The name and introduction of the project token, and which exchange it can be traded on, project/team/technical background, etc.
Introduction of SOLANA.
SOLANA is a token that was created for the SOLANA blockchain in order to ease DeFi problems and create solutions. Since its launch in March 2020, it has rose through the ranks to become among the top 10 crypto currencies with the highest market capitalization. Ley us see more on the SOL project.
The exchanges it can be traded on.
Being one of the top ranked crypto currencies in the world, the SOL token can be traded in nearly all exchange platforms and some of them can be seen above.
Project/team/technical background.
- Price - $89.69
- Rank - #9
- Market Cap - $28,468,356,089
- Fully Diluted Market Cap - $45,914,017,023
- Volume-24h - $1,456,977,519
- Circulating Supply - 317,424,081.45 SOL
- Total Supply - 511,616,946
Technical Analysis
As we can see above in the 5 minutes chart, the price of SOLUSDT entered a ranging market, with no new highs or lows being formed. So, I placed my resistance and support lines using the market data. At the break of the support line, I waited for the next candle to place my entry into the bearish market. Also, we can see that at this point, the Parabolic SAR was above the price candles. Also, the RSI was below 50 indicating bearish action. Also, the Ichimoku cloud was above the price of SOLUSDT also confirming the bearish movement.
Your plan to keep it for a long time or when to sell it?
As we can see in the above screenshot, I placed my sell order using the Binance Futures account at a leverage of 20x. The images below show the transaction details for this trade.
Do you recommend everyone to sell? Give reasons for recommending or not recommending
I recommend everyone to not sell. This is because a few a moments after I placed my trade, the price direction reversed and crossed the resistance line indicating a good exit point due to the trend reversal.
Conclusion.
Thank you for reading.
@fredquantum
@kouba01