SOL/USDT Buy | S6T3 | Team Trading Contest Post for Reminane

sachin08 (70)in SteemitCryptoAcademy • 3 years ago (edited)

Hello everyone!

For this Week of Team Trading Contest, I have decided to be in team of professor @nane15 and professor @reminiscence01.

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^{Image edited on PixelLab}

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Introduction of the token and the exchange in which I am trading

Solana (SOL) is a decentralized coin which is a currency on Solana blockchain. Solana blockchain is a decentralized blockchain which supports many cryptocurrencies which also includes NFTs and Metaverse coins and also DAPPs.

Source

Solana blockchain is very useful to it's users as It is very secure blockchain which provides fast and reliable services to it's users.

In this blockchain, transaction fees is low and Transaction speed is also fast. The price of Sol has also made a bullish move in recent months.

We can buy, sell and trade Solana token on many exchanges like Binance, Poloniex, Coinbase, Kucoin, Huobi Pro and many more.

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Why am I optimistic about this token today, and how long do I think it can rise?

Well, I am optimistic about Solana token as It is a strong project which can give high value to our portfolio. It is somehow similar to Ethereum as per it's blockchain.

It's transaction speed is very fast which is a plus point of it's blockchain. In comparison to Ethereum, It has low transaction fees as comparison with Eth which makes it noticable cryptocurrency.

Solana blockchain supports various smart contracts built on various blockchains. There are various projects on solana blockchain which includes NFTs, Defi and various gaming projects.

Let's talk about it's Statistics-

^{Image taken from Coinmarketcap}

From the above image, According to Coinmarketcap, Solana (SOL) has a total of 28.93$ Billion market cap. It has a Circulating supply of 320 Million.

In recent month, It has touched an All time high of $260.06. It is currently ranked #9 on Coinmarketcap.

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How to trade this token?

I have applied Candlestick Chart Patterns for this trade. I always use this type of chart pattern as It is very easy to read. I am going to use two indicators in this trade which are EMA Indicator and Parabolic Sar.

First of all, I have marked some support and resistance levels on the chart and these levels are the key levels for predicting reversals of price.

^{Image taken from TradingView}

From the above image, You can see that I have marked a resistance and support level and I have used an EMA of 9 length and as you can see that EMA is below the price which is a sign of uptrend. For confirming this signal, I have used some other indicators.

Now, I am going to use another EMA of 30 length period and Parabolic Sar Indicator and I will use Crossover strategy of two EMAs.

^{Image taken fromTradingView}

From the above image, You can see that shorter length EMA has crossed the longer length EMA which is a good sign of uptrend. For confirming, I have checked Parabolic Sar and Dots are also below the price which confirms my signal and hence, I have opened a long position at that point on Binance Exchange.

I have opened a long position at that price with 4x leverage. I have also marked take profit level and stop loss level on my trade.

Here are my trade details-

^{Trade details from Binance}

I have also set my take profit level and stop loss level as you can see in the below image.

^{Trade details from Binance}

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My Plan to hold it for a long time or When to Sell?

Well, I genuinely think that Solana token is a very strong project and I think It will definitely give a huge return in future. It's blockchain is very useful.

I think It will a very good choice for holding it for a long term as It's popularity is increasing and It's market cap is also very high and It's Circulating supply is low which means It's demand is high in the market.

I think It can give good return if we hold it for a long time. I am also holding it and I will hold it for a long time.

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Do you recommend everyone to buy? and the reasons for recommending/not recommending.

Well Yes, I can recommend it to everyone as I strongly believe that Solana token is best to invest. It is a very strong project and I believe It will give huge return in future.

I recommend everyone to hold Solana token in your portfolio as It's usecases are very beneficial for it's users.

But I would also like to tell you that You should also do your own research before investing in any coin. It would be better if you also research about this token.

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