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Solanacoin

Solana all time high, overbought state Hello everyone, as we all know the market action discounts everything :) _________________________________Make sure to Like and Follow if you like the idea_________________________________ Solana reached an all-time high at 103.062 breaking all of the old resistance lines, Why is this coin doing so well for itself? and what could be behind this movement? The main reason why Solana is doing so well is that Solana has the highest per-second transaction among blockchains and the lowest transaction fees, people are realizing that by using Solana they will be saving a lot of money from transactions alone. Solana is the fastest blockchain in the world and the fastest-growing ecosystem in crypto, with over 400 projects spanning DeFi, NFTs, Web3, and more. Now let's look at the technical analysis and price action for this coin : Scenario 1 : The coin price is trading at 97.437 right now almost hitting the first resistance line at 97.710, The bulls are gaining more power by each day as the market brings more cash flow and knowing that could push the price above the resistance zone from 97.710 - 101.220 which will lead into a breakout of that zone and a further push will happen leading the price to go near the 107.454 level. Scenario 2 : The market has been in the overbought state for the last 2 weeks and an RSI divergence has been found which could lead to a reversal in the market, and it will start when the Bears will push the price to the first support line at 90.750 where the main battle will happen between the Bears and Bulls and the market will move according to the winner if the Bulls were to win then we will see the price push back up to the 97.710 level again, And if the Bears wins then we could expect a second drop that's going to be headed near the second support at 87.300 or even the third support at 75.924. Technical indicators show : 1) The market is above the 5 10 20 50 100 and 200 MA and EMA (Bullish sign) 2) The RSI has been trading in the overbought zone since Aug 14, And a divergence has been found between the market and the indicator which could lead to a reversal in the trend. 3) The ADX is at 87.42 showing that the market is super trending right now, with a positive crossover between DI+ and DI-. Support & Resistance points : support Resistance 1) 90.750 1) 97.710 2) 87.300 2) 101.220 3) 75.924 3) 107.454 Fundamental point of view : On Aug. 24, digital asset management firm Osprey Funds registered a first-of-its-kind Solana fund with the U.S. Securities and Exchange Commission (SEC). In doing so, the New York firm hinted at giving institutional exposure to SOL markets as the token's value surged by more than 4,300% in 2021. A day later, real-time data feeder Pyth Network announced that it is going live on Solana's proof-of-stake blockchain. The firm provides "high-fidelity streaming data" from trading firms and exchanges, which allows it to cover global market activity without depending on any single data source. Pyth will use Solana's cross-chain communication protocol "Wormhole" to broadcast market data with decentralized applications functioning atop Ethereum, Binance Smart Chain, and Terra blockchains. According to Cointelegraph This is my personal opinion done with technical analysis of the market price and research online from fundamental analysts and news for The Fundamental point of view, not financial advice. If you have any questions please ask and have a great day !!
BINANCE:SOLUSD
by GabiDahduh
4
⛳ SOLANA- Epic Run Might Lead to a Correction 🚩🚩🚩Our chart on Solana which by the way has had an EPIC RUN! Solana Hit New All-Time High Above $60. In January this year, the token was worth just $2. On the 20th of July Solana was worth 21$ Just 2 days ago, it was priced at just 45$ At this stage, a correction is more likely than a rise at higher levels, no matter what Bitcoin does next. The price would need to check the 63.83 level as support (previous resistance) before rising higher. Personally, I am short on Solana with my stop loss at 76$ and a target profit level of 59,3$ and 55$. But that is just me hedging my exposure on other cryptos which I am long on. Last Thursday, Mango markets, a high-speed, decentralized exchange powered by Solana, announced a successful $70 million crowdfunding. A week ago, the Solana Foundation launched the Wormhole update, allowing integration between different types of blockchains on its network, such as the Binance Smart Chain, non-fungible tokens (NFTs), and crypto price data. All this is great news but I really doubt that Solana will compete with Ethereum, Cardano and even Polkadot. Like the so-called “ETH killers”, such as Polkadot and Cardano, the project claims to offer a faster and more efficient alternative. For instance, Solana says it is capable of processing more than 50,000 transactions a second, rivaling Visa’s claimed 65,000 transaction messages a second (TPS). However, it currently handles 6,110 TPS, according to solanabeach.io, an information platform maintained by one of the network’s validators, Staking Facilities. I might be wrong, I might be right, this is my opinion. It's not easy to dare going short on a raging bull. Solana has been exactly that in the last days. Many people have just discovered it. FOMO costs money. Solana is a train I missed but also a train i catch a little later. 🚩🚩🚩PS. Solana's Max Supply? Unlimited 🚩🚩🚩 One Love, the FXPROFESOR
FTX:SOLUSDShort
by FX_Professor
7
Sol - this could be the best scenario!🤯🤯On the SOL chart, we can see that the price has approached the $36 level several times, and at the moment it has failed to close higher. If the price continues to squeeze and trade near this level, it could mean that the price is very likely to break this level. And a good entry point could be when it breaks and tests the level as support with the targets noted above! Write in the comments all your questions and instrument analysis of which you want to see. Friends, push the like button, write a comment, and share with your mates - that would be the best THANK YOU. P.S. I personally will open entry if the price will show it according to my strategy. Always make your analysis before a trade
Long
by Yuriy_Bishko
4
Solana - What's happening on the graph?Update on Solana! After a big drop of 40%, Solana is trying to return to the value area noted above. So far it did not manage to test this area, but if it makes higher highs, tests the sell zone and the volume rises, it could be a good point to open a short position with the target indicated below! Write in the comments all your questions and instrument analysis of which you want to see. Friends, push the like button, write a comment, and share with your mates - that would be the best THANK YOU. P.S. I personally will open entry if the price will show it according to my strategy. Always make your analysis before a trade
by Yuriy_Bishko
4
SOL Rebounds By 30% As Buyers Reclaim $30 SupportSolana surged by a very strong 30% over the past 24 hours of trading as it reclaims the $30 handle. The cryptocurrency has been falling since hitting resistance at $42.50 in early June and spiked as low as $20 in yesterday’s market crash. The recovery has been quite impressive for SOL and is currently the strongest performing top-50 ranked cryptocurrency today. Founded in 2017 by Anatoly Yakovenko, Solana is a decentralized blockchain with a very high throughput that launched its Mainnet in Q3 2019. It is a highly scalable smart contract blockchain that uses proof of history to verify the ordering and passage of time between events. To put the scalability of Solana into perspective, the blockchain can currently handle well over 1000 transactions per second. The team claims that the blockchain can handle up to 50,000 TPS when under full load. Solana is certainly a strong competitor when measured up against Ethereum 25 TPS under full load. SOL has seen an interesting week on the fundamental side. At the start of the week, Coinbase announced that they added Solana to its currency exchange. The addition included SOL into the Android and iOS apps, allowing their mainstream audience to invest in the product. Additionally, the Grayscale Investment firm announced that they were also considering adding Solana (SOL) to their family of products. It is currently under consideration but, if added, the firm would make an SOL-based trust to allow institutional investors to easily enter into the altcoin. Solana is now ranked in the 14th position as it currently holds an $8.4 billion market cap value. SOL Price Analysis What has been going on? Taking a look at the daily chart above, we can clearly see SOL hitting resistance around $42.50 at the start of June. The coin was unable to break this resistance and ended up creating a range between $42.50 and $35 over the following two weeks. The trading range was eventually penetrated on Monday when SOL slipped beneath the 100-day MA at $32.50 and continued lower to hit support at $27. Yesterday, the brief BTC drop beneath $30K caused SOL to be dragged as low as $20. However, it quickly recovered from there and ended up closing the daily candle at $27. Today, SOL continued to surge higher as it broke back above $30 to hit $30.50. Solana price short term prediction: NEUTRAL The drop beneath the 100-day MA has turned SOL neutral in the short term. It would now need to rise above the June resistance at $42.50 to turn bullish again. On the other side, a drop beneath $20 (200-day MA) would certainly turn SOL bearish in the short term. If the sellers push lower, the first support is expected at $30. This is followed by $27, $25, $21.65 (.786 Fib Retracement), and $20 (200-day MA). If the bearish pressure continues to cause SOL to fall beneath $20, added support is located at $17.30 (.886 Fib Retracement), $17, $15, and $13.64 (downside 1.272 Fib Extension). Where Is The Resistance Toward The Upside? On the other side, the first resistance lies at $32.50 (100-day MA). This is followed by $34.12 (bearish .382 Fib Retracement), $35 (20-day MA), $37.50 (50-day MA), and $28.75 (bearish .5 Fib Retracement). Additional resistance is then expected at $40, $42.50 (June resistance), $43.40 (bearish .618 Fib Retracement), and $45.
by CoinCodex
2
Solana: Potential buying areas #SOLLooking at Solana on a logarithmic scale we can see that it has been following a trendline (green) very closely. Only until recently has Solana deviated away from this trendline due to market exuberance. As of right now this asset looks like it is either setting up for another leg up or it might need to dip down to the green trend line to validate support before continuing its growth. Personally, I like the $28-$32 level for potential buying levels. *choose wisely* *not financial advice*
by GhostCrypto