Hello steemian ...
This is my new post in the Steemit Crypto Academy community. On this week, I will be working on a homework from professor @nane15 and professor @reminiscence01 with the theme "Trading Competition By Team Reminane ”.
we will discuss it through the homework below:
Name and introduction of project tokens, and which exchanges can be traded, project/technical/team background, etc.
SOLANA
SOL token is an AMM, DEX, EXCHANGE, and TOOLS-based Solana project. Based on AMM, the SOL token is a decentralized exchange that is more efficient in asset management and automated in terms of liquidity distribution. This SOLA token is an amalgamation of DEX and CEX technologies using the high-performance, fast and cheaper Solana blockchain.
Based on data obtained from coinmarketcap, the Solana coin (SOL) is ranked 9th as the best coin, with a current price of $92.97. the market cap is $29,794,961,728. The circulating supply of coins is 320,490,450.50 SOL out of a total supply of 511,616,946 SOL. With Solana's current position in the top 9 of the best coins, certainly, Solana's presence in the market is highly considered and they have a huge influence on the crypto market.
The Solana ecosystem covers almost all aspects of the blockchain system from DeFi, NFT and others. The use of Solana based on data obtained from the official website has had more than 400 projects using it. This is inseparable from Solana's predicate as the fastest blockchain system so that it makes the growth of its ecosystem fast. Here are some cases of using Solana:
- explorer solana
Solana explorer Solana project explorer-based to find information about all forms of transactions that occur in the Solana ecosystem. The information obtained can be in the form of blocks, transactions, tokens, accounts, and programs.
- fluidity
Fluidity is a Solana project based on stablecoins and Defi. Fluidity promises rewards to each of its users or every cryptocurrency interaction they do.
- SOLA token
SOLA token is an AMM, DEX, EXCHANGE, and TOOLS-based Solana project. Based on AMM, the SOLA token is a decentralized exchange that is more efficient in asset management and automated in terms of liquidity distribution.
- Solanaroll
Solanaroll is an APP-based Solana project, which is a dice game that has the advantage of being better, faster, and cheaper. Every profit is based on the combination of assets that each user has.
- Solaart
Solaart is an NFT based Solana project, as well as the first NFT project on the Solana blockchain. At solaart, every user can have access to buy, sell and explore various NFT digital collections, and of course quickly and easily.
Currently, Solana (SOL) assets have been widely used on various leading exchange platforms, namely :
Upbit
Indodax
Tokocrypto
Binance, and much more.
Why are you optimistic about this token today, and how long do you think it could take?
As I said earlier, with Solana's current position in the top 9 of the best coins, certainly, Solana's presence in the market is highly considered and they have a very big influence on the crypto market and I am quite optimistic about that.
In addition, the SOL coin also shows the same movement. I am optimistic about this token due to the condition of the chart which shows that it has penetrated the lower band of the Bollinger indicator so that now there has been a price reversal and it tends to go up.
In addition, the 24-hour volume there also indicates that while there is potential there is to reach higher prices. Visually, I am optimistic that the coin has just crossed its closest support point and that the candle has crossed the upper side of the 20 MA line.
Regarding how long it can go up, I'm quite cautious as there is potential that the price will go down. For this reason, I recommend always monitoring your assets 24 hours a day. But if it breaks through the near resistance, then you can hold it for much longer.
How to analyze tokens? (Using the analytical knowledge learned from the professor's course)
I analyzed this token using technical analysis, namely with the help of the Bollinger band and MACD indicators, I observed it with a 4-hour timeframe.
From the screenshot above, we can conclude what is displayed by the Bollinger band indicator. it shows that the price has just oversold (candle penetrated the lower band) and is now reversing direction and we can use this momentum as a place to open entry positions. In addition, the MA 20 line of the Bollinger band indicator also shows that the candle is above the line which means an uptrend is in progress. Based on that information, I am confident to implement the purchase at this time.
Then, from what the MACD indicator shows, shows that the positive MACD line crosses the signal line from the bottom up and this indicates a very good time to buy. With the collaboration of these two indicators, it is confirmed that the market is in a bullish trend and this is the right time for entry buys.
Do you plan to hold it for a long time or when to sell it?
In buying it at 1,337,500 IDR (93.19 USD) with a purchase of 16,385 IDR (1.14 USD), I got an asset of 0.01225121 SOL. in my plan I would only prioritize keeping it within 24 hours. However, if the chart breaks the strongest resistance after that, I may hold it for a bit longer. For a clear and safe profit, it is better to sell soon.
Do you recommend everyone to buy and the reasons for recommending/not recommending?
For now, I still recommend people to buy. The reason is because the movement of Solana's assets is very good and both indicators are showing buy signals. However, for tomorrow I do not dare to recommend unless the charts and indicators remain supportive. I'm not completely instinctive in trading but rather referring to the signals given by my mainstay indicator.
Apart from that, you can try to use things like support and resistance analysis, because with that you can base your buying seeing that the price may touch a higher resistance level.
Conclusion.
Solana tokens (SOL) are tokens with promising potential, they have shown very good development. The data shows that Solana ranks 9th as the best coin. We can see many brilliant projects that they are running and this makes them one of the very important blockchain projects. You can make Solana a long term investment.
For day trading with this asset, we can use the help of more than one indicator and also the help of candle patterns. It's good for us to pay attention to the direction of movement as well as possible, you should not be in a hurry in using indicators, and you should confirm with the help of other indicators so that you can be more confident.