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Title of the video and you’re thinking We just learnt about Ethereum.
What’s this next ethereum! I mean it's true! There are many blockchains that are claiming to be ethereum killers.
And it's a fairly long list - there's Cardano Polka Dot Cosmos Tron And we’ll talk about all of them slowly slowly Because I personally feel like we will end up living in a multi chain world in the future.
But today I want to talk about one particular “ethereum killer” project called Solana.
And here’s why Solana has my attention.
For starters it is backed by the founders of an immensely popular crypto exchange Called FTX.
And one of the founders of FTX is Sam Bankman.
He’s one of the world’s youngest crypto billionaires And of the 100’s of projects they reviewed they picked to back Solana because of how fast it is.
But more recently Solana’s been in the news because it raised something called Pi million dollars that is 314 million dollars.
And one of the leading firms in the fundraise was A16z.
One of the world’s most popular venture capital firms.
As an Indian Solan has my attention because one of the founders of Solana is a man named Raj Gokal.
A desi techie making waves internationally.
This deserves a like! Whenever you hit the like button the algorithm recommends the video to more people and that really really helps the channel out.
So please drop a like and leave a comment saying “for the algorithm.” But jokes aside I recently also found out that Solana recently concluded a global hackathon Inviting teams forms around the world to participate.
And over 50 teams that participated were from India.
And for good reason because one of their prizes was reserved for a regional track that includes India with a prize pool of 50000 dollars Supported by Devfolio and CoinDCX.
This Hackathon has now concluded However if you are an indian developer watch this video till the end Because there’s some really really cool opportunities to build your own protocol or Dapp on Solana and I will talk about them at the very end.
So all these reasons and the India connect I thought I’d do a video on Solana.
And why it’s worth watching out for.
So let’s just jump in.
Alright - so many folks think the tech behind Solana is an Ethereum Killer Even though personally I don’t think ethereum is going to die However Solana’s tech is definitely worth having a look at.
Like let’s compare some stats.
First let's look at transactions per second - aka TPS.
While Ethereim can do 15 transactions per second It’s competitors like Polkadot or Tron can do 1000 transactions per second.
That’s a pretty decent competition… But Solana can do 65000 transactions per second.
If you thought that sounds impressive let’s look at the average transaction fee.
So we already know Ethereum gas fees are a bit of a problem Sometimes the fees are as high as 15 to 30 dollars for one transaction.
Meanwhile its competitors like Polkadot take around 1 dollar.
But Solana transaction fees are as low as 0.0015 dollars! I know.
That sounds almost too good to be true.
Usually with such scale and low fees there has to be some trade off right But Solana claims to be the most performant permissionless blockchain in the world.
And it’s managed to achieve this through several new technologies which are considered a breakthrough in blockchain tech And blockchain tech as we know is considered to be a breakthrough in internet tech And internet tech as we know is considered to be a breakthrough in computer tech And computer tech as you well… you got the picture.
Previously in our Ethereum video which you can check out here By pressing the i button on the top right we saw that Ethereum developers are in the know that they’re a little slow and a little expensive.
And they’re solving that through sharding proof of stake layer two solutions.
But Solana uses a completely different technology called proof of history! And the team that has built it includes former employees from Google Apple Microsoft Intel you name it! So let’s try and understand what is the tech behind Solana.
But in order to do so we have to understand something called The Blockchain Scalability Trilemma.
Also known as the blockchain trilemma.
Ethereum co-founder Vitalik Buterin had coined the term blockchain trilemma.
The idea is that there are three desirable qualities of any blockchain- decentralization security and scalability.
But the trilemma claims that only two of these qualities can be maximised and usually it’s at the expense of the third! What this means is you could have extremely high security be decentralized However you would have to compromise on scalability.
Or you could have high scalability and high security But you will be compromising on being decentralized.
So all blockchain systems have to some sort of trade-off Which depends on the application and use of the blockchain.
But Solana claims that it has actually solved the blockchain trilemma! It is highly decentralized it’s very secure and it’s very scalable.
So how does it achieve this insanity The secret lies in a whole new mechanism called Proof of History - But before we get into proof of history let's do a quick revision of proof of work and proof of stake.
First - there was Proof of work.
In proof of work many different computers from around the world They fight in order to be able to compute the next hash The more powerful your computers the more your chance of beating all the other computers.
So you can get a chance to compute the hash.
Now because of this mechanism proof of work blockchains have very low transactions per second.
And a higher time to add new blocks.
Like bitcoin takes 10 minutes to add a new block full of new transactions While ethereum takes about 15 seconds.
That means no matter how fast your transaction gets added to the block It will at least take 15 seconds for that to reflect.
This might still sense for transactions After all bank transactions can also take this long.
But it makes no sense when it comes to building dapps.
Imagine clicking the post button on Instagram And it takes at least 15 seconds for it to post.
Now multiply this experience into 10 times a day for millions of users.
So people eventually realised that proof of work blockchains is not good enough To build web 3.0.
So soon came a new concept came called Proof of Stake.
In proof of stake instead of all the computers fighting against each other there’s a lucky draw.
Any one computer can be chosen to validate the transaction like a lucky draw.
And this depends on the amount of ether that they have staked.
What this will do is increase the number of transactions per second significantly.
Like ethereum is expected to go from 15 transaction a second to 100000 transactions a second.
But here’s the catch.
Ethereum’s block time that is the amount of time taken to add a new block Goes from 15 seconds to only 12 seconds.
In fact the other proof of stake chains like Cardano or Polkadot They also roughly have the same time.
So proof of stake is reducing the transactions per second But block time isn’t changing much.
And there’s a very fundamental reason behind it.
And the reason is called time keeping.
Imagine me Naveed and Raghav.
I’m here on my PC.
Naveed is sitting on the table in front of me.
And Raghav is on the sofa on the other side.
Now imagine we are the nodes of this network.
So Naveed is closer to me than he is to Raghav.
Now imagine Naveed does the following four things.
He took a spoon of Tang.
He added it to a glass of water.
He stirred it.
And then he drank it.
As soon as he mixes Tang into the water Shankar brings a message in an envelope to me and Raghav.
So we can sign it saying yes we agree that this has happened.
The message that Naveed mixed Tang in water needs to reach almost all nodes.
Once majority consensus has been achieved only then can the network proceed.
Because I am closer I will see all of it do splendid show up, faster than Raghav will.
In this case this difference will be less than nanoseconds.
But if this distance is in kilometers this time can increase.
I might think Naveed drank the Tang at 10 01 am While Raghav could believe it’s at 10 02 am.
Now this difference of 1 minute is also a lot when we are trying to build a decentralized exchange.
When we trade in the stock market we are trading in a centralized exchange.
And they do their own time keeping so we all accept it.
However on a decentralized exchange things are a little different.
And decentralized tech still hasn’t achieved efficient timekeeping.
Which is why even in proof of stake you can’t get faster than this.
Now how do we fix it This problem is solved by a tech that Solana is using Called Proof-of-history What is proof of history Decentralized world works because we eliminate the need to trust any party using cryptography.
This same idea can be applied to timekeeping too.
Using cryptography we can create a proof of passage of time.
Aka A proof of history.
To understand how that works imagine I show you these five photos.
In one water has Tang has started to dissolve in water.
In one Naveed has finished half a glass of it.
In one Tang has dissolved half-way.
In one Tang is now fully dissolved.
And in one Naveed has a spoon of Tang and a clear glass of water in his hands.
You can just look at all the five photos and tell which was clicked before which other photo.
By simply using the logic of entropy we can arrange all five photos in a sequence.
Now imagine if there was a rule that a photo would be clicked evey five seconds for every activity that Naveed performs.
Suddenly we also have a precise idea of time.
So if I it compulsory to attach the latest photo to every block we know that every block was created in an interval of five seconds.
Suddenly every block has a kind of inbuilt clock.
This is exactly what proof of history does cryptographically.
It uses a mathematical function which takes 0.4 seconds to give results.
So we know every block in a proof of history blockchain is 0.4 seconds apart.
This result is added to every block so others can verify if this is correct.
Basically we don’t need Shankar to bring me and Raghav a message that we will then sign.
We’re just taking a phot of Naveed every 0.4 seconds And are adding that photo to every new block.
Now of course this is a very very simplified understanding of what proof of history is.
If I got anything wrong my apologies.
I’m linking a few videos in the description that go into a little bit more depth.
So you guys can go check it out.
Now proof of history is just one of the things that makes Solana different.
It has some other differentiating features as well.
Number one.
Scalability.
Now Solana is very fast.
It’s the fastest blockchain we know.
But in case that wasn’t enough Solana actually cracked a hack by which they can keep getting faster without changing much of their architecture.
And they have done it by believing in something called Moore’s law.
Moore’s law basically states that every two years the number of transistors in a circuit will double.
And Solana is designed to exploit this idea.
Solana parallely runs processes in our GPU cores.
Which means if the number of cores in the GPU keep doubling every year Solana can keep getting faster and faster by not changing anything in their code at all.
Number two.
Speed.
Solana is the only blockchain today that has transactional capacities comparable to the internet that we know as of today.
0.4 seconds and we’re done.
You really need to see it to believe it.
And you can see it live on Solna block explorer.
On this website you can see the average block time every time a new block is added.
If you scroll down you can even see the current transactions per second.
Number 3.
Validators.
Solana has around 600 validators right now.
Which is very less compared to Ethereum.
There are over 11000 validators on Ethereum.
But of course Eth has been around for 4 years.
How many more validators join Solana we’ll have to wait and see.
But unlike ethereum where you need 32 ether that you need to stake in order to be a validator on Solana there’s no set number as such.
Any member can be a validator.
Number four.
Finality time.
One interesting concept is called finality time that we haven’t spoken about yet.
Since technically anyone can change the copy of their blockchain We introduced something called proof of work So changing anything in the block becomes hard and time consuming.
Which means anyone trying to any change in the block will get caught easily.
But this also means that you have to wait for your block that contains your transaction to get at a little old so that newer blocks are added in front of it and changing anything in your block becomes that much harder.
Finality is nothing but the guarantee that past transactions can not be changed.
On bitcoin the finality time is around 6 blocks that means six into bitcoin’s block time that is ten minutes which means roughly about an hour is what you have to wait before you get the finality time.
Similarly the finality time on ethereum is about two to ten minutes.
The faster you can add new blocks the quicker your finality time! Now proof of history makes adding new blocks extremely quick.
The finality time on Solana is very very low.
Alright now let’s talk about the Solana token which is denoted by SOL.
Like Ethereum has ETH Solana has SOL.
Now as of recording this video the circulating supply of solana was about 270 odd million out of a total supply of 489 million.
Now given that solana is such a quick fast blockchain to use naturally many new projects are being built on top of Solana.
There’s Serum.
Which is one of the first DeFi protocols to be built on top of Solana.
Serum is a decentralized exchange that uses the order book method something that centralized exchanges often use.
Now Solana is the only blockchain that is capable currently of holding such an ambitious project because of the high tps and low block time.
USDC and USDT have also adopted to Solana.
Remember Audius the audio streaming platform that was earlier built on Ethereum They too have decided to migrate from Ethereum to Solana.
Now they can do that because Solana has released something called an Ethereum bridge that helps dapps to transition to Solana.
This bridge is why many believe Ethereum and Solana can coexist.
2...minute...tutorial.
Solana is a smart contract blockchain that uses the proof of stake mechanism similar to Ethereum and Cardano.
However Solana has an additional edge by using the proof of history protocol to increase its transaction speed.
Without going into too much detail proof of history allows network computers to order transactions immediately without waiting to hear about the latest block of transactions.
By removing this bottleneck a new block of transactions can be created every 0.4 seconds.
The native token of Solana is SOL which like Ethereum’s Ether can be used for running Decentralized Apps and staking among other functions.
Depending on the amount of Solana you’re planning to buy you can choose to store it on either a hardware wallet or a software wallet.
If you’re buying a small amount of Solana then a free software wallet that can be downloaded to your mobile phone or computer like Exodus will do.
Exodus is a popular wallet with over four million downloads.
It supports Solana and more than 110 other crypto assets and is available both on desktop and mobile.
If you’re planning to use Solana-based DApps you may prefer to use Phantom wallet which has a handy browser extension.
If on the other hand you’re planning on accumulating larger amounts it’s safer to store it on a dedicated device known as a hardware wallet.
Our recommendation for a hardware wallet that can store Solana would be the Ledger Nano X.
The Ledger Nano X is a reputable wallet which can store over 1000 cryptocurrencies alongside Solana.
It can even connect to your mobile phone which is a great advantage.
Once you’ve set up your wallet sure to find your Solana address which will be used whenever you want to send Solana to your wallet.
Each Solana address is a 44-character string of random numbers and letters.
Finally it’s time to find a place to buy Solana.
If you’re planning on buying and holding then CEX or Kraken would both be good options for you.
Both provide worldwide support have a good reputation and a beginner-friendly instant-buying option.
However if you’re planning on trading your Solana then Binance’s trading platform might be more suitable for you as it will save you some fees.
While some exchanges will store coins for you on their site you’ll want to sure to withdraw them to your own wallet by sending them to the Solana address we talked about before.
This way you keep full control of your coins.
That’s today’s 2 minute tutorial for a complete list of recommended wallets and exchanges and a more in-depth step by step guide and explanation about Solana sure to check out the links in the description below.
If you've enjoyed this video leave us a thumbs up subscribe to the channel and click the notification bell so you don't miss a review news update or the clearest information about Bitcoin and cryptocurrencies anywhere.
Coiling since mid-june and i do think that once this breaks it should be good for a 40 move hi my name is justin bennett hope you're doing well in today's video we're going to take a look at a pattern on solana that could direct the price action for the next few weeks plus i'm going to show you a pattern on the altcoin market cap chart that is also likely to direct the price action for the next few weeks but it might not be what you're thinking all right so let's go ahead and get into it and before we get to the charts guys i do want to mention that today we had ppi which came in below consensus so if you saw yesterday's video i said that consensus was 10.4 percent ppi came in today at 9.8 percent which was bullish for the markets now we've seen some of those rallies kind of come off a little bit but overall it was a decent inflation number especially considering yesterday's cpi number that also came in below consensus now the solana pattern i want to talk about today is a triangle pattern where the upper level here extends all the way back to 2021.
so this level has been in play now for about a year and you can see where it was previously serving as support for solana and recently it is serving as resistance now the lower level here extends from that june low and you can see where the market has found support here several times over the past couple of months so the thing with a pattern like this is that it's not inherently bullish or bearish yes we are in a larger downtrend so you have to pay attention to that but ultimately we're waiting for the market to break out here to up its mind whether it wants to move higher or lower and putting that next leg lower in this bear market or continue the relief rally so right now we're just kind of in a wait and see mode for solana now i do want to talk about the other key levels here for solana once we do get that breakout and the very first one is going to be 40 now you're going to want to keep this level on your chart and it may not be very apparent from this chart however 40 dollars is the highest point of volume over the past few months not only that but if you go back a few years it's still the highest point of volume so forty dollars is going to be a must hold level not to mention the fact that forty dollars is also that trend line support okay so 40 is going to be a must hold level anything below that we're likely to see solana continue lower here putting that next leg lower toward 32 and potentially 26.
now if we do get the break higher above this trend line so right around 45 we would be looking at 47 followed by 53 and also 60 dollars keep in mind too that all of this is based on a daily closing basis so in order for solana to break out from this pattern it's going to have to close a day either above that resistance level or below support in order to expose those levels that i just mentioned and once again keep in mind that 40 dollars is going to be the must hold support that is going to absolutely be crucial here a close below that would be very bearish for solana and really the rest of the crypto market so next up i want to talk about a pattern that is developed on the total 2 chart so that's basically the altcoin market cap chart it's everything except for bitcoin so if you'll notice the market is still putting in higher highs and higher lows we had a reclaim above this area right around like 642 or so and you can see where the market did test that resistance area that i've had on my chart for a while now right around 683 so you may be looking at this chart and saying what's the problem because it looks like the market's putting in higher highs and higher lows and isn't that what we want and it is what we want however once i draw these other two levels on the chart it changes the entire look of this chart alright so these two levels once added on here you can see we get a very defined rising wedge and a rising wedge like this especially within a downtrend is typically a bearish pattern okay and this is something you're going to want to keep an eye on because even though i've said that i am cautiously bullish keyword there is cautiously because we are in a bear market guys let's not forget that the market you know right now is kind of stalling out a little bit and we do have some patterns out there that don't look all that bullish and total two this altcoin market cap chart is one of them okay this rising wedge here you know doesn't look all that great for the market now does this have to be bearish no we could get a break to the upside this market could break resistance over the coming days but one thing is for sure and that is that the crypto market is going to have to a decision here over the coming days it's either going to have to break to the upside of this or to the downside because a terminal pattern like this is going to force the market to a decision here over the coming days and of course the analysis on solana would not be complete unless i talked about bitcoin and this is another chart guys that you have to be careful because we have not seen a break above 24 200.
that's the level that i've talked about for the past few days and like i said even though i've sounded cautiously bullish the market has to confirm the breakout before we can start to look for those long opportunities and as of right now like i've said 24 200 is the key level to break and right now the market is struggling at that level today so looking here at the daily chart you can see where so far today we do have a long upper wick and the market has failed to close above that level as of yet now we do have a few hours left in today's session so we'll see where the market closes here at 8 pm eastern but unless it can close above 24 200 that area is still intact as resistance this is critically important because as long as that's the case then we could get a pull back here from the crypto market and as i mentioned earlier too let's not forget that we are in a bear market for crypto what we're seeing right now over the past few weeks and what we're seeing this week is a relief rally and nothing more i have no reason to believe that the macro bottom is in i've said that for a while now that everything we're seeing right now in my opinion is just a relief rally and i also think that the markets are likely to go sideways here over the next one to two years that's typically what we see from crypto during a bear market so just be safe out there as we go into the weekend and remember it's going to come down to a daily closing basis for bitcoin above 24 200 as well as on solana and that pattern that we looked at as always have a wonderful rest of your day smash the like button subscribe and don't forget to claim your 4 000 bonus from buy bit and also 250 in bitcoin from block five those links are below thank you so much for watching i'll see you back here every day monday through friday until then take care
Going to take a look at solana we're going to have a recap of what solana is as well as that we're going to look at it as a potential investment moving in to the end of this year and into next year obviously nothing i say on this channel is financial advice so always go away and do your own research before investing any of your own money without further ado let's jump into today's video so guys jumping over to the solana website which as always is linked down below in the description so sure you go and check it out after this video solana is a decentralized blockchain built to enable scalable user-friendly apps for the world now you've probably heard of ethereum if you haven't already heard of solana ethereum is the original decentralized blockchain allowing for different content to be produced and created onto that blockchain now ethereum comes up with a few shortfalls for example it can be very expensive and it can be very slow because only a smaller number of transactions can do splendid show up, each second which means the price then gets forced up with the highest bidder then taking the particular transaction whilst ethereum is the original and has a lot of things built on it such as nfts and other things in the web 3 world starting to get built in it as well solana is thought to be one of the potential ethereum killers that could come and change the way we look at blockchain because it's significantly faster and i mean significantly faster guys it's faster than things like visa transactions and loads of others it does nearly 3 000 transactions per second at an average cost of 0.00025 at a cost of less than a cent absolutely incredible and it offers great opportunities when we talk about nfts d5 and web 3.
and solano was brought into the limelight last year with the rise of the nft market where people were trying to buy nfts on ethereum but often the gas fees were above the actual value of the nf team making it very difficult for people to get any profits from trading their nfts so lana was looked at as a potentially better option whilst the salon nft market is still significantly smaller than ethereums it has grown much more aggressively in comparison other things like games d5 and web 3 are also being built onto the platform and it's one of the fastest growing ecosystems in the world it can be integrated without having to worry about scaling for the future because it's only limited now by the technology that exists around it so as technology is improved solana is also going to develop along with it which means that you only have to implement this once and it's going to be scalable forever forever it will give you low cost and it'll also continue to be fast it's decentralized and secure not only is ultra fast and low cost it is censorship resistance the solana network is spread over thousands of independent nodes which means that your transactions are always safe however very recently there was a little bit of a concern with the security of solana because it was hacked now there's obviously been a lot of upgrades and things that have happened since that and a few different steps taken to ensure that this doesn't do splendid show up, again but this is probably one of the things that we could look at in terms of whether or not solana could be an ethereum killer and that's potentially a good reason that people are using why it couldn't be moving into the future obviously theory much lower but also able to cope better in terms of the sort of security demand that come around but we'll also look at that concept of ethereum killers slightly later on looking at solana as the best example now in terms of solana's road map salon is pretty much at the end of the line for its production phase as of july 2022 which is obviously last month there remains only one item to complete on the official solana roadmap and that is the full main net release however as we know the selana maina is already out in its beautiful instead it seems that solana has more so just abandoned updating its roadmap so obviously solana is a established cryptocurrency now people don't tend to pay so much attention to the roadmap knowing full well that's up and running and performing extremely well if you come across to the salon news section within the community tab you can find out all of the things that are happening each month on the solana network now this one draws my attention because obviously i've just mentioned how solana has gone through a period of time where they've had a little bit of uncertainty after a recent hack topsolar news crypto introduces a new validator client fire dance a second a new open source validated client for slander blockchain to increase the throughput and reliability of the network built by jump crypto this is big because jump crypto has announced that they are producing an alternative validator client for the network this will help improve the overall performance of the network and hopefully as well aid in the future security of the network also in terms of whether or not i think solana is a good investment going forward the end of this year and into next year let's take a look at that so everyone's been talking about whether or not solana can displace ethereum as the top decentralized blockchain by market cap i'm gonna give you a reason or a few reasons why i really don't think that's gonna do splendid show up, at least not in the shorter term when it comes to crypto many people are invested in crypto but many people don't actually know anything about crypto they get drawn into it because of the potential gains and a lot of people are just here because they want to some money they don't really care about what each of the different cryptos does and ultimately what that means is the more established cryptocurrencies will continue to boom further and further into the future because they have bigger networks already so people who maybe made some money in ethereum last year will be then telling their friends to buy ethereum next year when it's going to be booming again whereas people don't really perhaps know about solana because they're not that heavily involved in crypto so you've got to think that most of people entering into crypto and newbies will be looking at bitcoin ethereum and not really many others but that's okay because obviously is well established and is a solid protocol that's going to continue to boom into the future and why i think it's a better investment than ethereum despite ethereum being the biggest original out there solana's not going to displace it but you can still significantly more money by investing in down ethereum in my opinion obviously go away and do your own research the reason i think that is guys when crypto market booms again it's gonna boom because bitcoin moves and then you're gonna see all the other cryptos following along with it now if we look at the top and i want you to pay attention to a market cap it's not about the size of the individual token okay so bitcoin is twenty thousand dollars right now ethereum one thousand five hundred and seventy seven but the market cap for ethereum pretty much half that of bitcoin that doesn't mean that then ethereum is worth ten thousand dollars a token because there's different numbers of tokens in supply so we're paying attention to the market cap for you to 10 so if i buy one ethereum and i want to go up 10 which right now be 150 i need the ethereum and market cap to go up by 19.3 billion dollars that's a lot of money 19.3 billion dollars coming down to solana the solana market cap is only 11 billion dollars so to ten percent in ethereum i need to add one and a half solano market caps to the ethereum market cap i hope that makes sense so basically right now solana is worth thirty one dollars for me to ten percent on that which okay is three dollars then i would need the solana market cap to go up 1.1 billion dollars which is significantly less than 19 billion dollars which means when the market moves you can see solana and the smaller cryptocurrency tokens absolutely blooming far more aggressively than ethereum bitcoin etc now i myself am a trader and love to pay attention to what's going on in the charts because no matter what people tell you about the news and everything going on with cryptocurrency the ultimately most important part is the supply and demand whether people are prepared to buy something what they're prepared to pay for etc and this time time again shows up in the chart so when people tell you that you know something is going to defy the charts and whatever it doesn't guys it may do for a very short period of time but ultimately it will always come back and it'll ultimately always show patterns now we have a very nice pattern on the weekly chart for solana now i want you to draw attention you're probably thinking that yeah it's moving down and ultimately the human mind is designed to tell us that it's going to continue moving down in the same way that when people were buying up here they were buying because they think it was going to go up if you can't see this on the right hand side then you probably do think it's going to continue going up and that's when you get absolutely destroyed buying up here and then being down currently 88 which is obviously pretty painful but instead of looking at it like that from where we are right now the potential back to the very top is just over 700 percent so if i was to put in a hundred dollars potentially when this hits all-time highs again and it will it will be worth seven hundred dollars thousand dollars to seven thousand dollars you can do the simple maths on that now we also have a few things to consider ultimately this is a falling wedge falling wedges more often than not not every single time will break towards the upside okay so what we are anticipating and right now we are literally challenging that zone when we break out of these we do push towards the upside and the target for these patterns is back at the all-time high and i'm going to look at where we could potentially go beyond the autumn high in just a moment also i want to draw your attention to this green area through here this is a demand so how do i know it's a demand zone where we pushed up rapidly we consolidated for a bit and we came back into this zone when institutions of big money want to load up on a crypto or 4x pair or anything in particular they'll always revisit a particular zone the reason for that guys if you're buying down here at like 25 and it goes up quickly to 50 you don't want to pay 50 if you've just paid 25 for it you're gonna wait for it to return into that zone and then each time you can see they load up pushes the price until eventually all of the bags are full they've got all of their supply they need and then they can ramp the price and then they'll wait till everyone's hyped and buying the market and then they'll sell the top and then they'll just repeat the process until we're back in this zone now so you can see that we have now revisited this zone and this is a demand zone so remember now solana is entering again into a demand zone literally right now we're sitting on an area where the potential downside risk for me is down around 30 with the upside potential being at least 700 which is why i think this is a phenomenal investment right now if we were to take the fibonacci retracement now this obviously is not 100 reliable but typically when we see cryptocurrencies going through the cycle where they go all-time high and drop back down and then they will tend to return to the 1.618 or the golden ratio now sometimes it may even go beyond that but obviously that's not necessarily a bad thing so from current prices to the 1.618 you're looking at nearly a 12x on solana a top 10 cryptocurrency with the potential to give you a 12x this for me is an absolute no-brainer now obviously i'm not telling you to go and buy it but i'm telling you to go and research it and maybe consider buying it after you've done your own research on it so never buy anything without doing your own research first guys i'm only looking at this i'm looking at the potential upside there is obviously a downside risk as there is with all cryptocurrency because crypto is very risky guys but that's my two cents on where i foresee solana growing too because game 5 nfts web 3 are all booming areas of the market and solana is going to really help that to perform very strongly in my opinion so jumping across finally to the twitter link down below in the description along with the solana website everything i've talked about today you can see that there's various updates happening on this platform so we're going to keep up to date what's going on in solana and come across here give them a follow and you can see everything that's happening various different releases partnerships and other things going on twitter is where loads of stuff happens on twitter when it comes to crypto personally i never really liked the platform before because i tend to go down rabbit holes and spend too long on this platform but it is very useful if you use it as a tool for investing or just learning knowledge in general so in summary guys solana is a fantastic blockchain that is ultimately infinitely scalable into the future it's super fast super cheap and is thought of by many to become the next ethereum killer whether or not that happens is still up for question into the future but i still think it's a fantastic investment because i still believe that it has a huge insane upside potential against a minimal downside risk but obviously do your own research on that if you enjoyed today's video guys sure you smash the thumbs up button for the youtube album and if you're new to the channel you want to learn more about web3 cryptocurrency nfts and much much more then make sure you subscribe to be kept state with all of the latest happening thanks for watching guys i'll see you very soon with another video bye
Going to take a look at solana we're going to have a recap of what solana is as well as that we're going to look at it as a potential investment moving in to the end of this year and into next year obviously nothing i say on this channel is financial advice so always go away and do your own research before investing any of your own money without further ado let's jump into today's video so guys jumping over to the solana website which as always is linked down below in the description so sure you go and check it out after this video solana is a decentralized blockchain built to enable scalable user-friendly apps for the world now you've probably heard of ethereum if you haven't already heard of solana ethereum is the original decentralized blockchain allowing for different content to be produced and created onto that blockchain now ethereum comes up with a few shortfalls for example it can be very expensive and it can be very slow because only a smaller number of transactions can do splendid show up, each second which means the price then gets forced up with the highest bidder then taking the particular transaction whilst ethereum is the original and has a lot of things built on it such as nfts and other things in the web 3 world starting to get built in it as well solana is thought to be one of the potential ethereum killers that could come and change the way we look at blockchain because it's significantly faster and i mean significantly faster guys it's faster than things like visa transactions and loads of others it does nearly 000 transactions per second at an average cost of 0.00025 at a cost of less than a cent absolutely incredible and it offers great opportunities when we talk about nfts d5 and web 3.
and solano was brought into the limelight last year with the rise of the nft market where people were trying to buy nfts on ethereum but often the gas fees were above the actual value of the nf team making it very difficult for people to get any profits from trading their nfts so the llama was looked at as a potentially better option whilst the salon nft market is still significantly smaller than ethereums it has grown much more aggressively in comparison other things like games d5 and web3 are also being built onto the platform and it's one of the fastest growing ecosystems in the world it can be integrated without having to worry about scaling for the future because it's only limited now by the technology that exists around it so as technology is improved solana is also going to develop along with it which means that you only have to implement this once and it's going to be scalable forever forever it will give you low cost and it'll also continue to be fast it's decentralized and secure not only is ultra fast and low cost it is censorship resistance this lana network is spread over thousands of independent nodes which means that your transactions are always safe however very recently there was a little bit of a concern with the security of solana because it was hacked now there's obviously been a lot of upgrades and things that have happened since that and a few different steps taken to ensure that this doesn't do splendid show up, again but this is probably one of the things that we could look at in terms of whether or not solana could be an ethereum killer and that's potentially a good reason that people are using why it couldn't be moving into the future obviously theory much slower but also able to cope better in terms of the sort of security demands that come around but we'll also look at that concept of ethereum killers slightly later on looking at solana as the best example now in terms of solana's roadmap salon is pretty much at the end of the line for its production phase as of july 2022 which is obviously last month there remains only one item to complete on the official solana roadmap and that is the full main net release however as we know the solana maina is already out and it's beautiful instead it seems that solana has more so just abandoned updating its roadmap so obviously salana is a well-established cryptocurrency now people don't tend to pay so much attention to the roadmap knowing full well that's lana is up and running and performing extremely well if you come across to the salon news section within the community tab you can find out all of the things that are happening each month on the solana network now this one draws my attention because obviously i've just mentioned how solana has gone through a period of time where they've had a little bit of uncertainty after a recent hack topsolar news crypto introduces a new validator client fire dance a second a new open source validated client for slander blockchain to increase the throughput and reliability of the network built by jump crypto this is big because jump crypto has announced that they are producing an alternative validator client for the network this will help improve the overall performance of the network and hopefully as well aid in the future security of the network also in terms of whether or not i think solana is a good investment going forward the end of this year and into next year let's take a look at that so everyone's been talking about whether or not solana can displace ethereum as the top decentralized blockchain by market cap i'm gonna give you a reason or a few reasons why i really don't think that's gonna do splendid show up, at least not in the shorter term when it comes to crypto many people are invested in crypto but many people don't actually know anything about crypto they get drawn into it because of the potential gains and a lot of people are just here because they want to some money they don't really care about what each of the different cryptos does and ultimately what that means is the more established cryptocurrencies will continue to boom further and further into the future because they have bigger networks already so people who maybe made some money in ethereum last year will be then telling their friends to buy ethereum next year when it's going to be booming again whereas people don't really perhaps know about solana because they're not that heavily involved in crypto so you've got to think that most of people entering into crypto and newbies will be looking at bitcoin ethereum and not really many others but that's okay because obviously is well established and is a solid protocol that's going to continue to boom into the future and why i think it's a better investment than ethereum despite ethereum being the biggest original out there solana's not going to displace it but you can still significantly more money by investing in salon down ethereum in my opinion obviously go away and do your own research the reason i think that is guys when crypto market booms again it's gonna boom because bitcoin moves and then you're gonna see all the other cryptos following along with it now if we look at the top and i want you to pay attention to a market cap it's not about the size of the individual token okay so bitcoin is twenty thousand dollars right now ethereum 1577 but the market cap for ethereum pretty much half that of bitcoin that doesn't mean that then ethereum is worth ten thousand dollars a token because there's different numbers of tokens in supply so we're paying attention to the market cap for you to 10 so if i buy one ethereum and i want to go up 10 which right now be 150 i need the ethereum and market cap to go up by 19.3 billion dollars that's a lot of money 19.3 billion dollars coming down to solana the solana market cap is only 11 billion dollars so to 10 in ethereum i need to add one and a half solano market caps to the ethereum market cap i hope that makes sense so basically right now solana is worth 31 for me to ten percent on that which okay is three dollars then i would need the solana market cap to go up 1.1 billion dollars which is significantly less than 19 billion dollars which means when the market moves you're gonna see solana and the smaller cryptocurrency tokens absolutely booming far more aggressively than ethereum bitcoin etc now i myself am a trader and love to pay attention to what's going on in the charts because no matter what people tell you about the news and everything going on with cryptocurrency the ultimately most important part is the supply and demand whether people are prepared to buy something what they're prepared to pay for etc and this time time again shows up in the chart so when people tell you that you know something is going to defy the charts and whatever it doesn't guys it may do for a very short period of time but ultimately it will always come back and it'll ultimately always show patterns now we have a very nice pattern on the weekly chart for solana now i want you to draw attention you're probably thinking that yeah it's moving down and ultimately the human mind is designed to tell us that it's going to continue moving down in the same way that when people were buying up here they were buying because they think it was going to go up if you can't see this on the right hand side then you probably do think it's going to continue going up and that's when you get absolutely destroyed buying up here and then being down currently 88 which is obviously pretty painful but instead of looking at it like that from where we are right now the potential back to the very top is just over seven hundred percent so if i was to put in a hundred dollars potentially when this hits all-time highs again and it will it will be worth seven hundred dollars thousand dollars to seven thousand dollars you can do the simple maths on that now we also have a few things to consider ultimately this is a falling wedge falling wedges more often than not not every single time will break towards the upside okay so what we are anticipating and right now we are literally challenging that zone when we break out of these we do push towards the upside and the target for these patterns is back at the all-time high and i'm going to look at where we could potentially go beyond the autumn high in just a moment also i want to draw your attention to this green area through here this is a demand though how do i know it's a demand zone where we pushed up rapidly we consolidated for a bit and we came back into this zone when institutions of big money want to load up on a crypto or 4x pair or anything in particular they'll always revisit a particular zone the reason for that guys if you're buying down here at like 25 and it goes up quickly to 50 you don't want to pay 50 if you've just paid 25 for it you're gonna wait for it to return into that zone and then each time you can see they load up pushes the price until eventually all of the bags are full they've got all of their supply they need and then they can ramp the price and then they'll wait till everyone's hyped and buying the market and then they'll sell the top and then they'll just repeat the process until we're back in this zone now so you can see that we have now revisited this zone and this is a demand zone so remember now solana is entering again into a demand zone literally right now we're sitting on an area where the potential downside risk for me is down around 30 with the upside potential being at least 700 which is why i think this is a phenomenal investment right now if we were to take the fibonacci retracement now this obviously is not 100 reliable but typically when we see cryptocurrencies going through the cycle where they go all-time high and drop back down and then they will tend to return to the 1.618 or the golden ratio now sometimes it may even go beyond that but obviously that's not necessarily a bad thing so from current prices to the 1.618 you're looking at nearly a 12x on solana a top 10 cryptocurrency with the potential to give you a 12x this for me is an absolute no-brainer now obviously i'm not telling you to go and buy it but i'm telling you to go and research it and maybe consider buying it after you've done your own research on it so never buy anything without doing your own research first guys i'm only looking at this i'm looking at the potential upside there is obviously a downside risk as there is with all cryptocurrency because crypto is very risky guys but that's my two cents on where i foresee solana growing too because game 5 nfts web 3 are all booming areas of the market and solana is going to really help that to perform very strongly in my opinion so jumping across finally to the twitter link down below in the description along with the solana website everything i've talked about today you can see that there's various updates happening on this platform so we're going to keep up to date what's going on in solana then come across here give them a follow and you can see everything that's happening various different releases partnerships and other things going on twitter is where loads of stuff happens on twitter when it comes to crypto personally i never really liked the platform before because i tend to go down rabbit holes and spend too long on this platform but it is very useful if you use it as a tool for investing or just learning knowledge in general so in summary guys solana is a fantastic blockchain that is ultimately infinitely scalable into the future it's super fast super cheap and is thought of by many to become the next ethereum killer whether or not that happens is still up for question into the future but i still think it's a fantastic investment because i still believe that it has a huge insane upside potential against a minimal downside risk but obviously do your own research on that if you enjoyed today's video guys sure you smash the thumbs up button for the youtube album and if you're new to the channel you want to learn more about web3 cryptocurrency nfts and much much more then make sure you subscribe to be kept to state with all of the latest happening thanks for watching guys i'll see you very soon with another video bye