Hello everyone, as we all know the market action discounts everything :)
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The Solana Coin has been having a Great couple of weeks, The coin has increased by almost 100% in the last month alone reaching an all-time high at $247.39.
With more people accepting and using the Solana blockchain this coin has shown to have a great future.
Possible Scenario for the market :
Scenario 1 :
Sol right now is trading at 233.55 after dropping from yesterday all-time high, this small correction move could be headed the first support line located at 224.25 where a battle will happen between the Bulls and Bears and the winner will probably determine the outcome movement for the market, The Bulls have a better chance of winning since the major trend of the coin is still Bullish.
Scenario 2 :
The Market could change direction before even hitting the support line and we can see an upward movement reaching the first resistance located at 254.4125 and then a breakout will happen that will lead the coin price to the next resistance line located at 284.7250.
Technical Analysis show :
1) The market is above the 5 10 20 50 100 and 200 MA and EMA indicating a Strong Bullish market.
2) The MACD is above the 0 line indicating a Bullish market with a positive crossover between the MACD line and Signal line.
3) The ADX is at 33.56 showing a trending market, with a positive crossover between DI+ and DI-.
Weekly Support & Resistance points :
support Resistance
1) 224.020 1) 254.412
2) 222.667 2) 268.565
3) 178.697 3) 284.725
Fundamental point of view :
Solana has been clocked at over 400,000 TPS, putting Ethereum to shame. But it did recently "overheat" and the entire network had to be rebooted. The development team has said the problem is now solved.
Funds locked up in Solana DeFi are growing fast. The reported lockup in Solana was $1.8B in August. NFT markets, all the rage to 2021, are popping up on Solana. Its speed and cost also make gaming more practical on Solana than on Ethereum. The lauded Star Atlas game recently launched on Solana; it allows players to make money while playing.
Despite all the advances in Solana’s technology, it has received much criticism. It is considered very centralized. Its development is controlled by one group: the Solana Foundation. Further, the cost of being a validator — those that approve transactions and create more blocks on the chain — is high, limiting participation in validation.
This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.
_________________________________Make sure to Like and Follow if you like the idea_________________________________
The Solana Coin has been having a Great couple of weeks, The coin has increased by almost 100% in the last month alone reaching an all-time high at $247.39.
With more people accepting and using the Solana blockchain this coin has shown to have a great future.
Possible Scenario for the market :
Scenario 1 :
Sol right now is trading at 233.55 after dropping from yesterday all-time high, this small correction move could be headed the first support line located at 224.25 where a battle will happen between the Bulls and Bears and the winner will probably determine the outcome movement for the market, The Bulls have a better chance of winning since the major trend of the coin is still Bullish.
Scenario 2 :
The Market could change direction before even hitting the support line and we can see an upward movement reaching the first resistance located at 254.4125 and then a breakout will happen that will lead the coin price to the next resistance line located at 284.7250.
Technical Analysis show :
1) The market is above the 5 10 20 50 100 and 200 MA and EMA indicating a Strong Bullish market.
2) The MACD is above the 0 line indicating a Bullish market with a positive crossover between the MACD line and Signal line.
3) The ADX is at 33.56 showing a trending market, with a positive crossover between DI+ and DI-.
Weekly Support & Resistance points :
support Resistance
1) 224.020 1) 254.412
2) 222.667 2) 268.565
3) 178.697 3) 284.725
Fundamental point of view :
Solana has been clocked at over 400,000 TPS, putting Ethereum to shame. But it did recently "overheat" and the entire network had to be rebooted. The development team has said the problem is now solved.
Funds locked up in Solana DeFi are growing fast. The reported lockup in Solana was $1.8B in August. NFT markets, all the rage to 2021, are popping up on Solana. Its speed and cost also make gaming more practical on Solana than on Ethereum. The lauded Star Atlas game recently launched on Solana; it allows players to make money while playing.
Despite all the advances in Solana’s technology, it has received much criticism. It is considered very centralized. Its development is controlled by one group: the Solana Foundation. Further, the cost of being a validator — those that approve transactions and create more blocks on the chain — is high, limiting participation in validation.
This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.