After a 54 day Nap - SOL is ready to go
SOL has breached it’s ATH before but with no real conviction. In fact, after it breached on October 25th, it went ahead and dropped 20% in the following two days. But since then SOL has been clearing the cobwebs and is finally ready to fight.
Yesterday SOL pushed an 8% Daily Candle that closed above the previous ATH at $216. SOL hit a High of $222.22 and Closed the day at $220.82. So far today. SOL has reached a level of $235.
We have talked about SOL before and some potential Support areas for SOL. The upper support area ended up holding, so the deep bags were unable to get hit. The Targets remain the same as they did a month ago.
We like the $277 area for potential Price Discovery resistance. We need to reassess the price action after that but we do have a second area at $377 as well. If SOL has a MANA type day/week – then $277 will likely get smashed right through. That being said, SOL is a much slower mover and has far more liquidity. It takes a lot to move such a token fast.
What is SOL?
Solana is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. While the idea and initial work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland.
The Solana protocol is designed to facilitate decentralized app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.
Because of the innovative hybrid consensus model, Solana enjoys interest from small-time traders and institutional traders alike. A significant focus for the Solana Foundation is to make decentralized finance accessible on a larger scale.
What about Bitcoin?
Bitcoin successfully broke out of of its lower timeframe Sym-Tri which is just another pattern inside of the larger Bull Flag.
Sym-Tri Target is $68K
Bull Flag Target is $88K
SLight pull back so far today but if we can continue to trade above the pattern then that is a good sign Bitcoin will continue North.
What's Hot in the AltCoin World?
Recent Day Mentions:
Let’s head back to SAND and MANA briefly as they have decoupled from their own correlation.
SAND: Launched in 2011 by Pixowl, The Sandbox is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. By combining the powers of decentralized autonomous organizations (DAO) and non-fungible tokens (NFTs), the Sandbox creates a decentralized platform for a thriving gaming community.
All initial target hit for SAND – up to and including the high side at $3.37. With all the targets hit, now we wait to see if we can flip our resistance to support and ride the trend until exhaustion. We can get creative and see potential resistance at $5.38 and $8.63 if SAND goe full Bull.
MANA: Decentraland (MANA) defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetize content and applications.
In this virtual world, users purchase plots of land that they can later navigate, build upon and monetize.
When SAND was thriving – MANA was consolidating. Maybe all the same traders/investors – o maybe they are taking turns. Don’t count MANA out just yet. The pattern remains bullish but the initial target has lowered a bit.
If the consolidation is to break out today, then we still look to $6.50 but if we are to fail support, we could drop to $2.47 and even $1.54.
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