This is the repost of my previous post which has not curated yet. Link
Hello everyone!!!
I am going to take part in the trading contest and in this week, i have chosen the team Reminane of Professor @reminiscence01 and @nane15.
I have traded the SOL/USDT token. This is my first second trade of this week and I am mentioning the details of trade below.
The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc.
The Solana Blockchain is an open source, public blockchain which supports the smart contracts in which NFTs (Non Fungible Tokens) are also included. It also supports many variety of Decentralized applications. Anatoly Yakovenko was the person who created Solana in the year 2017 alongside the chief operation officer Raj Gokal.
The SOL token was the native token of Solana Blockchain that provides the security of network through staking and a means of transferring value. Sol is a Proof-of-Stake cryptocurrency and it has a theoretical output of around 65000 transactions in 1 second without charging any fees.
In the way of forming consensus among the nodes, solana also parts the ways with more blockchains. SOL token is used in Staking in which holders can rewards by staking their SOL.
Users also use SOL as a payment for fees associated during transactions. SOL token is available on many exchanges. Some of them are Binance, Coinbase pro, FTX, Kucoin, OKX, Huobi Global etc.
Why are you bullish on this token today and how long do you think it can rise?
Actually, I am optimistic about the token and I think it can be a good investment for upcoming months and its price can take a huge bullish move. The Solana project is very strong fundamentally and it has also given huge return in previous year.
SOL is a solid investment & in my opinion, it can give huge profits at the end of this year. But it has a potential to give good return in upcoming months i.e. by the beginning of april, its price can reach around $123. Also, it is predicted that the price of token can reach $200 by the end of 2022. It has made its all time hight of $259 in november 2021.
That is why, i am definitely sure that for short term also, the traders can gain good amount of profit if they hold for a month only. The fundamental statisticsof solana are given below.
screenshot taken from Coinmarketcap
In the above image, we can see that the current price of SOL is $101.92. This token also has a fast recovery and this token has performed very well in previous some months. Recently, its price is much down than it ATH and it is surely going to boom after some time.
It is ranking #9. has the market Capitalization of $32,894,805,931. It has fully diluted market capitalization of $52,142,815,237. In 24Hr, it has traded a volume of $3,427,935,573 and the circulating supply of SOL is 322,758,563.73 SOL.
How to parse the token?
Now, for this question I am going to trade the SOL/USDT pair on Binance Exchange. I have already performed the analysis of this token and now I will trade according to it.
I have found the support levels of Sol's 1D price in the chart whicu I have marked. By yhis, it is confirm for me that the price will stay above the support zone and here I have placed my stop loss.
I have applied the combination of Moving average and Median Indicator as these are useful in predicting price trend. In the chart, we can see that the Moving average is moving below the price which shows bullish movement. Also, the Median indicator is forming Green band which means, the price will go in upward direction.
screenshot taken from TradingView
After confirming the trend, I have placed my buy entry and I have placed take profit and stop loss at the desired points. I have placed my take profit at $120.42 and the stop loss at $83.87.
After marking the points, I have opened the spot trade of SOL at my entry price of $ 101.1 in binance exchange.
screenshot taken from Binance
After buying Sol at marked price, I have applied the take profit i.e. Sell point at 1.700.
screenshot taken from Binance
Your plan to keep it for a long time or when to sell it?
Actually, the Solana is a strong project fundamentally. It is used in staking and fees payment. The coin has also performed a huge all time high of $259 pervious year. It is also ranking at 9th position. The coin is now at a low price and it can reach around $130 in April 2022.
This means, that the token is also strong for short term. I have applied the take profit for short term and I have take profit from it in short time. But I also hold a good margin for long term and take profits time to time. I will hold untill it wil reach near to its all time high.
Do you recommend everyone to buy? and the reasons for recommending/not recommending.
As i have already told that the token has performed good in previous months and that is why it has a good potential in giving good return in short term. I am definitely going to suggest this token to be placed in your portfolio.
We can surely trust the predictions of this token and I think it is an excellent investment for short as well as long term. But, I am also suggesting that you must do your own analysis before entering to trade.
Other information
ROADMAP OF SOL:
February 2020 - Tour De SOL (TdS), the incentivize testnet of Solana was launched.
March 2020 - Solana has launched its Mainnet's Beta Version. The project had intended for operating its mainnet at beta stage.
Thank you.
Cc:-
@nane15