Greetings everyone, I am delighted to share with everyone in this great community to make a post on yet another interesting crypto trading competition. I hope we are al doing good and hoping for the best in life. This week crypto academy comes to us in form of crypto trading contest. I am honored to be part of this best team which is been headed by our noble professors in the people of @fredquantum and @kouba01 will therefore move ahead to make my second trade post of the week.
The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc.
Solana is a very popular project that is found in the crypto market which has gained a good point in the market. This token is also most talked about in the market. The Solana project is decentralized blockchain that has great activity taking place in the network. There is no authority involved in the Solana blockchain network. It is an open source project that has decentralized finance involved in it.
The Solana project was brought to the crypto limelight in the month of March in the year 2017. This happened in the town called San Francisco. The Solana project was brought or founded by Anatoly Yakovenko. As this project is an open source one, the funds of it's holders are kept safe from attackers to the network. Also, the activities that do take place in the network are been made cleared to the users to have a view of it.
Moving further, transactions do occur in the Solana blockchain do occur very fast without any hindrance. These transactions also do take place with a very fast speed and for that matter the blockchain is very equipped. In the network of the Solana project, we have the proof of history mechanism to be implemented in the activities of the network.
The native token of the Solana project is referred to that of the SOL token. This token or coin is listed on numerous trading exchange platforms where they are traded with other crypto pairs. This token or coin has been listed in the gainers of tokens in the CoinMarketCap website and therefore has gained a lot attention from traders. This is one the reason I choose to make my trade on this coin.
Moving further to the Fundamental analysis of the SOL token, I will make good use of the CoinMarketCap.Com to get the price statistics of the coin.
|Number of Watchlist||On 1,483,371 watchlists|
|Circulating Supply||325,110,944.67 SOL|
Looking at the table above, we have the price statistics of the SOL token been clear to us. The Price of the token has seen an increase in a recent days with some percentage increase. This is as a result of the pressure from traders going into the trade. The price therefore is at a value of $120.00. The market capitalization also is at a good value which shows how the coin is doing great in the crypto market. The token is been monitored by a lot of traders as it seen with the numerous number of watchlists is been listed on. It is been ranked as the number 8 on the market of the CoinMarketCap indicating how it has a lot of value in the market.
The SOL token can be traded on a lot of exchange platforms in the crypto market and for that matter a lot of traders do go into the trade of this token. Some of these exchanges include: Binance, Poloniex, Kraken, Huobi Global and so on. So far as one has a verified exchange platform he or she has the liberty to trade any token or coin with other crypto pairs.
Why are you optimistic about this token today, and how long do you think it can rise?
With regards to my personal view of the SOL token, I am very much optimistic about the price of this token and hence it will bull as time goes by. Thus, looking at the price statistics of this token, it has a possibility of moving in an uptrend direction for a very long time. In addition, with the token been listed on the top gainers in recent time makes me to more optimistic about the token. In few days that passed by, the SOL token had been in uptrend for a long time and hence makes it to be more confident when going into the trade of this token.
However, with the type of market we find ourselves in, one can not be sure as to the trend pattern the token or the coin will follow but with signals and readings from the chart, it shows that the token will rise for a while and stay in an uptrend for some days or weeks before moving into a downtrend.
How to analyze the token? (using the analysis knowledge learned from professors’ courses) - the most important part.
In making the analysis of the SOL token, I will make good use of the Trading View platform where I will get hold of the crypto chart of the SOL/USDT chart. I will add some indicators to help me get the signals been showed in the chart.
From the chart above, we have the 45 minutes timeframe chart of the SOL/USDT token been showed to us. I used the shorter timeframe to be able to get clear signals been showed from the chart. I therefore set my levels of resistance and that of support to help get the entry position in making the trade.
The chart was in an uptrend and this confirmed by the addition of the Median Indicator which formed a green cloud indicating an uptrend is to begin. This therefore served as a good time to go into the trade of the SOL token. I therefore spotted my entry position and added another indicator to be sure of the uptrend that was been spotted.
I added the RSI indicator since I am much familiar with it, from the indicator it was confirmed that, the trend was in an uptrend as it was moving in an upward direction. The RSI indicator was also found to by above the middle mark hence an uptrend direction of the pattern was confirmed.
I therefore spotted the take profit and stop loss levels at the price of $120 and $110 respectively.
A screenshot of my real of my real Trade
Do you intend to keep it for a long time or when to sell it?
My intention of keeping this coin is for a very long time because it has a great opportunities of moving in an uptrend direction. I am therefore planning on buying more of this token when I gain more funds because holding more of it will be of more benefit when it moves in an uptrend direction. Even though some levels have been set for the take profits and stop loss, I am planning to hold it for long while since it will be in an uptrend direction for a while.
Do you recommend everyone to buy? and the reasons for recommending/not recommending.
I do recommend this token to all traders to jump into the trade of this SOL token. It has great opportunities of moving into the trade of this token hence I will recommend it to every trader to move into the trade. With much traders moving into the trade of the SOL token, it will be of great benefit for us all since this will push the price to move into an uptrend.
In conclusion, I am honored to be part of this great team which is the Team Frontline and hence hop to exit with successful trades.
The SOL token is a very great token from the Solana blockchain network that has a very great working blockchain network. It is decentralized in nature and open source as well. The security involved in the blockchain of Solana is very great and hence hackers cannot make attacks on the network. This and many more make entry of the Solana blockchain to be very great and one can be sure of.