted on by our members the Link will be down Below and that's all for today's video If you found it informative let us know By Smashing that like button and if you Want to stay informed about promising Crypto projects then subscribe to the Channel and ping the notification Bell As well and if you want to inform others About salana then share this video with Them as always thank you very much for Watching and I will see you in the next One this is Nick signing off [Music]
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