Recently, crypto analyst/influencer Elliot Wainman, the proprietor/host of YouTube channel “EllioTrades Crypto” talked to his over 340K subscribers about two L1 blockchain tasks: Solana ($SOL) and Kusama ($KSM).
“I needed to cowl Salona right here, which is just down 30%. As you’ll be able to see, over the past 30 days or so, we acquired the massive drop right here in May, however there’s been simply larger lows and larger 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, , 42 bucks.
“Again, a very bullish chart and you’ll be able to see right here that these prime quality L1s are actually defying gravity right here and behaving higher than these different alts within the ecosystem, and after all the opposite one which 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.
“Both of those charts are transferring in a improbable path. It reveals you that the tasks with actually sturdy fundamentals are going to carry out otherwise right here and Kusama, after all, has their upcoming parachain auctions this month, which is likely one of the finest tokenomics you could possibly have– simply basically completely locking, or not completely however for years on finish, locking up large quantities of the availability.
“They are 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 consider there shall be some critically bullish days for these ones.“
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