I joined "Team Frontline" in last week's Crypto Academy Trading Competition. I will also join "Team Frontline" in this week's Crypto Academy Trading Competition. "Team Frontline" is led by Professor @Shemul21 and @abdu.navi03 .
Solana was officially launched by the Solana Foundation in March 2020, although the concept and initial work on the Solana project began in 2017. Yakovenko and his Qualcomm colleague Greg Fitzgerald founded a project called Solana Labs. Solana's protocol was originally designed to create decentralized apps (DApp), the Solana platform introduced Proof-of-History (PoH) compliance with the use of Proof-of-Stack (PoS). The use of proof-of-history (PoH) has improved its scalability, created by Anatoly Yakovenko.
The main promise for the user of Solana project is that Solana will not be surprised by the increased fees and taxes. Solana's project is designed in such a way that the cost of the transaction is low, its scalability and fast processing assure the users. In September, 2021, the price of Solana reached $ 216. Demand for this specialty has grown significantly as a result of the Solana platform's high development activities, growing defense ecosystem, wider institutional interest and NFTs activities in Solana. The Solana platform works in a way that is comparable to Ethereum. The Solana platform has been praised for speed and performance.
| SOL Price | $90.27 |
|---|---|
| Price Change 24h | $2.12 |
| 24h Low / 24h High | $94.89 / $101.56 |
| Trading Volume 24h | $3,607,420,598.81 |
| Volume / Market Cap | 0.1157 |
| Market Dominance | 1.62% |
| Market Rank | #9 |
| Market Cap | $31,170,565,887.34 |
| Fully Diluted Market Cap | $49,763,440,326.34 |
| Total Supply | 511,616,946 |
Which Exchange can be traded on
SOL / USDT, SOL / USD, SOL/ ETH, SOL / BTC, SOL / BNB can also be traded in many more pairs on popular exchange sites like Binance, Coinbase, Kucoin, Bittrex, and FTX.
We have learned a lot about Solana (SOL) so far and realized that Solana (SOL) is a powerful project and very popular with traders (SOL). Solana is also a blockchain and a very popular blockchain. Solana (SOL) coinmarketcap rank is 09. I saw that the price of Solana (SOL) was in bearish movement and here I saw breakout.
I think that could go from bearish to bullish. I will discuss my comments in the next episode on the technical analysis of Solana (SOL). However, I have analyzed that Solana (SOL) may go uptrend. Solana (SOL) I decided to trade today because I saw its bullish move and this coin is also a very good coin.
For today's trade I have selected SOL / USDT pair. Today I will do analysis on tradingview platform, tradingview is one of my favorite analysis platform. Today I will make an entry by analyzing through Moving Average. I also do technical analysis for my crypto trading through tradingview.com platform. Today I have an exponential moving average and a 5 minute time frame on my chart for analysis. In Season 6 Week 1 @shemul21 discusses with us the Moving Average, Moving Average is very important for traders.
Moving Average is very easy to use and understand, I use it for my own analysis. I have 6 period exponential moving averages in my chart, color it is green and 21 period exponential moving average I have installed in my chart, color is red.
Here I see that the Exponential Moving Average of 6 Periods that I have taken in my chart has crossed the Exponential Moving Average of 21 Periods. We know that when the Exponential Moving Average of that period crosses the Exponential Moving Average of 21 Periods upwards, it means we can place a buy order here. The market can go up from here, so here I have made a decision to place a buy order, so I have placed a buy order in this situation.
BUY
The price of SOL was $97.30 when I placed the buy order. my order is filled prove below my screenshot.
SELL
Before I bought, I marked take profit and stop loss here, So I set the take profit and stop loss in that place. I set the take profit at $99.90 and set the stop loss at $96.15
Profit/Loss
My Take profit is hit.
| Buying Price: | $97.30 |
|---|---|
| Sell Price: | $99.90(Take profit hit) |
| Profit: | $0.31 |
I Profit $0.31 this trading, below screenshot.
I bought SOL today, but I didn't buy it to hold on for long. I bought SOL for a very short time, I set the tech profit for a small profit, because with SOL I will go out with a small profit, this is my plan. I am not willing to hold a long time right now.
The trading I have done in SOL / USDT pair today is an intraday trading system, it will not be applicable for long time trading. SOL is a very strong project, SOL can be held for a long time if you want, because I have said before that the price of SOL went to $ 216.
If we analyze about SOL, we will see that the rank in coinmarketcap is 9 and before that its rank was 08. The current price of SOL is less than $ 100 or more. We can also see that the price of SOL went up to $ 217 in September, 2021. It was a very popular platform then Solana platform. It is very popular with crypto traders. There is a chance to make SOL better, anyone can buy it if they want.
We know that the cryptocurrency market is very volatile, anything can happen at any time. It is really very difficult for everyone to predict the cryptocurrency market price. So if any trader wants to buy it, he must do research on this SOL.
Solana (SOL) is a very powerful project, which is of great interest to traders. Solana (SOL) use of proof-of-history (PoH) has improved its scalability and also Solana will not be surprised by the increased fees and taxes. It is also designed with users in mind, with lower transaction fees as well as better scalability.
CC: Professor @Shemul21 and @abdu.navi03