A recent report by K33 Research titled “Navigating Narratives” provides insights on trading altcoins, with a particular focus on Solana (SOL). The report emphasizes the importance of buying SOL at lower prices, as it has solidified its position as one of the market leaders. It also predicts that SOL will continue to outperform Ethereum (ETH) in the current market cycle.
The report highlights the flourishing on-chain activity of SOL and reaffirms the narrative that it is ETH’s main competitor. The Solana network, often referred to as the “Ethereum Killer,” has been gaining momentum and has even surpassed Ethereum in certain metrics, such as seven-day DEX volume and NFT trading volume.
SOL’s performance last year was also impressive, with a gain of around 1000%. Crypto analyst Santiago Santos believes that Solana will converge on Ethereum faster than expected due to its meaningful usage and growth.
In terms of buying opportunities for SOL, the report identifies price levels of $70, $50, and $30. However, it notes that the $30 buy order is unlikely to be filled unless there is a significant market crash like the one in March 2020. On the other hand, if SOL continues to rally, selling and taking profits at the $115 and $140 price ranges are recommended.
As of now, SOL is trading at around $99 according to CoinMarketCap data.
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