Solana to $500.

everyone we kevin here in this video we

are going to talk about solana and if

for whatever reason i accidentally say

salon no it's only because i'm always

talking about cardan no but this is

salan

and i gotta get that through my head

anyways solana has been creeping up in

the top 20 to now the top six

position

just bypassing xrp for the number six

spot in the top 20 set of tokens here

solana currently up six six six percent

and up twenty one point six six percent

a lot of six is there twenty one point

six six percent in the last seven days

this compares to a decrease of two point

four percent of card no

uh an increase of three point two three

percent on ethereum and a decrease of

roughly one percent on bitcoin so

what the heck is

selana that's what we're going to talk

about in this video i'm gonna keep it

short i'm gonna get to the point i'm

gonna tell you what she needed to know

and everything else and the best thing

to do is for me to just get started

right after i mentioned that there is a

program on building your wealth actually

a lot of programs on building your

wealth linked down below with a coupon

code expiring on october 29th every time

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out linked down below and get in before

next friday all right solana has been

described as by some of course

supporters as a better alternative to

bitcoin and ethereum by now this is kind

of like an eye ruler and that is not a

dis on solana i'm just saying like

literally everyone says their coin is

better than bitcoin or ethereum and

that's true because all there are a lot

of problems with bitcoin transactions

are too slow with bitcoin under the

current regime transactions are too

expensive under ethereum under the

current regime now of course bitcoin

maxis and ethereum enthusiasts say well

stay tuned because once we get ethereum

2.0 once we get to lightning y'all

screwed all the other coins are not

going to be worth anything because

bitcoin and ethereum are going to be the

mainstays which who knows we'll see what

happens but again this video is about

solana so solana

my many right now considers solana to be

better because it is a faster it claims

to process 6500 transactions per second

it's worth comparing that visa does

about 1700 transactions per second on

average not a cap behrens thinks that

solana could do about 65 000 per second

and coinbase says solana can do about 50

000 per second which these numbers are

really really big and good and this is

being done at a cost of just a quarter

of a one cent per transaction so if you

hate gas fees just as much as i do

solana could be for you making it faster

and cheaper than ethereum the way it is

now solana also has the benefit of being

a programmable blockchain much like

cardana

cardano meaning it's capable of smart

contracts

now solana is not built on ethereum or

and is not sort of a copy and paste of

bitcoin it's its entirely own blockchain

it's not a layer two it is a layer one

blockchain which means it's not again

built on top of something else solana

can provide those cheaper and faster

transactions because of its unique

validation methods and this is going to

be important validating is just a fancy

way of saying verifying transactions to

make sure that they're legitimate now

solana doesn't use the traditional proof

of stake system instead it uses a slight

variant on proof of stake it uses

something known as proof of history

proof of history is very similar to

proof of stake except it tries to

lighten the load on the network by

including and it's as simple as this

encoded time stamps so basically a

timestamp

in each transaction it then bypasses the

need for the network itself to create

that timestamp and in essence requires

less computational power by validators

because every single transaction already

has an encoded timestamp in other words

the validators so the people trying to

verify the transactions don't have to go

oh man okay which one of these do we

process first

that's proof of history and now i'm way

oversimplifying and i know that but

these encoded time stamps and a system

called c level

allow solana to process thousands of

transactions at the same time and in

parallel with each other the proof of

system or the proof of history system

encodes timestamps into transactions

before they're sent to the blockchain

again allowing the blockchain to

calculate thousands at the same time

without having to worry about the order

of transaction a problem that ethereum

does deal with now solana is capable of

using smart contracts as well and this

is where things will get fun because

we're going to talk about nfts and some

of the other cool things going on

however

solana has uh recently had a little bit

of a black mark one of the reasons that

had a black mark and i'm going to

explain what it is but i'm also going to

explain whether or not you should worry

about it solana was it sort of has this

black mark because on september 14th the

solana network suffered a dos attack a

denial of service attack now solana's

transaction load

basically peaked at around 400 000

transactions right before the crash

which is insane and is almost 200 times

as much as the average transactional

volume that we see right now

now that's actually really cool because

it proves that

up to somewhere around three four

hundred thousand it can actually process

a ton of transactions which is amazing

and we don't know if this was a

malicious attack like a ddos attack or

if this was just a denial of service

because of an overload most speculate

that this was just an overload because

of the minting of new nfts and bots

trying to fight to get these new nfts

big mess anyway the surge in

transactions caused a memory error

resulting in transactions crashing

validators systems in other words the

people who have their computers like

potentially this one right here running

and validating people's transactions in

the background

had to restart

this caused the entire system to crash

and the system and this is what was sort

of on eyebrow razer the system was then

able to be restarted and the issue was

resolved when the community pushed a

hard fork onto the network but in order

to push this hard fork they needed 80

percent of the stake to approve the hard

fork which means and we'll see this in a

moment they needed a whole lot of the

validators to get together and go yep

let's vote yes on this hard fork let's

restart the system and go in this hard

fork direction to bypass this memory

issue when the blockchain network went

down the validators somehow coordinated

together presumably through their

discord because they have a discord to

communicate together a centralized

platform for communicating all of a

sudden the network came back up because

80 of the stake voted within a couple

hours to approve this new fork

this suggests that the validators knew

each other duh because they're all in

the same discord together but

people now look at that and go wait a

minute salon is supposed to be a

decentralized currency and if everybody

was able to get together so quickly and

fix a problem that kind of makes this

seem like a centralized currency and

wait a minute we like define or

decentralized finance

well this is where then you have folks

like professor griffin going on to say

that solana needs to balance trade-offs

of ultimately fast payments and a secure

decentralized network this particular

professor argues that the fact that

validators were able to coordinate

restarting the network means the

centralized blockchain it means it is a

centralized blockchain not a

decentralized one right that's the

argument this person is making that

argument currently there are over 1 000

validators and that number has doubled

in just the last few months uh so the

car the solano salon uh defined network

is growing way faster than cardano's

right now

then on october 16th you add motley fool

release an article saying hey despite

this

buy the solana dip and they argued that

they're tr that the transaction

cost of using solana is very desirable

that developers of the stablecoin usd

coin usdc have issued over 2.3 billion

dollars worth of usdc for use on the

blockchain network of solana and we're

seeing a massive growth in d apps we've

had over 208 different d apps or d5

decentralized finance applications built

on solana versus uh well

2866 on ethereum but still it's a newer

blockchain and it's growing pretty

decently and pretty well now the big

counter argument here as of of course

friday october 22nd 2021 is that hey

look dude we're getting more

decentralized like chill out about

calling us centralized we're not we're

decentralized because look we've got

1127 validators this is according to

solana beach dot io where you can see

statistics and get this we actually have

a larger amount of validators required

to get to the minimum one third to get

any kind of fork done

in a blockchain and so solada has 20

different validators to get to that

minimum threshold of a third to get any

kind of voting done that's a lot like

this would be a problem if it were like

one validator controls one third of the

stake that would be a version of

centralized finance right but then in

order to get to 50

you're at 41 different validators that's

a lot of different validators and that's

why people are so excited about this

just for reference if you add up the top

10 validators for the polygon blockchain

you're at 61

control of the network to get to 61

control of solana you've got to get all

top 63 validators so 63 validators

versus 10 at polygon i know polygon is

very very different i'm not trying to

dis on polygon i'm just saying this

whole like decentralized centralized

thing and this attack on solana i don't

know if it's really justified now before

we get into any kind of technical

analysis it's worth noting that there

are nfts that use obviously smart

contracts because that's what entities

are they're based on smart contracts

right and so that's a proof of stake

system it's all smart contracts salon

art it's worth noting is the most

popular nft marketplace on solana and

you can check out stats for this by

going to salon art dot i o which is kind

of cool we'll actually do it right now

salon art dot io but the seven day

volume on salon art as of yesterday was

34

million dollars which is pretty

incredible it's gone down a little bit

to about 31 million dollars 31.7 today

this is salon art dot io but this is

where you could see different

collections the market cap for the total

of these collections is about 500

million dollars and the highest market

cap nft collection is the degenerate ape

collection that's not necessarily the

top here within the last seven days it's

number four it's jungle caps cats have

taken over but degenerate apes have had

a

sort of market share or market volume i

should say of 1.8 million dollars within

the last seven days this compares to

jungle cats at about 5.8 million within

the last seven days this also by the way

compares to crypto punks sitting around

10 million dollars in the last seven

days but it doesn't compare to the i

believe they're called mecca nfts they

had like an 80 million dollar seven-day

surge okay they've had some crazy volume

different blockchain though but anyway

nft is obviously a lot of excitement

when it comes to uh cryptocurrencies

it's kind of fun to look around salon

art a little bit i enjoy it

and sometimes the solana beach dot io

website i have to say it loads really

slowly compared to the others but salon

solanabeach.io if you could get it to

work this is where

you can oftentimes see some more

statistics beyond what i had already

shown you on the statistics tab that i

had preloaded again not really able to

get this to load right now oh well we

got all cookies in so oh well if you

want to explore more defy apps check out

radium and solonics these are some of

the most popular d5 sort of app

platforms where you can explore these

but you'll want a wallet the most

popular wallets are either phantom

or soul flair

sol

flare there is so let but that one's a

little bit more for developers so

phantom or soul flare although i will

say in the google chrome score store uh

phantom has like a four star review and

they're like 100 something reviews and

soul flare has about 25 reviews it's got

a better rating but a little on the low

side for the wallets but that might just

be on chrome because

you might be able to find different

reviews on different platforms we'll hop

on over now to a little bit of ta i'm

still out a little bit of ta here on

solana just worth noting that right now

we're obviously seeing a volume pump

here we saw a volume pump so really

start about the 20th and that kind of

set off a movement of a lot more people

talking about solana including me and uh

now you're seeing volume substantially

higher here on the 21st and the 22nd

you've got volume of about 8.2 million

so far today 7.8 yesterday that means

we're actually at a higher pace right

now 3.84 before that and the days before

that we were really between one to two

on average million of the salanas

transacted that's not dollars that's of

the actual coins transacted right so

you'd have for a dollar value you'd have

to multiply that by about you know 160

to 190 depending on the day but anyway

looking at this from a technical point

of view it's obviously in a territory of

overbought right now we don't even have

to pull up the rsi to know that

obviously we are extending above moving

averages in fact

an easy thing we could do right here is

we could just go over and uh let's try

to get sol usd over here on the chart

there we go now we can do a little bit

more let's go to the hour here on weeble

you can see really you're you're

bouncing around that 194 level look at

that hour here yesterday at 5 00 a.m on

the 21st you got a little bit of what

was a resistance here there we go that

kind of is becoming a support right now

at the time of this recording this is a

little too early to tell though so i'm

going to make that a little bit of a

different color

some of the tricks that i use that i

also talk about in the stocks and

psychology money group oopsie daisy here

let's go ahead and

make sure your ta is nice and clean but

anyway you're never really going to

remember why you drew your lines you got

to have a good system set up for your

lines and i use colors but anyway if we

go out a little further obviously we

could see some previous resistance

around that 170 level we can see some

troughs over here around 137 so if we go

out to the day chart you get a little

bit of a better look over here you see

sort of this recent fall around 1

115 here to about 137 these are some of

your recent lows so as of september

recent lows 115 to 137 personally i

would love an opportunity to buy solano

i'm sorry see there we go with cardano

salon uh

if we came back to some of these levels

i'm not very enthused to buy in an

overbought position like this but it's

going to be one that i keep an eye out

worth noting that just this summer

solana was trading somewhere around 25 a

coin so it's exploded it's had a lot of

enthusiasm and this ta i would say is

relatively weak because we just don't

have that much history again you know

you could try to strengthen your ta by

going down into the 30 minute or the one

hour or the five minute just to see

where this thing plays in recent days

which is fine go to five minute

candlesticks and play over here see a

nice ascending trend here maybe we can

create uh wedges here we'll see what's

happening right now it looks like at the

time of this recording on five minute

we're trending up slightly again we'll

see how this goes good bounce over here

we'll see if we end up

running and and breaking some of these

uh these resistance levels here which

are just recently the recent highs 214.

i don't know that we'll see that unless

there's some kind of big catalyst so i'd

rather bet that there's a chance this is

going to come down again and that's not

going to mean there's any problem with

the coin i'm not mr fudd for pointing it

out if it goes down if it goes down i'm

tempted to buy myself an nft at a

cheaper price okay now in terms of the

future let's talk price first solana

does have built-in inflation it started

with eight percent inflation right now

it's at about 5.6 inflation and

eventually it's going to because it's

sort of just going down on this sort of

a logarithmic function eventually it'll

flatten out at 1.5 percent consistent

inflation it'll take about 11 years to

get to that point though we do have a

price prediction from coin price that

solana could reach as high as 500

by the end of 2021. now chamath

previously has invested in solana

chamatali papatiya along with uh some of

his buddies they have invested through

multi-coin capital they invested back in

2017. they didn't pick the coin though

it's worth noting they invested in the

fund and the fund picked this coin

multi-coin capital obviously the returns

for that investment in 2017 and quite

frankly any crypto you bought in 2017

have been phenomenal so stay tuned i'm

excited about this one i'm watching this

one as i'm watching my other coins as

well right now i do not have a stake in

this the only cryptocurrencies i'm gonna

make this very very clear the only

cryptocurrencies i have and remember you

get all of my trade alerts including

cryptocurrency in the stocks and

psychology money group linked down below

with that coupon code expiring next

friday the only cryptocurrencies i own

are cardano about 40 ethereum about 40

and bitcoin about 20 i say about because

bitcoin's a little like 18 now and

ethereum's like a little higher like 42

43 so we got a little bit of balancing

out to do but that happens in a

portfolio that's why it's called

portfolio management anyway folks thank

you so much for watching i hope you

appreciate it if you found this helpful

consider sharing this video and we will

see you in the next one thanks again

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you