$SOL is weakening against $BTC ?#sol / #btc pair chart has formed bearish shoulder head shoulder in mid term. Chart is weakening but there may be bounces or relief rallies in lower time frame. Red box is the moderate support level for #solana / #btc price if dump emerges market. Not financial advice.
Btcsol
SOL/USDT 1DAY UPDATE BY CRYPTOSANDERSHello friends, welcome to this Sol update from Crypto Sanders.
Chart Analysis:- Solana (SOL) continued to be a big mover to start the month of October, after extending a recent bull run to a sixth straight day.
After hitting a bottom at 22.51 on Sunday, SOL/USD climbed to a high of 24.60 earlier in today’s session.
As a result of this surge, the world’s seventh-largest cryptocurrency hit its strongest point since August 15.
The move sees solana near a key price point of 25.00, with the RSI moving deep into the overbought region in the process.
the index is at the 74.33 position, which is its highest reading since July 17.
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Solana Ascending TriangleTechincal Analysis
We have formed an ascending triangle, which puts the measured move around $320.
A re-test of $210 could be a good potential entry.
Fundamental Analysis
Solana is both a cryptocurrency and flexible platform for running apps.
High transaction speed : it can transact 50,000 transactions per second; unlike Bitcoin which can transact 7 per second or Ethereum that can transact 13 per second.
Fees : while Ethereum has its second layer which eliminates gas fees, Solana will still be cheaper and more efficient due to the extremely high speed.
Proof of history : PoH ensures that a blockchain is very fast but at the same time keeps its security decentralized.