🥛 Is Solana season here? ☀️
Today’s edition is brought to you by Ledger – the hardware wallet trusted by everyone.
Check out their newest devices.
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
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-$30 👇)
Source: PRO Discord
P.S. If you want to go PRO, we’re currently running a 40% OFF Black Friday Sale (where we’ll throw in our Investing Masterclass for FREE if you choose the annual plan).
Click here to grab it while it lasts!
NEW LEDGER PRODUCTS
Alright, if you’re serious about crypto investing, you’ve probably heard of Ledger.
If you haven’t, Ledger makes hardware wallets that protect over 20% of global crypto. Yep, 20%. Wild. 🤯
But they’re not satisfied. They want more. That’s why they’ve launched two new devices:
Ledger Stax: Touchscreen, wireless charging and unmatched efficiency
Ledger Flex: Pocket-sized, touchscreen and budget-friendly
Still using a centralized exchange? Time for an upgrade. Remember: not your keys, not your crypto.
With Ledger’s hardware wallets, your crypto is truly yours—safe and secure. 🛡️
WHAT TO LOOK OUT FOR/LOOK BACK ON 👀
Ok, so it wasn’t just Solana racking up recent wins…
The entire crypto market was kicking goals last week! So before we take a look at what’s ahead of us, let’s take a second to check our rear view mirrors…
The three clearest objects being reflected back at us?
This:
This:
Aaaand this:
Multiple new records being made, and Saylor continuing his rampage? Hell yeah! That’s what we like to see!
Now…what comes next?
There’s a few charts/events worth monitoring that could affect the market – including, but not limited to:
1/ NVIDIA ($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 🤣
RATE TODAY’S EDITION
ROADIE REVIEW OF THE DAY 🥛
VITALIK PIC OF THE DAY
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.
