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GM. This is Milk Road, your daily crypto relay – we pass you the baton of insight, to make your bull run smoother.
Here’s what we got for you today:
- ✍️ Is Solana season here?
- ✍️ Looking back on a record breaking week!
- 🎙️ The Milk Road Show: The Undervalued Crypto DePIN Project Disrupting the Telecom Giants w/ Helium Mobile's COO
- 🍪 Goldman Sachs plans to spin out its own cryptocurrency platform
Prices as of 2:00PM ET. Click here for our Fear & Greed Index
IS SOLANA SEASON HERE? ☀️
On Saturday night, I went to dinner, put my phone on do not disturb, and started playing a good old fashioned game of “how many bread rolls can I fit in my mouth at once.”
Between the time I arrived and the time I left, two things had happened:
- I’d been banned from the restaurant for “taking advantage of their ‘free bread roll’ policy”
- Solana had moved from ~$212 to ~$244
Here’s what’s crazy, re: that last point…
When I opened TradingView on my way out of the restaurant, $BTC, $ETH—pretty much everything in the top 10—they were all still flat.
Was I having bread-induced hallucinations? Surprisingly, no.
Turns out we may just have been entering ‘Solana Season’.
We’re not ready to officially confirm it, but there’s a bunch of recent data that suggests we could be in the early stages of $SOL season – check this out:
1/ $SOL’s returns won the weekend (comfortably) against $BTC and $ETH
2/ Solana’s total market cap hit all-time highs this morning
3/ As of this writing, $SOL is at the top of the Daily Net Inflows leaderboard
Will this change by the end of the day, after the $ETH and $BTC ETFs have finished their first trading day of the week?
Probably! But it’s still impressive, given that $ETH is 3.3x the size of $SOL by market cap, and Bitcoin is – wait for it – 16x larger!
4/ $SOL’s Real Economic Value (aka the revenue it generates) literally doubled it’s ATH last week
5/ From Sat-Sun night, $SOL’s volumes outperformed all major altcoins
All of this recent movement is huge for two specific groups of people…
- My parents, who have been worried sick ever since I told them I put 100% of my life savings into Solana
- Our PRO members, who got worded up on $SOL around this time last year (back when it was bouncing between $20-$30 👇)
Source: PRO Discord
NEW LEDGER PRODUCTS
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- Ledger Stax: Touchscreen, wireless charging and unmatched efficiency
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WHAT TO LOOK OUT FOR/LOOK BACK ON 👀
Ok, so it wasn’t just Solana racking up recent wins…
The entire crypto market was kicking goals last week! So before we take a look at what’s ahead of us, let’s take a second to check our rear view mirrors…
The three clearest objects being reflected back at us?
This:
This:
Aaaand this:
Multiple new records being made, and Saylor continuing his rampage? Hell yeah! That’s what we like to see!
Now…what comes next?
There’s a few charts/events worth monitoring that could affect the market – including, but not limited to:
1/ NVIDIA ($NVDA) earnings
NVIDIA doubles as a thermometer for the Tech/AI sector, if they can outperform expectations when they report their earnings on Wednesday, the excitement could well overflow into crypto.
2/ Funding rates are creeping up
In case you missed our article on funding rates: they help to reflect the amount of leverage (aka, loans taken out to buy more crypto) that’s in the market.
If a heap of people take loans and prices dip → they may be forced to sell and repay their loans → which can push prices down even further…
When the 1 year funding rates reach 50%+ (or, 0.05+) – that’s where things can get dicey and risks of pullbacks increase.
Right now, funding rates are looking like this:
Now, that’s not to say you should immediately worry about pullbacks if funding rates breach 50% (0.05) – they can comfortably push towards 100% (0.1) during bull runs.
But it is something to be wary of if you’re the type that’s easily spooked by market pullbacks.
3/ The US dollar is stronger than we’d like
See how the US dollar is bumping up against this level? 👇
Yeah, well – we don’t want to see it break above that. A strong US dollar encourages investors to tie their cash up in government treasuries, meaning:
The stronger the dollar gets → the less money tends to find its way into stocks/crypto.
(Here’s hoping for a nice clean rejection 🙏)
Aaaand scene!
That’s it. That’s everything we’ve got for you today.
If anyone needs us we’ll be practicing karate in the garage, trying to burn this excited energy off.
BITE-SIZED COOKIES FOR THE ROAD 🍪
Emergence, The Block’s debut conference, is taking place in the stunning city of Prague. A conference in early December, followed by a winter getaway in Europe—sounds like a dream, doesn’t it?*
Wen Bitcoin $100k? Everyone’s been asking us this question lately, so we dug up an article with 4 experts breaking down when Bitcoin might hit that all-glorious $100k mark. -DL News
Goldman Sachs plans to spin out its own cryptocurrency platform. Being one of the largest ETF buyers in 2024 while launching various tokenization products, Goldman Sacks is slowly becoming a crypto powerhouse. More institutions? Yes, please. Keep ‘em coming.
Monad rolls out its testnet. CT has been hyping Monad for a while now but we’ve seen no progress from them (until now).
Blockscout has just launched its Merits Program – an incentivized journey through the platform. With the Merits Program, Blockscout has added a whole new layer of interaction, making blockchain exploration fun and rewarding.*
*this is partner / sponsored content
MILKY MEMES 🤣
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
