While I mostly focus on Bitcoin and Ether, Sol, the cryptocurrency of the Solana blockchain platform, has been creeping across my radar over the last few months. The reason for this is simple: the chart is just too impressive to ignore. When we look at a monthly chart, we can notice that SOL looks quite similar to Ether in 2020. Both ran up and topped before building large multi-month bases. Now, SOL looks to be building out the right side of its' base, just like Ether did in 2020.
SOLUSD Chart November 2022
Ether Chart 2017-2022
The daily chart of SOL shows just how strong its' recent action has been. SOL has actually been outperforming Bitcoin, the number one cryptocurrency by market cap. The weekly chart is equally impressive as the large skyscraper accumulation is clearly not your "Aunt Suzzy" buying, as the great William O'Neil would say.
I will be monitoring SOLUSD for an entry point in the coming weeks.
Risk right. Sit tight.
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Full Disclosure: I currently own Bitcoin and Ether.
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