Solana (SOL): Massive Upside PotentialIn this post, I'll be taking a technical approach to Solana ($SOL) .
Disclaimer: This is not investment advice. This is for educational and entertainment purposes only. I am not responsible for the profits or loss generated from your investments. Trade and invest at your own risk.
Analysis
- Solana is currently ranked #6 in terms of market cap, with a size of $58B.
- It is a rising platform that is arguably more efficient and cheaper than existing ones.
- Looking at the technicals, there are three main points that I found to be very bullish:
- First, we broke through the trend line resistance that connects the higher highs.
- Also, despite the massive price dump that took place across the entire crypto market yesterday, Solana has managed to maintain its momentum.
- Third, the volume continues to increase as we trend upwards, demonstrating confidence from buyers.
- The moving averages are also aligned in order, indicating that the overall uptrend on the longer frame is intact
- Counting waves, we can see that we are currently in the midst of the fifth impulse wave.
- Based on fibonacci retracement levels, we could expect strong resistance around $250, with a target up to $770.
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