Transcription
Hello, this is Crypto and I hope you are doing well. We are going to take stock of Solana because a lot is happening. We have had, that's it, the quarterly report on Solana. We will go back over the different important points of what is happening in the ecosystem and above all we will talk about the valuation because Solana has been in a huge range since 2024 and we are absolutely not getting out of it. Is this a re-accumulation? Something that is intended to lead to a phase of acceleration afterwards, or are we rather in a phase of distribution with the aim of going lower? I will give you the key levels and we will start right away. Already, in terms of structure, what is interesting to see is that the RSI is unfortunately rather low. What we will be waiting for is rather a form of re-acceleration on the momentum. And as long as we don't break the RSI average here, we won't actually have a recovery signal. When we look at the structure, the fact that we went to the low part below 100,000 dollars during the period of April 2025 and that we did not manage to break the ATH here in the recovery phase that we experienced in September and this summer, leads us to say that we still have a dynamic that is a little bit down on Solana, even if you will see that the metrics directly on the Solana blockchain are very positive and that's perhaps where there is a small opportunity to come, but nevertheless technically it is not necessarily very, very strong. We rather have a tendency to say that we will be in a form of underperformance rather than total overperformance. We have a level that is always very important and key between 150 and hop 120 dollars. Really very important. It's a huge support that had worked well, that had held us throughout the period of 2024 and that still played its role here as support before a re-acceleration as well. in a re-acceleration phase, if we hold the key levels and we continue to have good recoveries overall, what we will aim for, in the first instance, is breaking 250 dollars, going for the ATH and aiming for an expansion phase that could go for 1718 here. So always with a break around 400 dollars for Solana, but that implies that we have a validation of the acceleration linked to an Altcoin Season and especially a Solana that performs and is getting back on its feet.
Here, I am comparing Solana versus BTC. We can clearly see that we have been in total underperformance since March 2024. So, of course, this corresponds to the range I spoke about earlier. But we see that we have a beginning of recovery. When we have this structure that took place in 2025, we can clearly see that a break is happening. As long as we maintain the low here, meaning the lowest point in this pattern, it implies that we have a desire to do something rather bullish. So a regain of performance for Solana compared to BTC. And that is the most important thing for me because we have a lot of good news regarding Solana. And when we look at the data, particularly institutional data, we see a clear increase in institutional investment, especially thanks to ETFs. We will have two ETFs coming. So that's a rather positive point for maintaining the bullish acceleration part.
Next, when we look a little at the ecosystem, it is only growing on Solana. We still have major projects building and still receiving funding. When we look at other data, such as the evolution of Solana and its ecosystem and the fundraising that took place in Q3, we clearly see a 70% increase. So that means there is indeed an injection of funds and there are indeed drivers that are continuously supporting Solana. When we look at the validators, this is the small point to watch out for, as we see a drastic decrease since 2025. We were at 1400 validators and we see a steady decline. We have fallen below 1000 validators, to around 900. This is something that will need to be monitored. We must not go below 800 for me. 800 will be a level where we can question decentralization and why there is such a significant departure. I think everyone has the answer. It's just that it's very expensive to be a validator on Solana and that, of course, with a SOL below 200 dollars, it's complicated to be profitable.
In other metrics, there is still growth in the third quarter, which shows that there is still a strong enthusiasm for Solana with RW World Asset, where we see that BUEDL has taken a very important share at the end of 2025, as has USDY. So we have a rather bullish momentum on Solana, which is again positive. Stablecoins too, a big increase, so all these are important values to monitor in a protocol like Solana. And we see that there is still a growing increase. It's the same for perps and DEXs, meaning decentralized exchanges, perpetuals. We see a very significant growth in terms of volume. There was a lot of communication about it. Well, we see Jupiter, we see the Solana ecosystem which is well present and continues to perform. And perpetuals are really booming right now, so it's something to watch closely in the ecosystem that continues to grow. Similarly, we will look at spot volume on decentralized exchanges. We see a 17% increase and we see that we are maintaining key levels. So we still have good usage of Solana across the entire ecosystem. Where people say Solana is losing speed, I find that to be false. Indeed, the price itself is stagnating, but the reality is that we still have an ecosystem that continues to grow and is still very present. The point to note, however, is that there is a real decrease in the number of tokens being created. We see that Solana has many fewer meme coins, but at the same time, it's logical. This means that meme coins no longer exist. So, naturally, a drastic decrease in the number of token creations on Solana, which could explain Solana's weakness since 2025. We know very well that Trump's meme coin did a lot of damage and this could also be the implication we see here. But the question we need to ask ourselves is whether decentralized finance continues to grow on Solana, which is the important point. We see that Kamino has done an amazing job with Jupiter. Still big growth. We see that clearly here. Kamino in purple, Jupiter in green, very clear, fluorescent. We see enormous growth, and that means that DeFi is indeed well present in the Solana ecosystem and is still progressing. And we are reaching a DeFi that has surpassed what we saw in January 2025, when we had a very, very strong meme coin season. So that shows you that indeed there is a good dynamic that is rather bullish. All this to tell you that we have an ecosystem that continues to grow despite being in a ranging phase; the price does not reflect Solana's growth. And that's where we need to ask ourselves the question: could this indeed not be representative of an undervaluation of Solana? Again, we need to be very careful. We are approaching the end of 2025, the end of the 4-year cycle. We are obliged to price the end of the cycle, we are obliged to price the end of the year and naturally phases of retracement that can be difficult to absorb. We do not forget that we remain an altcoin, so with a lot of volatility downwards as well as upwards, and we know very well that there have been significant underperformances. I think that for me, the chart to watch will really be SOL BTC, which will give us a potential restart of Solana's performance, which could be favorable, especially in a BTC re-acceleration phase. If BTC pushes and Solana outperforms, then we will certainly have a real signal because technically, when we look at the data we have seen on the entire blockchain, we see that it is rather very positive.
If you want more information of this kind, it's simple, it's in the comments in the description, you will have the opportunity to join me on Telegram. Telegram where you have training, information, and lots of additional analyses that I don't do on the channel. So join us, it's in the comments in the description and I'll see you very soon. [Music]