Lately, crypto analyst/influencer Elliot Wainman, the proprietor/host of YouTube channel “EllioTrades Crypto” talked to his over 340K subscribers about two L1 blockchain initiatives: Solana ($SOL) and Kusama ($KSM).
“I needed to cowl Salona right here, which is simply down 30%. As you’ll be able to see, during the last you understand 30 days or so, we obtained the massive drop right here in Might, however there’s been simply greater lows and better highs ever since, and it’s making an attempt to bust once more by this resistance that was created right here by these these bases round, you understand, 42 bucks.
“Once more, a very bullish chart and you’ll see right here that these top quality L1s are actually defying gravity right here and behaving higher than these different alts within the ecosystem, and naturally the opposite one which you understand suits that description to a T is Kusama. I imply, take a look at this Kusama chart. It’s is completely extremely bullish right here even after this stunning drop, once more down about 30% from its highs.
“Each of those charts are shifting in a improbable path. It reveals you that the initiatives with actually robust fundamentals are going to carry out in another way right here and Kusama, in fact, has their upcoming parachain auctions this month, which is without doubt one of the finest tokenomics you might have– simply basically completely locking, or not completely however for years on finish, locking up large quantities of the availability.
“They’re doing this in partnership with Kraken — actually fascinating endeavor right here, however once more that is simply probably the greatest charts in crypto, and it reveals you once more that this Polkadot ecosystem, particularly these key cash inside it — that are DOT and KSM — as these parachain auctions come round, are going to drive a ton of token velocity and I imagine there will probably be some significantly bullish days for these ones.“
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