REPOST!!! SOLUSDT Buy&Sell | S6T2 - Team Trading Post for Team Frontline
About SOLANA
Solana is one of the highly ranked and fastest growing projects and cryptocurrencies today. This is due to the fact that their blockchain is leveraged to build several useful projects, including music streaming platform AUDIUS, high perfomant DEX Serum, serves as the base blockchain for several metaverse projects, Star Atlas been the most popular. It covers several projects including DEFI, NFTs, Web3 and more.
Aside being the fasted blockchain in the world, Solana is a highly scalable blockchain offering incredible transaction speeds, as much as 65,000TPS.
Fundamental anlaysis and tokenomics of SOLUSDT
At the time of writing this post, SOLUSDT is currently trading at $86.08 as can be seen in the screenshot above from coinmarketcap. It is currently ranked 8th on coinmarketcap with a market cap of $27,527,206,687 and volume of 2,595,439,211. This gives it a marketcap/volume value of 0.09455.
It has had a price depreciation by -$3.69 which is a -4.11% change in price over the last 24hours, with a 24-hour high and low of $90.11 and 81.20 respectively.
Currently, SOLUSDT is traded on the following exchanges, arranged based on crypto pairs available, liquidity, trading volume and confidence. We can see some popular exchanges including Binance, coinbase, FTX, KuCoin, Huobi, Gate.io and others. Another popular exchange that didn’t show in the screenshot due to screen size is Poloniex where I will be performing my trade.
Why I am choosing Solana?
Like I mentioned earlier, Solana is being used by a lot of upcoming projects, and I believe that it’s involvement will at the least, have something to do Solana as a currency of payment or transacting in these projects. For example, the metaverses built on Solana can in the near future accept Solana as a means of payment on their metaverse.
Again it’s involvement with multiple projects gives it exposure and markets it to a very wide audience. There will be a higher amount of investors that will see Solana on their radar because of it’s activity and utility.
Solana, also is one of the fastest if not the fast blockchain, but surprisingly charges very subsidial or minimal fees compared to other blockchain. Coupling it’s speed and scalability with the low transaction fees, more people are likely to use Solana than other cryptocurrencies and this will definitely be good for Solana’s price.
Looking at Solana’s chart today, it currently just hit a very important support level somewhere near $81 and has reversed upward. I am very optimistic that this reversal will see Sol token soar great heights. I believe that this support level is very critical in determining the next move of Sol token and that following this retest of support, Sol token will rise and see very bullish market for a while in the days to come.
In my analysis, I will be employing the EMA, RSI, Parabolic SAR and a support level to confirm my analysis and trade signal. I will therefore make a brief explanation of each of them.
I will start with the support level which I first noticed when I opened the SOLUSDT chart page. Support levels serve important functions of informing us possible breakout, trend reversal and trend continuation. During trends, price can either test support and break it to continue downwards, or test it and reverse upward. We can see that market was in a very strong bearish movement and just retested support and bounced back up.
Next, the RSI showed oversold as it went below the 25 line. This oversold signal is a reversal signal telling us that there might be a potential bearish-bullish reversal which we do see happen in the screenshot above.
Now let’s look at the parabolic SAR. When the parabolic SAR is below price movement, it signals a bullish movement or a bullish trend.In the screenshot above, we can see that parabolic SAR just started moving below price movement indicating a starting bullish movement.
All these signals combined together gives me a buy signal which I execute by placing a buy order at $84.89. I plan to sell as soon as my order is in profits so I can collect quick profit and enter a new position with my capital again.
Later during the day, my analysis turned out right and my trade was in profit as SOLUSDT went upto $87 so I made a profit of $0.1 . I took profit here as can be seen in the screenshot below.
The analysis I have done were from a week ago and I had executed the trade also right before my laptop broke down so I wasn’t able to post it. I wouldn’t advise you make any investment decisions using this analysis even though it hasn’t been that long.
I did my analysis and trade to enter the market, make quick profit and exit again. However overall, I would recommend Solana as a long-term investment because it is incorporated into a lot of growing projects which we might use more often during the future. The best investments for me, are those that concentrate on building things which we will need in the future. This is what Solana is doing looking at its involvement with the metaverse and other future projects.
@steemcurator01 &
@steemcurator02 my repost has either been skipped or forgotten. For whatever reason is not important but please do curate my post and not let my effort and time be a waste. Thank you.