Related Topics
Currencies
     

So... This Happened! One Crypto Goes From “Little-Known” -to- “Top 10” in 4 Weeks

SOL surges 4x in one month, outshining crypto kings like Bitcoin and Ethereum. See how you could have seen the rally coming

by Nico Isaac
Updated: August 26, 2021

The world's financial authorities continue toggling back and forth between banning digital currency transactions one day, and predicting hyperbitcoinization -- i.e., bitcoin becoming fiat currency -- the other.

All the while high-profile gazillionaires like Elon Musk stir the pot with metaphorical nursing tweets about "pumping not dumping" bitcoin.

Thus, it's hard to remember bitcoin is NOT the only sheriff in town. There are hundreds of listed tokens quietly making huge waves in their much smaller pools. One such name is Solana, a lower altcoin who, between July 20 and August 20, actually outperformed the leading crypto kings.

While Solana stood at a much more accessible $22 at its July 20 low, Bitcoin stood just under $30,000. And yet, only one of these two currencies surged four-fold from that low to all-time highs in the ensuing month.

That would've been Solana!

In fact, Solana's incredible run catapulted it into the elite list of "Top 10" cryptos, for the 10th ranking. And everyone from the August 16 Forbes - "Solana Hits New All-Time High" - to the August 16 Public UK - "Solana Price on a Roar!" - stood up and paid attention to the action.

An August 24 Coin Telegraph had this stunning testament to the new-found fervor for Solana:

"Institutional investors bet big on Solana... with one-third of inflows to crypto investment products being invested in instruments tracking Solana this past week.

"According to CoinShares' Monday 'Digital Asset Fund Flows Weekly' report, $7.1 million flowed into Solana investment products between Aug. 15 and Friday."

SOLflowsbyassetschart

The problem is, according to mainstream wisdom, nobody could've foreseen Solana going from back-of-the-line lagger to leader of the race. Said one August 17 news source:

solanasurpriseheadline

"Its native SOL token has been the stand-out performer during the recent cryptocurrency surge of the last few days.

"The reason for the sudden and dramatic interest in Solana's open infrastructure blockchain has left many analysts scratching their heads."

Many, but not all.

On July 11, our Crypto Pro Service analyst Tony Carrion set the stage for a very bullish scenario. Tony showed the following SOLUSD chart, which pegged prices at the end of a fourth-wave Elliott wave correction.

The next move due was a fifth wave rally -- to new highs:

"We have structural support at 26.73, and hopefully the market won't need to go below that. The bottom line is that we'd want to see 38.08 exceeded, and ultimately a move above 44.10 to bolster the bullish scenario that is unfolding."

71121SOLUSD

And this is what followed: SOL soared four-fold to record highs!

82221SOLUSDjpg

It's commonly said that crypto markets are loose cannons with unpredictable trends.

We believe that's true -- IF you don't have the right tools to analyze price action.

We don't claim that Elliott waves are a crystal ball, of course. But patterns of investor and trader psychology are at play in cryptos, too -- making this "unpredictable" market quite the opposite.

Who Will Be the Next Crypto Mover-And-Shaker?

On a scale of 1 to 10, how tired are you of learning of huge price moves in the world's leading cryptos -- after the fact?

If you answered above a 5, then maybe it's time to consider a different model of market analysis. Right now, our Crypto Pro Service uses Elliott wave analysis to identify high-confident set-ups in the top ranking cryptos -- Bitcoin, Ethereum, Litecoin, XRP, Cardano, Dogecoin, Binance Coin and Bitcoin Cash -- and those with less of a rep.

Get instant access to the charts, videos, and analysis in our trader-focused Crypto Pro Service today – click below to get started.

Bitcoin’s All-Time High Foretold Before U.S. ETF Launch

On Oct. 20, the financial media said the catalyst for Bitcoin' rise to a new all-time high was the launch of a new U.S. exchange-traded fund. However, learn why Bitcoin's continued climb was in the cards well beforehand.

Energy ETFs: The Top Pick of Traders and... Robots Everywhere!

Oil prices are soaring and the world's biggest oil ETF, the USO, hit a 1-year high on October 20. Now, energy markets have won the hearts of traders and... robots alike! But before AI "bet big" on energy, Elliott wave analysis set the stage for USO's advance -- two months ago!

Commodity ETFs: The "Spice" of Life for Commodity Traders in 2021

After a four-month sideways trend, the Invesco Commodity Index ETF shot up in September on the way to its highest level since late 2014. See the chart and forecast that anticipated the big move.