Recently, crypto analyst/influencer Elliot Wainman, the owner/host of YouTube channel “EllioTrades Crypto” talked to his over 340K subscribers about two L1 blockchain projects: Solana ($SOL) and Kusama ($KSM).
“I wanted to cover Salona here, which is only down 30%. As you can see, over the last you know 30 days or so, we got the big drop here in May, but there’s been just higher lows and higher highs ever since, and it’s trying to bust again through this resistance that was created here by these these bases around, you know, 42 bucks.
“Again, a really bullish chart and you can see here that these high quality L1s are really defying gravity here and behaving better than these other alts in the ecosystem, and of course the other one that you know fits that description to a T is Kusama. I mean, look at this Kusama chart. It’s is absolutely incredibly bullish here even after this shocking drop, again down about 30% from its highs.
“Both of these charts are moving in a fantastic direction. It shows you that the projects with really strong fundamentals are going to perform differently here and Kusama, of course, has their upcoming parachain auctions this month, which is one of the best tokenomics you could have–just essentially permanently locking, or not permanently but for years on end, locking up huge amounts of the supply.
“They are doing this in partnership with Kraken — really interesting endeavor here, but again this is just one of the best charts in crypto, and it shows you again that this Polkadot ecosystem, especially these key coins within it — which are DOT and KSM — as these parachain auctions come around, are going to drive a ton of token velocity and I believe there will be some seriously bullish days for these ones.“
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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