Solana Looks LIke Guaranteed Money

8 окт. 2021 г.

Decided to check on what was going on over the pond at Solana since it appears that they're going absolutely nuts over the past 24 hours (and this morning as well).

Keep in mind that this project is not available for trade on Coinbase (to my knowledge), so you would need an account on another exchange like FTX, Huobi or Binance (yikes!).

Taking a look at Solana on the daily resolution, we can see that its already on its already up about ~8% for the period so far.



Next point of overhead resistance appears to be at $172 if we eyeball it out from where we are currently.



Assuming the price were to appreciate to that point, the gains would be nominal for any trader looking to enter into a more long-term position, but if you're a scalper - this wouldn't be a bad entry for some quick profits to extract.



However, that doesn't mean that there are no long-term entries for Solana. If we pan back our view on the daily resolution a bit more for Solana, we can see that the ATH is at approximately ~$191-194.



With potentially ~16-18% to gain from where the price is at this current point in time, Solana doesn't look like too bad of an entry.

If we swap to the weekly resolution, then pan the view out to see the price action from a bird's eye view, it appears Solana's been a guaranteed bad throughout the year.



Typically a price analysis by Librehash involves way more technical indicators than what this one contained (we had none here), but when looking at Solana's trend spanning back to the beginning of the year, the likely conclusion here appears obvious.

There's always a chance the trade doesn't win though, so we'll create an R/R to get us in & out if needed.