Solana Continues To Set Up Well
Blockchain platform Solana continues to be a point of focus for me as it is building quite an impressive chart. Solana first came across my radar about a month ago as it broke out with volume coming in. Since then, it has been basing in a tight, constructive manner. There are a few things that make me bullish on SOL, the coin that runs on the Solana network. First, the weekly chart looks to be forming a base on base pattern, which is a bullish indication. I really like how the 10-week line has been acting as support since the summer, as this is a sign of sustained buying. In addition, I also am happy to see that for the most part the $200 level has been acting as support. Most importantly, it is very interesting that Solana, Ethereum, and Mana are all outperforming Bitcoin over the last month. Just as I like to make note of which stocks are outperforming the S&P 500, it is equally important to note which cryptocurrencies are outperforming Bitcoin.
I added to my position this week as Solana broke above its' downtrend line with volume coming in.
Risk right. Sit tight.
To learn more about swing trading strategies, stock market trading, and how to trade cryptocurrencies, visit my course page.
To get started investing in SOL and other crypto, earn $10 in Bitcoin as a signing up bonus and receive up to 7.4% interest on your account, use this special link.
Full Disclosure: I currently own Ethereum, SOL, MANA, and Bitcoin.
Full Disclosure: This post contains affiliate links to Gemini and Coinbase.
Disclaimer: This information is issued solely for informational and educational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. None of the information contained in this post constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. From time to time, the content creator or its affiliates may hold positions or other interests in securities mentioned in this blog or the associated Twitter and Instagram feeds. The stock or stocks presented are not to be considered a recommendation to buy any stock or stocks. This material does not take into account your particular investment objectives. Investors should consult their own financial or investment adviser before trading or acting upon any information provided. Past performance is not indicative of future results.