Weekly Beluga Insights

After an absolutely monster +60% gain last week, Solana has slowed its momentum as traders take profit and currently sits just above the $100 mark. A meteoric rise pushed SOL up to 5th place of all coins by market cap, and as we’ve covered in previous newsletters this has had a profound effect on the Solana ecosystem and market sentiment across the board.

With the pullback in pricing, on-chain activity has also slowed and we are seeing a lot of traders rotating their liquidity elsewhere. This may sound worrying, however Beluga believes most of the activity stemmed from money that already existed on chain and we have yet to see real inflows into the market anyway. As we head into the New Year with a number of large catalysts rapidly approaching, this will likely change.

Top Movers of the Week

• Bitcoin SV (BSV) +69.69%

• Tellor (TRB) +36%

• Uniswap (UNI) +28.31%

• Bonk Inu (BONK) -28.33%

• Helium Mobile (MOBILE) -18.64%

• Raydium (RAY) -16.41%

What We’re Watching

With the correction in Solana ecosystem tokens this week, Beluga has our eye on those that have showed strength previously through this positive movement. No token fits this description better than Bonk of course, the de facto leader of SOL meme tokens. Off the back of the massive liquidity event which was Binance’s listing of the token, and in combination with the pullback in Solana itself, Bonk is now sitting almost 60% off its all-time-high.

For those interested in Technical Analysis, it appears Bonk has bounced off of a support line created by the previous resistance it found earlier this month. In Beluga’s opinion, while Binance listings for coins tend to create a local top due to the hype, this seems to be an over-correction. Bonk remains incredibly prevalent in conversations we are having, and Solana still dominates the Crypto Twitter timeline. Memecoin price action is derived almost exclusively from the attention it receives, and for this reason we’re watching for a strong bounce.

Quick Quips: Catch Up on What You Missed

• Beluga’s Review of the Solana Phone

• SEC Defines Deadline for Spot BTC ETF

• Collapsed Token Luna Ruled a Security (finally)

• Ethereum’s Vitalik Buterin Wants to go back to ETH’s Roots

Chart of the Week

Aptos (APT) TVL going parabolic!

Tweet of the Week

Kuro’s much anticipated annual Crypto Twitter recap video has officially dropped!

Beluga Pod Episode 3

Be sure to check out this week’s episode of the Beluga Podcast where we cover everything that happened in the space this week along with our thoughts for the future, hosted by crypto veterans from the Beluga team.

Did you Know?

In 2014, crypto payments company BitPay sponsored the first ever Bitcoin Bowl between NC State and UCF, creating one of the first nationally recognized events for crypto! Read more about it here.

Disclaimer
The content on this site is for informational purposes only and should not be construed as investment advice. While Beluga strives to ensure the accuracy and timeliness of information, there may be discrepancies when comparing our data to that of financial institutions, service providers, or specific product websites. Always consult with a professional before making any financial decisions.