Solana's Blow-off Top: Buckle Up for Some Volatility
As Solana has experienced explosive growth in recent months, there's a growing concern that the cryptocurrency is due for a blow-off top. This is a term used to describe a sudden and dramatic price decline following a period of rapid and unsustainable growth.
There are several reasons why Solana could be vulnerable to a blow-off top. First, the cryptocurrency has a relatively low market capitalization compared to other major cryptocurrencies like Bitcoin and Ethereum. This means that it is more susceptible to manipulation by whales, large investors who can move the price of a coin significantly. Second, Solana is a relatively new cryptocurrency, and it has not yet proven its ability to sustain long-term growth.
If Solana does experience a blow-off top, it is likely to be followed by a period of consolidation. This means that the price of the cryptocurrency will trade sideways for a while as investors wait for the market to stabilize. During this time, it is important to be patient and not panic sell.
Overall, there is a risk that Solana could experience a blow-off top in the near future. However, it is also possible that the cryptocurrency will continue to grow in the long term. If you are investing in Solana, it is important to do your research and understand the risks involved.
There are several reasons why Solana could be vulnerable to a blow-off top. First, the cryptocurrency has a relatively low market capitalization compared to other major cryptocurrencies like Bitcoin and Ethereum. This means that it is more susceptible to manipulation by whales, large investors who can move the price of a coin significantly. Second, Solana is a relatively new cryptocurrency, and it has not yet proven its ability to sustain long-term growth.
If Solana does experience a blow-off top, it is likely to be followed by a period of consolidation. This means that the price of the cryptocurrency will trade sideways for a while as investors wait for the market to stabilize. During this time, it is important to be patient and not panic sell.
Overall, there is a risk that Solana could experience a blow-off top in the near future. However, it is also possible that the cryptocurrency will continue to grow in the long term. If you are investing in Solana, it is important to do your research and understand the risks involved.
Trade active:
Im short with sl @108 and tp @90
Contract size $100k
Contract size $100k
Comment:
sl hit . im giving it another try .
Trade closed manually:
lets wait , it seems this has more room to go up.
Trade active:
Ok folks I'm in again with my sl the recent top . It can hit my sl . However I'm willing to take this trade
Comment:
Moved the SL from Aths to BE . Now let's wait and hope for the best . No one has a clue . Even me .
Comment:
Moved the stop lower.
It can drop more . This is not enough of a correction .
It can drop more . This is not enough of a correction .
Comment:
I was stoped out with a bit of profit . This shall drop soon , if yes I will take shorts . If not, we might be wrong for the short run .
I will stay away from this till further development
I will stay away from this till further development
Comment:
Fyi I'm in with a stop at aths
Trade closed: target reached:
tp was hit at $90.
im completely out.
timing the market is not possible . always DCA and have a stop
im completely out.
timing the market is not possible . always DCA and have a stop
Comment:
forget about shorting any crypto at this stage of the cycle.
