Buy Solana

Key Statistics

SOL has been in a consistent uptrend since late 2023.

On February 13, 2024, SOL passed 1.9B in TVL.

Solana Mobile’s Chapter 2 smartphone reached 100,000 preorders on February 12, 2024, less than 30 days after registration was opened.

Solana’s NFT sales passed $8M on February 12th.

Fealty’s Foundational Reasons

With BTC passing $50,000 in the past 24-hours, the cryptocurrency bull market is in full swing. One token we are specifically excited for is Solana ($SOL). Solana is easily Ethereum’s largest competitor and has a unique and surprisingly efficient concept that allows for greater scalability of the protocol, which in turn boosts usability. Simply said, SOL allows users to create and scale complex projects without the need for difficult coding or understanding of blockchain technology. In turn, this can fuel the red hot “Meme Coin” craze even further.

Basis for SOL Recommendation

SOL DEX passed 1.9B in TVL which shows a strong amount of new users and existing users staying on the network. NFTs, which are SOL’s bread-and-butter, surpassed $8M as of this post. This is huge because it shows the NFT marketplace is remaining strong and users are staying in the network. Sol is also diversifying into the mobile game with their pre-orders of their smartphone, surpassing the 100,000 milestone. This could allow SOL to have other revenue streams than what is on their network.

Why is SOL a Buy Now?

SOL is showing a breakout of Bullish-Flag Pattern.

Flag-Pole showing about an 88% increase. In a Bullish-Flag pattern, the price should increase roughly the same amount of the flag-pole, once the “flag” trendline breaks to the up-side.

Flag trendline was broken on 1/28/24, and already broke the next resistance at $110. This gives this analysis a very strong chance of playing out.

With another roughly 88% increase, this puts our price target to roughly $180.

Solana’s Potential Pitfalls

SOL’s ease-of-use is sorta a double-edged-sword. With “meme coins” constantly being created on their network and gaining a massive amount of staking/funding, the worry of “Rug Pull” is very high on these projects. With a massive amount of wallets staking/funding into these memecoins, the creators of the projects can easily take a lot of the funding and run, AKA a Rug Pull. This has happened to countless projects in the past, especially during the 2017 and 2021 run-ups. Anytime investors have the possibility of being wronged or treated unethically, regulators will pay attention. My fear is the memecoin craze on SOL network could lead to several rug pulls that hurt investors, leaving a bad taste in the mouths of regulators as they are consistently evaluating alt coin’s spot ETF applications.

The Ideal Investor

This buy recommendation for SOL is ideal for an investor that has a deep understanding of blockchain technology and the inner-workings of decentralized networks. An investor utilizing this recommendation should be prepared to lose their principal investment and/or see a large amount of volatility.

Who Might Look Elsewhere

Investors that don’t like volatility and a stomach for high risk should steer clear of this recommendation. Investors that want high liquidity and/or income generating investments - should look elsewhere.