Just before this Q4, Solana was the most hated coin in the crypto and now the tables are turned, Ethereum is the most hated coin in the crypto at the moment.
The interesting thing is "if it's that of the year when ETH will have it's redemption?".
I've aped into Solana and decided to dive deeper into it's ecosystem. There's a lot of stuff going on from airdrop to coins that have potential to make 100x in next bull run. Still on exploration mode, but it's time to see if the momentum is shifting in ETH.
Solana Ecosystem: Opened the Doors for New Millionaires
The last I did technical analysis of $SOL was in the beginning of this Q4. And now sol is 2x higher from that price.
It is now 230% up in it's S2 rally according to price maturation chart there's still no sign of distribution and this can still pump 200% more.
In the last two months, in Sol we have seen BONK did a 100x and made so many people millionaire and yet it is one of the most hyped memecoin of the year.
The second thing was Solana Mobile, all 20,000 Mobiles got sold out the next day when BONK made 100x and each Solana Mobile was carrying $800 worth of BONK and the mobile was literally giving more profit to buy it with initial investment fully recovered.
Solana did overtake Ethereum in 24 hour volume on chain and now Solana have like 20,000 layer 2 coins.. so, it's growing on the DeFi side and shitcoins are going parabolic and pump or dump is all back.
Rotation from Solana into Ethereum
The crypto market is driven by attention and at the moment ethereum is most hated coin just like Solana was couple months ago.
This rotation will happen when $SOL bulls will be way too overconfident and maximalist enough to not take profits and give it all back with a quick Rotation into eth.
Arthur Hayes, bitmex co founder has rotated his position from Sol to ETH. He sold SOL at $100 and bought $ETH.
This tweet created an echo bubble for ETH, that it is bottomed and now ETH had one good day where it made 4% move.
The thing is Ethereum layer 2 coins have made good move, OP.. ARB and others are moving higher.
Yet Solana isn't giving up and showing way more strength than any other coin.
ETH always Lag and it's redemption in 2024 will be Epic
I've witnessed 2021 bull run, ETH was around $400 and Bitcoin was making highs like this year... same way Ethereum was lagging behind and eventually it made all time highs.
I believe ETH still needs more people to hate it, more people to sell and give up on ETH like it will never go up and than we'll see new highs.
Everyone is forgetting the fact that ETH is getting ETF, not SOL. For now even the vitalik is selling ETH.. I'll believe it's bearish when ETH foundation will sell it. They always do it on the top but vitalik is random for donation or charity and eating.
All eyes should be on this ETH/BTC pair, it will tell you when there's a bottom. As of now I've all the scenario for the bottom
- ETH is most hated
- SOL bulls are so Pumped and euphoric
- it's been more than 365 days of downtrend.
One more confirmation is once bitcoin ETF is approved, after a week or two ETH will get the momentum as it will be next pending ETF.
So, in long term if you've missed SOL. This ETH is no brainer investment and HODL thing.. it won't happen in one day or one single candle. Just like SOL, most people will be on sidelines when ETH will pump.
Wrapping Up...
In coming days, as we're getting closer to ETF and now it's holidays so ETH being strong indicates Altcoins will have their fun time and hopefully Hive will have it's leg up.
I hope you do have your plans and thesis behind market movements and would love to know what do you think about it in the comments.
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Thanks for reading.
