SOL/USDT : Price eyes $300 !
SOLUSDTHello everyone 😃
Before we start to discuss, I would be glad if you share your opinion on this post's comment section and hit the like button if you enjoyed it !
#SOL is moving in a descending channel currently with the high probably to have breakout above as we're standing below the channel's higher.
Also There's a verified tweet from Grayscale that has announced their new Grayscale #Solana Trust.
Now based on the LTF's chart, there's a Demand zone located at ($204.0000 - $199.8475) which is acting as my invalidation level into 4H's chart time-frame !
As we're moving above the demand zone, I'll be aiming the breakout above the channel, Otherwise, Any breakdown below the zone with hold confirmation will lead the pair to the channel's lower at bullish order-block.
Have to mention that we can have more bullish taste on our daily time-frame 👇🏼
#SOL rallied to nearly $217.50 after rising by over 6.50% intraday.
The Solana token's gains came primarily as a part of a recovery move that started Nov. 28th, where in it rebounded over 20% upon testing a dependable multi-month ascending trendline as support ~$190 as shown in the chart below.
The latest bout of buying near the trendline support also helped push SOL over the 23.6 Fib line ($204) of its Fibonacci retracement graph, drawn from the $23.22 swing low to the $260.69 swing high.
As a result, the $260-price level appears like the last line of defense between SOL and a new record high.
📚 Could Gray Scale affect the pair ?
Grayscale's decision to add Solana into its service portfolio promised to make SOL visible across more high-net-worth and institutional investors.
That is primarily because of Solana's incredible growth as a blockchain project in 2021.
The layer-one protocol emerged as a rival to fellow smart contracts platform Ethereum after providing users with one of the lowest-costing and fastest public ledgers.
Solana's ecosystem attracted over 500 projects spread across decentralized finance (DeFi), nonfungible tokens (NFT), Web 3.0, and other sectors, with 1.2 million active users on the network.
Among them is Serum, a decentralized derivatives exchange backed by billionaire Sam Bankman Fried's FTX and Alamada Research.
As a result, the price of SOL, which works as a fee and staking token inside the Solana ecosystem, surged by more than 10,700% year-over-year, with its circulating market capitalization peaking near $77.93 billion in November.
📍 Grayscale CEO Michael Sonnenshein noting that there is already a "continued appetite" among investors to gain exposure in the blockchain project.
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