Please note: The video above is set to start at the 04:00 minute mark, featuring an in-depth technical analysis of Solana (SOL).
For Solana, we see a similar pattern to Bitcoin, with the potential for further downward movement.
Our analysis shows that SOL is currently following a supportive, downward-sloping channel that may lead it back to levels seen during the April-March 2022 sell-off, around $143.
We've marked a key area of interest between $155 and $143, where we would consider building a substantial position, either in spot markets or with light leverage. The context of the market will determine whether we apply leverage, ensuring that liquidation risks are minimised.
Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.
It's crucial to understand that while the probability of SOL dropping to extreme lows like $60 is very slim, we must still be prepared for any scenario. The importance of maintaining a probabilistic mindset in trading cannot be overstated. By keeping an open mind and not ruling out unlikely but possible outcomes, we ensure that we are never caught off guard by unexpected market moves.
This approach allows us to manage risk effectively while positioning ourselves to capitalise on high-probability opportunities as they arise.
What is Solana: Solana (SOL) is a high-performance blockchain designed for fast and scalable decentralized applications and cryptocurrencies. Launched by Solana Labs in 2017, Solana is celebrated for its ability to process thousands of transactions per second with low fees, making it a popular choice for developers and users alike. At Cryptonary, we are most bullish on Solana for this cycle, considering it the play of the cycle due to its robust technology and growing ecosystem.
Solana's ATH is $260.
How to buy SOL:
- Via Phantom Wallet:
- Deposit Solana tokens by copying your Phantom wallet address and transferring funds.
- Use the ‘deposit’ button for other purchase options, though fees may be higher.
- Swap tokens within the wallet by selecting the type and amount, setting slippage tolerance, and confirming the swap.
- Via Centralized Exchange (CEX):
- Choose a CEX like Binance, Coinbase, or Kraken.
- Create and verify your account.
- Deposit fiat or other cryptocurrencies.
- Navigate to the SOL trading section and complete your purchase.
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