On Sunday (August 15), pseudonymous crypto analyst, trader, and influencer “Pentoshi” (@Pentosh1 on Twitter) explained why he is so bullish on Solana ($SOL) right now.
$SOL is the native token of the Solana blockchain. Solana is “an open source project implementing a new, high-performance, permissionless blockchain” that is maintained by the Geneva-based Solana Foundation.
The crypto analyst started by pointing out that non-fungible tokens (NFTs) “currently are bringing people to crypto at an increasing rate” and that this trend “is likely to continue.”
He then explained that the problem is that most NFTs are currently being launched on Ethereum, which means that the cost to mint a token can be quite high.
He then went on to explain that in contrast, on Solana, the cost to mint is only around once cent.
On August 15, Degenerate Ape Academy announced that it had launched its “Degen Ape” NFT collection on Solana-powered NFT marketplace “Solanart“.
As Twitter user “APE FTX” explained, “launching NFT projects on Solana keeps the money in the project instead of giving 30%+ of the cost to miners.”
Pentoshi went on to say:
- Although there are not any famous NFT projects on Solana right now, this could change in the future, which could result in additional demand for $SOL, which should drive its price to new highs.
- Fundamental and technical analysis both suggest a bright future for $SOL and that in his opinion it is “the most bullish asset in the space right now”.
According to data by TradingView, on crypto exchange FTX, SOL-USD is currently (as of 17:45 UTC on August 17) trading around $65.9725.
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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
