Coin Watch : Solana (SOL)
Updated
The Solana blockchain and its token SOL have great days ahead of them, with their technical performance and growing ecosystem making this network a major player in the crypto space and the accompanying decentralization movement. It is still in the early stages of development, and the success of the project depends on the genuine intention of the developers to decentralize this blockchain. While the active presence of its CEO on social media suggests that the Solana Foundation remains closely involved in the functioning and adoption of its blockchain, the decentralization phenomenon will be necessary and essential for them to compete with Ethereum and the new actors of Web 3.0.
The year 2023 started on all time low, we've seen 8$ down from 260$ (ATH) in 2021.
It is now back to the 30$ and it could be only the beginning ?
The weekly chart prints an ascending triangle with an horizontal resistance around 27.5$.
The only issue is, an ascending triangle is often a continuation pattern. However the trend was bearish before. This is why we should still be careful.
For people trading the breakout, 47$ is the target.
On the daily however, it would not be wise to buy right now after a 60% move up, as people will want to take profit. Be patient, wait for the weekly close in 3 days, we could see an inverted hammer, or a confirmation of the breakout.
Stay tuned!
The year 2023 started on all time low, we've seen 8$ down from 260$ (ATH) in 2021.
It is now back to the 30$ and it could be only the beginning ?
The weekly chart prints an ascending triangle with an horizontal resistance around 27.5$.
The only issue is, an ascending triangle is often a continuation pattern. However the trend was bearish before. This is why we should still be careful.
For people trading the breakout, 47$ is the target.
On the daily however, it would not be wise to buy right now after a 60% move up, as people will want to take profit. Be patient, wait for the weekly close in 3 days, we could see an inverted hammer, or a confirmation of the breakout.
Stay tuned!
Note
Weekly close above resistance. Breakout confirmed.Target: 47$
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