Shorting Solana and Why I’m doing it (Solana Fan)

So I’m a long term solana buyer and holder.

I’ve made great returns on it, but recently I believe I miscalculated what was going to happen after the trump pump.

I was holding on to an older way of thinking, and because I didn’t sell near the trump pump high, I was waiting to get back to those highs. I’m sure many of you are doing this rn.

However I decided to get on the sideline with SOL after the Libra scandal because my profits were sliding away fast. I’m not a hodlr, I like to time the market strategically during market trends. This has worked very well for me, with some bad calls here and there.

Given that background, I’ve been conducting a significant amount of market research on Solana and want to provide you all this information so you’re not stuck in an echo chamber

Negative Narrative:

Solana has earned its way to the scammers paradise through meme pump and dumps

Solana already had a huge run up the last 1-2 years

FTX reimbursements are entering the market soon

LIBRA scandal (there is more to this watch the coffeezilla video) this could get a lot more ugly if what’s reported is true

Potential for exchange crash. There seems to be a huge scandal on an exchange every cycle. In this case there may be a black swan event around USDC (SOL) or JUP or another platform. (This is a stretch, but if it were gonna happen somewhere I believe it would happen on the solana network this cycle)

Other networks are viewed as more reliable or for serious business like Ethereum or Cardano

Positive Narrative:

SOL can do what it’s always done, provide a network for extremely fast and cost effective transactions

Tax feee American cryptos

That’s about it

Price movement:

Everyone is aware how poorly SOL is doing in the last 7-30 days. It’s been hit a lot worse than the rest of the market. Even though the market is in the red, SOL is significantly lower

SOL price chart shows SOL about to dump right before the Trump Pump. One could argue we would have been at the current price sooner if not for that event.

Next lower resistance is in the 150s and then the 120s. With so much FUD, I would not be surprised that if we break through 160 that we end up at 120 in a 7 day period.

Competition:

XRP has positive narratives currently and none of the negative environment that surrounds solana

Ethereum is the first mover and 2nd largest crypto. It has a huge L2 network for low fees and has a lot of room for price growth this cycle

SUI, like solana without all the FUD

Conclusion:

Given all this information, I believe SOL will reach 120s as the new low and hold in that price area for the remainder of the alt bull run while other coins prosper.

It may go even lower once alt season ends and we are in a true bear market.

I am a huge fan of SOL, it is my favorite crypto. However my main goal is to make money, and this is how I am seeing it.

As Thanos would say, “I’m sorry little one”

I’m shorting SOL