There is a lot of noise around $BTC with the recent surge in price. Bets flying around that $BTC will hit $1 million in 90 days, people hyping up Crypto as banks start to fall and euphoria towards the next Crypto bull run being around the corner. With this all being said, I honestly don't think we are close to the next bull run yet.
With $BTC climbing in price, we see that other coins - like $SOL - lagging behind. Recently, we have seen some great price movements indicating that $SOL is starting to follow the uptrend of $BTC. However, with $SOL rising in price, this is not a good thing for NFTs. We are heading into volatile territory for coins right now, and this just makes the stability in NFTs even worse.
As $SOL continues to be volatile, NFTs will begin to take hits in their floor prices and with the degenerate loaning systems we have in $SOL we will begin to see floors crash quite hard that are heavily exposed to high percentage loans. I am suggesting that you start taking profits on your NFTs and begin to look at the floors that will heavily get affected by the $SOL volatility and loaning system. With this being said, projects can still prosper in this market if there is still enough hype around them. If you see strong and bullish announcements that indicate to you that the floor price would go up from them then don't think about selling, forecast the target price from your own research and develop a game plan around it. We've had quite a few hyped successful mints recently, such as: The Bastards, OOGY & Wolf Capital. These projects have been on fire recently, and a slight bullish announcement from any of them could reignite that fire and start a solid uptrend in floor price - EVEN if $SOL is volatile.
So, have a look at your current holdings, work out a timeline on WHEN you think these project's could start rising again, if they don't match up to your risk valuation and you don't have the capital to hold them through a bumpy ride, due to $SOL volatility, then it might be a good time to sell.
Lastly, in a couple weeks, we are going to see other hyped projects begin to mint, such as: The Heist & SolCasino. More liquidity will be flowing into the ecosystem, and this will be a big test to see just how much liquidity people have in their pockets. We potentially could see floors suffer due to them minting, but I have a strong feeling that liquidity never truly left Solana NFTs, people were just waiting to pull the trigger on the right projects. These hyped mints, again, could also ignite the flame of a Solana NFT rally. I can't predict if they will cause another rally, but we all know these upcoming mints will be profitable for all who mint them.
"The Bear Market is played with old money, and the Bull Market is played with new money"
Oh, and by the way, start accumulating whitelists for degen mints 😉 Degen mint season is coming...