Longing SOL from ATL's following last big distribution
The Solana blockchain is extremely fast, cheap and is backed by Alameda Research. There are currently 102 projects building on their blockchain.
Today there was a (well-known), large distribution of tokens that effectively 5x'd the circulating supply. Many of these however, will be locked or otherwise held by the team and against what many expected, this event was met by a flurry of buying. We know there are at least 4 funds lining up to buy size on the OTC markets. Both the USDT and BTC pairs made new local highs in buy volume today.
It looks as though there is a large bet being made that the SOL token will outperform Bitcoin in the coming weeks and months.
We're inclined to side with the smart money here and take our chances against the All-time lows.
Bullish market structure confirmed last week and price has now dipped into the RLZ where it met a great deal of buying interest.
We're taking up a position at this level, with more bids at lows. If price can regain the key S/R level resting above, there is a lot of room to go even within the realm of a counter trend rally.
Selling half our position at double our entry price would give us a risk-free position to ride out the cycle with.
Today there was a (well-known), large distribution of tokens that effectively 5x'd the circulating supply. Many of these however, will be locked or otherwise held by the team and against what many expected, this event was met by a flurry of buying. We know there are at least 4 funds lining up to buy size on the OTC markets. Both the USDT and BTC pairs made new local highs in buy volume today.
It looks as though there is a large bet being made that the SOL token will outperform Bitcoin in the coming weeks and months.
We're inclined to side with the smart money here and take our chances against the All-time lows.
Bullish market structure confirmed last week and price has now dipped into the RLZ where it met a great deal of buying interest.
We're taking up a position at this level, with more bids at lows. If price can regain the key S/R level resting above, there is a lot of room to go even within the realm of a counter trend rally.
Selling half our position at double our entry price would give us a risk-free position to ride out the cycle with.