I am reposting my article because it expired before it was curated. Dear professors, I will attach your homework evaluation screenshot below. Thank you.
This is my second trade post for the crypto academy trading competition week 2. As mentioned earlier, I joined with team Reminane led by professor @reminiscence01 and @nane15. Let's do our best to make our team shine. I would like to thank all the steemit team for organizing this kind of competition for the crypto academy lesson series.
The main goal of Solana is to become the base of modern internet applications based on blockchain technology. This network was created by a group of network Engineers. There are already applications such as decentralized finance, non-fungible tokens, marketplaces, and games built based on this network. The biggest highlight of this Solana network is that it can process 700,000 transactions per second. The SOL coin is used to pay transactions fees and staking.
- Solana is created by Anatoly Yakovenko, Greg Fitzgerald, Stephen Akridge, Raj Gokal, Alan Yu and Eric Willams.
- SOL can be traded on exchanges like Binance, Coinbase exchange, Digifinex etc.
SOL has more than 32B market cap. At the time i write this homework, it’s price is at 102 USD. It has a all time high value of 259.96 USD before 4 months. When a bullish trend appears, i hope this coin will rise again.
Lets look at some latest good news about SOL. As you can understand from these news, this coin will have a huge potential in the future.
When we look at the 1 day chart of SOL/USDT chart on the trading view website, we can analyse the price movement using many indicators we learned from previous lessons of the crypto academy. In here, I chose the RSI indicator and the parabolic SAR indicator.
These 2 indicators can not work independently. So we have use them combined. When we look at the Parabolic SAR indicator, we can see that it gives signal for a bullish trend. The RSI also confirms it by looking at the RSI level when the price touches the lowest point. After that the RSI also starts to rising. So, when we take this combined, we can identify that the SOL coin is entering into a bullish trend. So I took the opportunity and bought coins as a long term investment.
I decided to do a spot trade using this coin. My hope is to buy it and hold it for potential price increase. As I mentioned earlier, the all time high price of this coin is 259.96 USD. If we compare it to the current price, we can see that the price has dropped 50%. So, my opinion is this is a good buying opportunity. So i decided to buy this coin. The summery of my transaction details are mentioned below.
Price per coin = 101.90 USDT
Coins I bought = 0.1
Date of order = 02.03.2022
Time = 22:50:23
As we all know Ukraine is under attack by Russia. All the markets are really hard to predict these days. But when we consider crypto as a long term investment, this SOL coin will have a really good potential for a major price jump. Since Solana is much like Etherium as a general-purpose network, I hope this will not disappoint me. So, if someone wishes to invest in a good coin, I think this SOL coin is also a good option.