Crypto analyst Miles Deutscher declares the choppy market faced by the crypto industry and outlines his top picks of crypto tokens that resist the prevailing trend.
He highlights Solana in particular, which recently faced a power outage but has held up fairly well during this period of uncertainty.
Crypto Analyst Miles Deutscher on Solana
Deutscher noted a decline in sentiment surrounding Solana since its network experienced issues just yesterday.
“Due to the outage this morning, sentiment is obviously worsening. Any retests of the $80 region is a buy for me. Waiting to see where things settle.”
This comes amid BeInCrypto reporting that Solana network’s Mainnet-Beta is under scrutiny by core engineers and validators to address the halt.
Read more: 11 Best Altcoin Exchanges for Crypto Trading in January 2024
“Solana Mainnet-Beta is experiencing a performance degradation, block progression is currently halted, core engineers & validators are actively investigating.”
The price did not experience much volatility over the past 24 hours, dropping less than 1%. Over the past seven-day period, Solana has dropped approximately 5%.
At the time of publication, Solana’s price is $96.84.
Furthermore, he discusses Jupiter (JUP), the native token for Jupiter exchange, which garnered immense hype prior to its launch last week.
“Chart wise, it looks solid (seems to be finding a price floor), and the CEO also hinted that JUP stakers are eligible for future airdrops – following a similar playbook to TIA and MANTA”
Deutscher Says JUP ‘Looks Solid’
However, BeInCrypto reported that the JUP airdrop last week was considered one of the largest in Solana’s history. Meanwhile, more than half of the eligible wallets have not yet claimed their JUP tokens.
Additionally, on February 1, BeInCrypto reported that the JUP token saw a 70% price drop barely 24 hours after its JUP token airdrop to early adopters.
Read more: 13 Best Altcoins To Invest In January 2024
DeFi Dad, a well-known crypto analyst, shared these insights with his 156,000 followers. He reiterates that this is one of the many reasons he holds a bullish stance on his price forecast for the next bull cycle.
His reasons were based on Vance Spencer’s explanation in a post on X:
“Going to be hard to compete with the Ethereum onboarding funnel – Gaming L2s (IMX, Ronin) – Corporate L2s (Base, Worldcoin) – Social L2s (Lens, Farcaster) – All of the other (hundreds?) of L2s spitting out tokens to acquire users.”
Deutscher is also “keeping a close eye” on MATIC, FXS, and MKR.
Trusted
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
