After the Cosmos ecosystem gave away large quantities of tokens such as $ION, $OSMO, $SOMM, $STAR, $TIA and many others, many are wondering what will be the next blockchain to kick off the next Airdrop Season
With the very recent airdrop of the Pyth Network protocol, the ecosystem is a candidate to become the next blockchain targeted by Airdrop Hunters. In fact, it is rumored that there are the conditions and possibilities to start a series of Airdrops as Cosmos and its dApps have accustomed us to in the past.
Solana and its ecosystem
With the very recent developments within the blockchain ecosystem, especially in terms of DeFi, Solana is a project that has gone well beyond expectations, even managing to surpass other much longer-lived networks, and has secured a stable place among the top ten cryptocurrencies by market capitalization. Solana, therefore, is an open infrastructure for developing scalable cryptographic apps that differs from other protocols also because it uses an innovative process known as Proof of History to measure time on the blockchain.
I will not go further into explaining what Solana and its token $SOL is as this is not intended to be an informational article. However, I will analyze the SOL/USD and SOL/BTC charts to understand how investors are moving. Solana, therefore, seems to have started a fairly sudden uptrend against the dollar, lining up as many as 5 weekly green candlesticks in a row. This hasn't happened since 2021 and following the last bull-run it reached a value of $260 per single token. The 14-day RSI indicator marks a value of 77.9 and is entering the overbought area. This is a value that tells us that people are buying strongly.
However, since Bitcoin has also undergone a significant price increase in the last period, to understand whether the increase in Solana is due to transport by BTC or not, the SOL/BTC graph must be analyzed. Here you can see that the positive trend is confirmed but the consecutive green candlesticks are fewer than in the previous graph. We are currently fighting a local resistance area between 0.0017 and 0.002. Furthermore, observing the volumes, we can see how they have been increasing in recent weeks, with a decline in the last 3 days.
Possible airdrops
Solana has a ton of protocols built on its blockchain, many of which don't yet have a token. Some don't have it because they simply don't find it useful or necessary, but for the next bull run they might consider releasing it.
But how do you identify possible future airdrops?
This is where a well-known analysis platform comes in handy: DefiLlama. In fact, it is enough to select Solana for the various Dex sites, lending services, aggregators, etc. to be offered to us. Once found, the next step is to analyze the volumes to understand if it is a consolidated protocol and to find out more. Finally, having identified a good project that is still without tokens, to secure the airdrop it is necessary to interact with it by making some transactions. Sometimes a swap is enough, other times a more complex interaction is required. Given the low fees, the advice is not to limit yourself to a single exchange and to carry them out on different days so as to provide continuity.
Disclaimer
This post is not an incentive to invest or speculate on unknown or unreliable protocols. Indeed, it is not an incentive to invest in general as before moving funds you must be able to understand well what you are doing.
Always DYOR before invest.
Read also: Supply Squeeze ??
Interested in buying a Tesla? Here is the from which to start to get numerous prizes.
If you liked this article, please support me by following me leave me a likeuse one of my referral links below
-Thank you-
?? Join Binance, trade and earn passively.
Buy a Tesla from the official website.
Use Nexo to make your cryptocurrencies profitable
Buy an Unstoppable Domain ang get 10$ free
