GM. This is Milk Road, the crypto newsletter as golden as an old-school MTV show.
Here’s what we got for you today:
- ✍️ Is Solana setting up for a moon shot?
- 📊 Graph of the day: Bitcoin post halving
- ✍️ PRO “Where are we in the cycle?” indicators
- 🎙️ The Milk Road Show: Have we hit the bottom and what’s next? w/ Lark Davis
- 🍪 BlackRock’s tokenized fund hits $500M mark
Prices as of 9:30AM ET. Click here for our Fear & Greed Index
SOLANA READY FOR LIFTOFF TO NEW ATH? 🔜
The Milk Man is always on the lookout for undervalued assets 🔭
Last month, we talked about whether Maker was the most undervalued asset in crypto but today, we’re going to talk about our buddy, Solana.
Despite Solana being the talk of the town, we still believe that its price doesn’t do it justice.
Here’s why:
1/ Solana economic value hits ATH
Solana just printed an ATH (all time high) in monthly economic value.
Economic Value is the total revenue generated by a blockchain. It’s all the transaction fees plus the MEV (Maximum Extractable Value) validators snag.
In June alone, Solana cashed in $91.3M!
And for the year? A whopping $1.1B, blowing past all previous records. 🐡 Talk about making bank!
2/ Daily active addresses
Solana is flexing on all other chains with over 1.6M active addresses in June.
Not only are new users flocking to the network, but the OG users are sticking around, keeping the activity buzz strong & stable 💪
3/ Breakout & reset alert
Spotted on Solana’s price chart: A descending triangle. Usually, this means a downtrend, but guess what? Solana just broke above it, hinting at a potential reversal. 🚀
4/ $SOL volatility
$SOL loves a big breakfast of volatility 🥛🥣 it’s like that one friend who thrives on chaos.
- If $SOL volatility is down → $SOL’s price tends to decline 📉
- If $SOL volatility is up → $SOL’s price tends to shoot up 🏀
Every time its volatility touches 50, $SOL starts a green candle party.
And guess what just happened…
- $SOL Volatility hits 50 in September 2023 → $SOL surges 521% in 3 months
- $SOL Volatility hits 50 in February 2023 → $SOL surges 78% in 3 months
- $SOL Volatility hits 50 in June 2024 → 👀
🥛 Milk Road Take: Solana’s been hitting the gym with major upgrades: swQoS, ZK compression, Blinks, Colosseum, and even ETF Applications.
AND due to the massive amount of users and activity, they’ve raked in over $80M in monthly revenue for Q2 alone. 🤯
Despite all these juicy catalysts, $SOL’s price keeps chilling in the slow lane. 🤔
Mix all this bullishness with a shaky market and you’ve got the equivalent to a bottle of Coke that’s been shaken for months on end.
When the cap finally comes off (when markets turn), expect an explosion that propels $SOL to the moon. 🚀
Still want more $SOL content? Keep your eyes peeled like a banana split for our Solana PRO report coming out this Saturday (July 13th). 🍌
Upgrade here so you don’t miss out on a deep dive on the latest bullish developments on Solana and where we think the price of $SOL goes next 👀
GOTD: BITCOIN POST HALVING - ZOOM IN, ZOOM OUT 🔍
Howdy, Roaders! Today’s graph is all about Bitcoin’s post-halving price action.
Spoiler alert: the current cycle (in orange) is shaping up to be the worst one yet… 🤬
But hey, don’t cry over spilt milk – there’s still plenty (of time) left in the udders!
Zoomed in: Pulling out the microscope on the bottom left of the graph, you can see the orange line showing this is officially the worst performing Bitcoin halving cycle (so far).
Zoomed out perspective: This cycle's poor performance is just a small blip when you look at the larger picture.
Key takeaways:
- Historical context: Bitcoin's price action after halving events shows long-term growth despite short-term volatility.
- Market sentiment: The fear and uncertainty during this cycle highlight the importance of having a long-term perspective in crypto.
- Prior cycles: The price action is not far off compared to the last 2 cycles at this many days post halving.
🥛 Milk Road Take: Don't let the little orange line get you down. Bitcoin's journey is full of ups and downs, and every halving cycle tells a unique story.
While this one might be the "worst" right now, it’s just another chapter in Bitcoin’s ever-evolving saga.
Stay calm, HODL on, and remember—crypto is a marathon, not a sprint.
P.S. All the FUD swirling around also has people asking a big question, have we hit the local bottom?
Check out today’s Crypto Market Analysis with Lark Davis on The Milk Road Show where we answer that tricky question and decipher what happens next! 👇🎧
PS: Kyle’s filling in as host because Jay is doing god knows what for his bachelor party in NYC
YouTube | Spotify | Apple Podcasts
PRO “WHERE ARE WE IN THE CYCLE?” INDICATORS 🤔
Crypto moves in cycles, and knowing where we are in the current cycle is crucial for capturing the best opportunities.
The goal is to spot the bull market peak before the inevitable bear market hits your bags hard.
Since timing the top perfectly is almost impossible, we use various indicators to give us a better shot at taking profits before it's too late.
Below are the 5 indicators we track, with a color-coded system to show how close they are to signalling the market peak:
🟢 Plenty of room to run 🏄
🟡 Getting closer to the top signal, but haven’t yet reached the mark ⚠️
🔴 We’ve hit the market top indicator 🚨
Every Tuesday, we update these 5 indicators exclusively for PRO members.
Our advice? Don't wait for all of them to hit 🔴. It's better to take profits as they get closer to that point.
Let's dive in and see if we're anywhere near the top of this bull market. 👇
