Chat with the Magic Trader: Dive into the GCR Community, Bottom Out Sol at $9
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Chat with the Magic Trader: Dive into the GCR Community, Bottom Out Sol at $9
Choice, Meme, shorting, Solana, the mysterious GCR... we talked about a lot.
Navigating Web3 tides with focused insightsHost: Nathan, Founding Partner of 7UpDAO
Guest: Shu, Senior Secondary Market Trader
Editor's Note: This conversation took place in March this year. We're releasing it now because many of his predictions have since come true. In 2016, Shu left an international department at ByteDance to become a full-time secondary market trader in crypto. He joined the renowned GCR community and bought Solana at $9. We discussed his journey, investment philosophy in secondary markets, memes, VC tokens, shorting, Solana, and the mysterious GCR.
On Entering the Crypto Space
Nathan: What was your journey into crypto like? What triggered it, and what stories have you had over the past few years?
Shu: Back in 2013, while studying in the U.S., I heard a friend had bought Bitcoin and started mining. I paid attention but didn’t buy any. Later that year, around July or August, I saw Danini—the popular figure on Renren—mention Bitcoin. That sparked my curiosity, so I began following the space and eventually bought some Bitcoin with pocket money, as I was still in school. I remember clearly how the price surged from $200–$300 to $700–$800, even hitting $1,000 by late November. Then it crashed dramatically in December. At the time, I treated it more as play money, but looking back, this experience played a crucial role in shaping me, especially during the 2016–2017 cycle.
In 2016, I returned to China and joined ByteDance for international expansion. One day, I noticed a fellow engineer browsing a site for altcoins similar to Bitcoin. That reminded me of my 2013 experience—I’d bought a small amount of Litecoin and Ripple then, which had appreciated significantly by then without me selling. That counts as my second entry into the space.
During 2016–2017, I made some gains—some investments multiplied several times. Many friends launched tokens; others joined Binance, etc. I remember BTC hit $20,000 in December 2017. In January 2018, there was a wild surge in altcoins, but within two or three weeks, prices started falling. At the time, I wasn’t really a trader—I didn’t understand trading mechanics. I just bought, prices went up, and I profited. Then I reinvested, only to lose most of my gains later because I didn’t know how to trade or read charts.
The real turning point came between March and April 2021 when the crypto market heated up again. But on May 19, Huobi and many other exchanges suddenly liquidated positions, causing me to lose millions of dollars in a single day. That was devastating. Around April 2021, I noticed some trader KOLs on Twitter. Since my understanding of the space was limited, I followed many of them. I followed someone who seemed impressive—GCR. He issued warnings by late April, though I didn’t realize how sharp he was at the time. You need to follow a KOL for a while before judging their skill.
From July to August 2021, I entered a recovery phase after that massive loss—it was painful. I started systematically learning trading techniques from scratch, including reading candlestick charts. I also realized there were many skilled English-speaking traders on Twitter, but distinguishing the truly exceptional ones among countless KOLs was extremely difficult.
For example, the biggest lesson I learned from the 2017 cycle is that most Chinese-language KOLs are of poor quality. The reason is simple: look at A-shares or domestic trends over the years. Because China has such a large population, many influencers—like those “digital maniacs” in 2017—amass huge followings. For them, the easiest way to profit is to exploit their fans rather than deliver real alpha. This differs greatly from the U.S., where although there are scammers, a small group genuinely shares valuable insights without charging fees or running paid groups. However, finding these people is hard—you might find one among a thousand Twitter accounts. The key is learning how to identify them, which took me considerable time and observation.
By August–September 2021, I started following a few truly reliable individuals, my trading skills improved gradually, and I began making profits, slowly recovering my losses. In October 2021, I remember GCR predicted the approval of Bitcoin futures ETFs. He tweeted about creating a “ReBirth DAO.” I rushed in within the first ten minutes of seeing that post. The opportunity likely closed within an hour—he created a Discord group. After joining, I began interacting with many Western traders, learning their styles, which were very different from ours. Gradually, I connected with some outstanding traders on Twitter.
As for GCR, his full name on FTX is quite long—GCR is just the abbreviation. He ranked near the top of FTX’s profit leaderboard, probably second or third if excluding institutional players. He’s an exceptionally skilled trader. His track record on Twitter is remarkable—out of 100 posts, maybe 99 trading-related calls are accurate. That high hit rate is what we traders value most. A core principle in our community is: you shouldn’t publish analysis only after making money—that’s “Monday morning quarterbacking.” Many Chinese and English-language scam groups do exactly that. But GCR typically issues predictions in advance, sometimes even specifying exact price levels. Now, however, he’s less active publicly and mostly engages within our private circles.
Nathan: Are you now fully focused on secondary market trading?
Shu: Yes, full-time secondary trading. I basically idolize GCR—many of his trades actually hit. He said back in 2021 at the peak that during a crypto bull market, you shouldn’t do anything else—you should be fully immersed, spending every 24 hours in front of your computer, trading and learning. During bear markets, you should build relationships with project teams, depending on whether you’re doing primary investing or working directly with projects. Going all-in during bull runs is a critical window to capture alpha, and such opportunities may only arise once every decade in crypto.
On Investment Style and Strategy
Nathan: What’s your current trading style and strategy?
Shu: My trading style is relatively aggressive. Since it’s mostly my own money, I aim for high multiples, so my risk tolerance is high—I lean heavily toward contrarian (left-side) trading.
Within left-side trading, there are essentially two types. The first is technical traders who rely primarily on charts and various quantitative indicators, such as long/short ratios combined with analysis. The second is narrative traders, who focus more on the underlying stories and sentiment driving the market. There’s a lot to unpack here. I’m mainly a narrative trader with some quantitative analysis, though quant plays a minor role in my strategy. In crypto markets, participants are relatively few, and regulators, exchanges, and large holders often have close ties, making the market less fair and transparent than traditional equities. Therefore, many technical indicators either fail or lag significantly in crypto, unless you’re focusing solely on major assets like Bitcoin and Ethereum.
So I primarily do left-side, narrative-driven trades, with a small portion involving insider information. For example, during Solana’s bear market, within GCR’s group, perhaps five or six people would place orders starting from $3–$5 million. They usually don’t disclose exact amounts but give directional hints.
Crypto traders—including our group—often develop a private coding system or slang, so outsiders may not understand. If you run a fund, you’d naturally prioritize stability—excessive drawdowns aren’t acceptable. Your priority is safety: allocate to BTC+ETH, add 20%–30% SOL, and maybe 5%–10% meme coins. But if I sense a meme coin is taking off, I might allocate 50%–60%, even with leverage. So yes, it’s very different.
Nathan: To summarize, your trading style is primarily left-side, and when evaluating a specific coin, you rely more on narratives, trends, inflection points, and event analysis?
Shu: Yes. There are many influencers on Twitter—for instance, Willy Woo (@woonomic), who has a significant market impact. He’s famous and highly accurate, arguably the most influential among public figures today. Another is Anatoly (@aeyakovenko), co-founder of Solana Labs and a key representative of the Solana ecosystem. These major KOLs form one category. Others are more technical—they analyze order books, inflows/outflows on Binance or Coinbase. I do pay attention to macro, but it’s not that important because everyone knows the macro trend will strengthen; the disagreement lies in how strong it’ll be.
For specific projects—like Solana or others—I assess whether I have internal connections or access to privileged information. This connection must be with the core team; otherwise, the info might be inaccurate. In crypto, the most important thing is determining where your information sits on the information pyramid. Most people misjudge this—they think they’re second or third tier, but are actually fifth or sixth, meaning they’re too slow. And once you’re slow, your trade becomes useless because crypto moves extremely fast.
Lastly, market sentiment is another often-overlooked factor. While there are social signals, they’re entirely subjective. If you merely collect these signals objectively—like counting mentions by big KOLs—and trade based on that, your performance will likely be terrible. Most KOLs aim to grow followers, and most followers don’t understand trading, so they tend to chase momentum. Chasing momentum can work temporarily—say, a KOL tweets, and if you follow within 15 minutes, your results might be great. But if you enter five hours later, you’ll likely lose. It’s highly time-sensitive.
Nathan: Do you have any preferences regarding asset pricing or FDV when selecting and trading?
Shu: Yes. I use a tiered allocation approach. For mainstream assets, I first bought Solana around $9 in January 2023. GCR had been bullish on Solana, and I’ve already explained why. For BTC, ETH, and other L1s, Solana is definitely my largest position among alternative L1s because of its superior liquidity.
The second tier involves meme coins. Meme coins also have hierarchies. First are OGs, like Doge and Shib from the previous cycle. Second are chain-specific meme coins, categorized by ecosystem—e.g., Solana’s WIF. We bought WIF around $0.26 and rode it ~10x. Then there are pure meme coins, like Pepe. People say Pepe belongs to the Ethereum ecosystem, but I treat it as a non-chain-specific meme coin. Meme coins can also be grouped by themes—dog-themed, cat-themed, etc. If several dog-themed coins have market caps exceeding $1 billion, shouldn’t a few cat-themed ones reach that too? Dig deeper—what’s the third most popular pet? If you can answer that series correctly, it could be very valuable. Overall, we believe this bull market hinges on two extremes: either invest in dominant L1s or correctly bet on meme coins.
Nathan: Is the correlation strong enough within the meme quadrant based on animal attributes? For example, dog-themed coins already have an established valuation framework—should cat-themed coins necessarily benchmark against them? Is there fundamental support?
Shu: Not really. You can only make broad comparisons. For instance, if a dog-themed coin reaches a $4–5 billion valuation, even if a cat-themed coin is less popular, reaching $1 billion—one-seventh or one-eighth of that—is still plausible.
Nathan: Why do you think Solana’s memes have outperformed Ethereum’s in this cycle? Is it related to capital flows or regional differences in trader influence, particularly weaker U.S. influence?
Shu: I think the reason is very simple. A couple of weeks ago, I tried buying several meme coins on Ethereum—the gas fees were extremely high. As someone coming from a major tech company like ByteDance, I immediately understood: the onboarding cost is too high. For example, if I deposit $1,000–$2,000, Ethereum’s gas fee could be 10%, while Solana’s might be 2–3%. Naturally, I’d choose Solana. Most people don’t deposit $1,000–$2,000—they deposit $100 or even tens of dollars. If you see that sending $50 costs $20–$30 in gas, you simply won’t do it. It’s that straightforward.
Another reason is that Solana has built strong brand recognition this cycle—not just in price appreciation, but also through real-world exposure in the U.S. If you’re in the U.S., you might have seen their physical stores or phones. Whether inside or outside the crypto world, people have encountered Solana to some degree. If Solana shows strength across multiple dimensions, it’s logical for people to wonder what’s next on its ecosystem—that’s a natural thought process.
Nathan: If many other chains—especially L2s—start using memes as growth engines and list meme projects, do you think those memes are worth buying?
Shu: They’ll all jump on it, but I wouldn’t buy. This is another common misconception—people love chasing catch-up plays. I never buy catch-up assets. I only buy the fastest movers. That’s a lesson from GCR. You should always focus on the fastest-rising coins. Your sole job is identifying which ones are leading in this meme cycle. If you missed the initial move, find the right pullback to enter. You shouldn’t buy new catch-up projects, or at most allocate a tiny portion. Catch-up assets imply your market maker or project isn’t competitive enough.
If your market maker is truly excellent and has the best read on BTC or the broader market, wouldn’t they lead rather than catch up? Or suppose you’re a startup—if you didn’t secure funding in the first round, it means you weren’t fast enough. And being slow is severely penalized in crypto’s capital-efficient environment. In crypto, everyone fights for attention, but attention concentrates disproportionately. Take BOME, for instance—it captured all attention in a day or two. But behind it were major backers. Looking at its price curve and coordinated promotions, a price surge like that in one or two days isn’t miraculous. I don’t know why so many people believe it’s random—it’s never random. For example, when Solana hit $9, we calculated it could reach $18 by January. We had budgets—we pooled around $3–$4 million in the group. GCR alone invested $1.5 million, and each of us put in something.
Nathan: What’s your view on so-called “VC coins” today?
Shu: Personally, I avoid any token dominated by VCs, unless the VCs have been effectively removed—like in Solana’s case. The reason is simple: VCs raise money from wealthy investors, so their pressure is lower. Say a VC fund manages $300 million, but it’s not their own money—their incentive is naturally weaker. Among our top traders, managing someone else’s 10x or 20x capital feels completely different from managing your own. I ignore everything VCs say. I care more about what ordinary people think.
Second, I watch what truly powerful institutions think—like BTC’s largest market makers, BlackRock, Jane Street, etc. To some extent, VCs are pure bulls. Due to their job function and cognitive bias, they can only talk up the market. If they don’t, they can’t raise funds. Whether their optimism is genuine or just to deceive LPs is questionable. But this constant bullishness misleads the public. An accurate market needs both longs and shorts. In 2022, I made 70% more from shorting than from long positions. A significant portion of crypto profits comes from shorting. A 50% pullback in BTC is inevitable. At the bull market peak, opening a 2x leveraged short at the right moment can generate substantial returns—you don’t need to worry about timing the bottom, as long as your margin is sufficient (not financial advice). Also, shorting must be done on the right side—never go all-in, and never try to pick the absolute top. Generally, beginners shouldn’t short lightly—shorting requires serious skill. But anyone good at shorting will inevitably be good at going long, because shorting demands far sharper judgment.
For many, patience is paramount in shorting, along with ensuring sufficient margin, especially when using leverage. I recall shorting a small-cap coin on a certain exchange in 2021—the price surged 15x within an hour, wiping me out. That’s bad for the exchange too—such volatility severely damages reputation. Such extreme moves are generally unacceptable. If a coin rises 3–5x within an hour, it indicates poor liquidity and order book depth management. Exchanges like Binance hold 30%–40% of a coin’s supply and act as market makers themselves, preventing such violent swings. On Binance, daily gains of 2–3x are common, but hourly spikes of 10x are extremely rare—haven’t happened in two or three years. A 10x hourly spike wipes out many traders and reveals terrible sell-side liquidity—a lack of selling pressure. I know several skilled traders in our group who got liquidated on Gate and other exchanges with 2–3x hourly pumps. After that, we stopped using those platforms.
I think some China-based exchanges are penny-wise and pound-foolish. Long-term, this industry is highly profitable—there’s no need to sacrifice risk control for minor gains. Like a casino, how can you let gamblers lose everything in an hour? The best business model is letting gamblers lose slowly.
On Shorting and Leverage
Nathan: From an ROI and risk-taking perspective, what leverage range is generally advisable?
Shu: Leverage depends on the coin and your conviction in the trade. If you believe you’re near an absolute bottom, I might use 7–8x leverage. I generally avoid over 10x leverage because 10% drawdowns happen frequently—sometimes they feel engineered specifically to wipe out 10x leveraged positions. 7–8x is about the highest I’ve used; normally I stay around 4–5x. It also depends on position size—if I have a large allocation, I might use only 2–3x. If a trader tells you they regularly use 20x leverage, either their position is small—making it meaningless—or they’re close to blowing up. In crypto, any coin dropping 5% wipes out a 20x leveraged position. BTC down 10% wipes out 10x leverage. Even 10x is risky for many coins; small caps dropping 30%–40% can wipe out 3x–5x positions. Plus, you shouldn’t open full positions instantly—build gradually.
Buying Solana at $9: The Story Behind It
Nathan: Explain why you dared to buy Solana at $9.
Shu: Yes, I bought at $9, and it later rose to $18–$19. The first catalyst was FTX’s collapse. When FTX imploded, many lost huge sums. After FTX fell, I spent nearly a month emotionally recovering before gradually refocusing. By early December, emotions settled, and I started paying attention again. Around mid-December, GCR created a small group—about 50 people joined in the first five minutes, and we were among them. We discussed ideas. GCR said late November might have been the absolute bottom. He predicted a major rebound in 2023 and a bull market starting in 2024.
Quick aside: GCR makes many accurate predictions. For example, in mid-2023, he predicted Trump had a 90% chance of winning the U.S. presidency—currently trending strongly. GCR bought Trump’s meme coin at $0.1–$0.2; last week he said it was already up over $35 million in paper gains (this conversation occurred in March). He also predicted Luna’s crash and the rise of friend.tech. He’s predicted many things. He’s the greatest trader in history—no exaggeration.
Typically, ETH competitors outperform ETH. This cycle, ETH’s main rival remains Solana. First, Solana raised the most among all “ETH killers.” Second, Solana is relatively Americanized—a public chain named after a beach in San Diego, with founders from Qualcomm—verifiable on LinkedIn. Third, Solana’s ecosystem has produced compelling products—StepN, wallets by third-party devs—its team is Americanized and relatively elite. Another key factor: I visited their physical store in New York. In mid-2022, returning to the U.S., I found they opened a physical store during a bear market—proof of strong finances. Otherwise, they wouldn’t spend on retail. All signs suggest Solana aims big in the next cycle.
Last August, I attended an Ethereum hackathon in Mexico. Vitalik seemed completely different from years prior—surrounded by multiple bodyguards, almost deified, appearing unmotivated. GCR often says: a coin rises because it has motivation. A team without incentives struggles to succeed. I feel Ethereum lacks motivation—Vitalik and other OGs have rested too long, like aging giants Tencent or Alibaba, unable to compete with new rivals. These factors led me to favor Solana over Ethereum. Also, we calculated that FTX had absorbed most of Solana’s supply.
I recall GCR judged in April–May last year that the BTC ETF approval was inevitable, though timing was unclear. Until then, all washouts were normal. Once that timing passed, buying Solana within a few weeks still found it priced very low. Moreover, when sentiment hits maximum fear, a bounce is typical in crypto. Counterfactuals aren’t always the best trade, but the best trade is always counterfactual.
Nathan: Luna was also counterfactual—why not buy Luna?
Shu: Luna’s collapse was different. It was mathematically calculable—its structure couldn’t sustain. Solana’s case differs: after FTX collapsed, Solana faced massive selling. But after stabilizing in 2022, most selling pressure was gone. We examined the order book’s selling pressure for weeks—found the sell wall was very thin, easily pushed up by minimal buying. If you believe FTX’s collapse was the ultimate bearish catalyst—nothing worse—then BTC had already bottomed. Once BTC stabilized or slightly rebounded, which assets would rebound most? That’s massive alpha.
Nathan: Do you think Solana’s FDV will surpass ETH’s?
Shu: I think Solana flipping ETH might still be tough. Our assessment is ETH ETF approval is virtually certain—just a matter of time. It’s not a question of *if*, but *when*. Once approved, ETH will surge. Solana’s ETF approval will likely come too, but whether this cycle or when is unknown. Without that legitimacy and traditional big money inflow, we’re unsure how long Solana can sustain its rally. Hence, flipping ETH this cycle seems difficult. With traditional capital backing ETH, can Solana really flip it? Unlikely—traditional capital operates at a different scale. (This conversation occurred in March, amid market FUD around Ethereum.)
Second, Ethereum has a much longer history than Solana. Looking at CoinMarketCap rankings, it’s historically hard for newer coins to flip older ones. For example, whale holders bought ETH very early—they don’t care if it’s $3,200 or $4,000. If they keep holding, they exert little selling pressure or incentive—they’re not traders.
About GCR
Nathan: Tell us about your GCR group.
Shu: GCR is extremely strict—only a small fraction remain in the group. Most members are large-scale traders, managing tens of millions or even hundreds of millions in assets. Standards are thus rigorous—every word must be precise. We mainly discuss price-related topics, though occasionally touch on others—U.S. politics, Trump’s election chances, etc. Every discussion is viewed through a trading lens, demanding high accuracy. This rigor affects your lifestyle—becoming a top trader means holding yourself and your environment to higher standards. It’s a personal choice, but choosing this path means strict self-discipline. For example, GCR sometimes uses coded language—mentioning a timeframe or coin type—requiring you to research what happened then and which coins might be affected. Top traders rarely tell you directly—they give hints for you to interpret.
We actually have two small groups—one with ~50 people, another smaller one with ~10. Some European traders are in the group. Our summary of European traders: first, Europeans have a certain mysterious confidence; second, their cognition and cultural preferences—possibly due to vast, sparsely populated regions—carry a slight cynicism. Europe doesn’t influence the market much, though it has solid traders. The biggest market movers remain American traders—including Wall Street. We credit BlackRock’s CEO with saving the ETF approval. Without that, this bull market wouldn’t have arrived so quickly.
Asian traders’ weakness: most lack deep understanding of American culture. Also, homogenous thinking is severe—possibly due to collective education systems. This isn’t just China—Japan, South Korea likely share this. When a coin rises, everyone chases it. Competition centers on operational excellence—speed of entry and exit—but profits are exhausting. Better to ride a major trend—buy Solana cheap and hold. This style is beloved by U.S. retail. Hold for 10x–20x—much easier than scalping, and healthier for a trader’s mental and physical well-being.
Nathan: How do traders from different regions rank in market influence—any food chain or hierarchy?
Shu: From my observation, Europe holds a slight edge over Asia. First, Europeans are culturally closer to white/WASP culture, better understanding American nuances. A major advantage of European traders is immunity to Asian-style herd mentality. Like Americans, Europeans resist groupthink, making them more independent thinkers compared to Asian traders. Second, Europe benefits from timezone overlap—traders in both Asia and the U.S. have overlapping waking hours. You’ll notice many big crypto moves occur around 2–3 AM in China—highly unfavorable for Asian traders. But this cycle, I’ve observed some major coins performing better during Asian hours—not proof of Asian trader superiority, as I know some U.S. traders have relocated to Asia.
Nathan: Is it a current trend for top North American traders to move to Asia?
Shu: Some move mainly for lower living costs and better lifestyle—same money buys imperial luxury in Asia. But they don’t permanently relocate—staying months or half a year as a trading break. It’s hard to relax in familiar environments; unfamiliar settings force adaptation and learning.
You can’t stare at screens 24/7. Even in bull markets, big drawdowns occur—say, 20%. Staring constantly tempts impulsive trades, like catching falling knives. Rhythm is vital. At 20% down, you don’t know if it’ll hit 25%—best to take a vacation, then reassess. Don’t guess bottoms. I’ve seen many Asian traders try to time bottoms, wrecking their mindset. When prices rebound, they regret not buying earlier, chase in, then get shaken out again—entire bull cycles ruined by emotional chaos.
Nathan: How to solve earlier, better discovery mechanisms? Many Asian traders seem not only execution-strong but also adept at early project discovery.
Shu: No methodology. People always seek frameworks and patterns, but in crypto trading, that may be wrong. Coins or traders delivering 1000x–2000x returns can’t be systematized. To form a methodology, you need at least three samples to establish a pattern—but such cases rarely exceed two.
I’ve seen endless hype-filled stories in countless crypto groups—but they’re just entertaining gossip. You must strictly control your information intake—like your diet. Eating processed food daily can’t make you healthy. I follow only two or three Chinese KOLs—everything else is English KOLs. My information sources are extremely clean. I quit WeChat groups and others—otherwise, you become a reverse indicator. I worked at ByteDance—I understand how information streams subtly shape people. Daily inputs influence you subconsciously, not just categorically. Ensure everything you see is alpha—or at least maximally close. That’s crucial.
Another common mistake: some believe keeping a few contrary examples helps. Actually, this is deeply flawed. For example, someone in our group, Alex, earned $200–$300 million in the last cycle, topping FTX’s profit leaderboard. But days later, he lost tens of millions. He shared one insight worth noting: The opposite of error isn’t necessarily correct—so contrary examples don’t work. There’s no such thing as a counter-indicator.
You must spend extensive screen time tracking each KOL—memorize their calls. If you can’t remember, log them in Excel. Track how accurate a trader’s calls are. If out of ten forward-looking calls, seven or eight hit, follow them—place them in a priority tier. That might be a method.
Also, I’ve found top traders are mostly introverts, not extroverts. Their communication style carries notable ego. Big ego doesn’t guarantee good trading, but most traders have big egos. Because of their ego, they take extreme care with every public statement—they’re accountable for their words. In GCR’s group, we weekly tally how many statements you make. Everyone must submit several price predictions weekly. You’re judged by accuracy—bottom 20% get kicked out each week. In short: first, control your information input; second, find your own alpha-following strategy.
On Future Trends
Nathan: What’s your view on this bull market’s trajectory and rhythm?
Shu: We traders only speak of relatively high-probability events. I hesitate to pinpoint exact timelines. I’m conservative—I can confidently say 2024 is a bull market. 2025? Uncertain. Q1 2025 may still be, beyond that—unknown. Price-wise, some claim BTC will hit $200K—I find that overly bullish. It’s possible, but honestly, reaching $100K would make me happy. $100K is a major psychological barrier—many underestimate this. It breaks the six-digit threshold; we’re currently five digits. It’s a psychological breakthrough, like meme coins removing zeros. I suspect most whales will sell off near $90K–$100K. How it recovers afterward will be key. So I’d say $100K is great; above that is ideal, but won’t affect me much—I’ll likely start reducing BTC exposure around $90K, shifting to more alts.
Nathan: What about Solana’s outlook?
Shu: Solana is now above $190 (conversation in March). Doubling to $300–$400 seems feasible. I’m still conservative. Last cycle’s BTC ATH was ~$68K—this cycle adding 50% brings it to ~$100K. Last cycle Solana peaked at $260—conservatively adding 50%–60% gets us ~$400. Might go higher—BTC up 50% likely means Solana’s elasticity exceeds that.
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