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.
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Full Disclosure: I currently own Ethereum, SOL, MANA, and Bitcoin.
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