Solna price discussion

Solana Price Analysis: Should You Still Invest in It?
Table of Contents
Altcoins
Solana Price Analysis: Should You Still Invest in It?
By Phoenix_Ash3s
4m
Created 3yr ago, last updated 3yr ago
Has Solana topped this year or is there some gas left in the tank for the upcoming months? Read more to find out!
Table of Contents
What Is Solana?
Solana in a 3-Day Time Frame
Solana, the Daily Outlook
Solana in a Lower Time Frame
SOL/BTC on a Daily Chart
Summarizing Everything for the People in a Rush
This year, Solana (SOL) has become quite a hot project in the crypto space. A few days ago, it made a new all-time high (at a price of $213). At the time of writing, SOL is trading at around $158.
Using both the high and low time frames, this analysis will be done for both SOL/USDT and SOL/BTC pairs.
Before diving into the technical analysis, let's discuss this project briefly.
What Is Solana?
Solana is a web-scale open source blockchain that features fast, secure, and scalable decentralized apps and marketplaces.
Solana uses a combination of proof-of-stake and proof-of-history consensus mechanisms to improve throughput and scalability.
The developers of Solana claim that it is the fastest blockchain in the world. The network supports 50,000 transactions per second.
Solana’s native token, SOL, is currently the 7th biggest cryptocurrency, with a market cap of $47,246,342,018.
Solana Price Analysis: Should You Still Invest in It?
Table of Contents
Altcoins
Solana Price Analysis: Should You Still Invest in It?
By Phoenix_Ash3s
4m
Created 3yr ago, last updated 3yr ago
Has Solana topped this year or is there some gas left in the tank for the upcoming months? Read more to find out!
Table of Contents
What Is Solana?
Solana in a 3-Day Time Frame
Solana, the Daily Outlook
Solana in a Lower Time Frame
SOL/BTC on a Daily Chart
Summarizing Everything for the People in a Rush
This year, Solana (SOL) has become quite a hot project in the crypto space. A few days ago, it made a new all-time high (at a price of $213). At the time of writing, SOL is trading at around $158.
Using both the high and low time frames, this analysis will be done for both SOL/USDT and SOL/BTC pairs.
Before diving into the technical analysis, let's discuss this project briefly.
What Is Solana?
Solana is a web-scale open source blockchain that features fast, secure, and scalable decentralized apps and marketplaces.
Solana uses a combination of proof-of-stake and proof-of-history consensus mechanisms to improve throughput and scalability.
The developers of Solana claim that it is the fastest blockchain in the world. The network supports 50,000 transactions per second.
Solana’s native token, SOL, is currently the 7th biggest cryptocurrency, with a market cap of $47,246,342,018.
Solana in a 3-Day Time Frame
You see an immense rise in the price in a logarithmic chart here. Can you imagine that only nine months ago, SOL was trading at around $1? Solana has seen a rise of x200 within a year.
When you look at the weekly chart, you can see that there was a classical stop-loss hunt in December, just before Solana began its massive rise. When the price broke above $4, it climbed to $18 very quickly. Afterwards, a little range was formed. The price breached the all-time high in March and kept on rising, until the well-known correction occurred in the month of May this year.
Sol formed a range again and since July, its chart has been in an uptrend. That uptrend took Sol towards the most recent all-time high.
Right now, you can see a 30% correction forming. Is that a dip to buy? Let's look at the lower time frames first.
The daily chart doesn’t look good for the bulls so far, yet the bullish market structure could still be intact. The price printed a bearish pin bar as a high, which also was the all-time-high.
This is what a bearish or bullish pin bar looks like:
On the chart you see an important zone to hold for the bulls. If the price breaks down from that range, it will fall all the way to $65-$75 before it possibly finds another support level.
However, if bulls successfully defend the marked zone, the bullish momentum will become strong again.#SOLNA