Solana (SOLUSDT) - Coin of the Week
Solana is an open-source project that uses the permissionless aspect of blockchain technology to create decentralized financial (DeFi) solutions. The Solana protocol is designed to make the construction of decentralized apps (DApps) easier. It intends to increase scalability by combining a proof-of-history (PoH) consensus with the blockchain's underlying proof-of-stake (PoS) consensus. Small-time traders and institutional traders alike are interested in Solana because of its revolutionary hybrid consensus mechanism. The Solana Foundation is working hard to make decentralized finance more accessible on a bigger scale.
Technically, Solana topped on the 18th of May at the price of 58,4 USDT. After that it dropped 67% in 5 days, reaching 19 USDT on the 23rd May. When we look at the 4h timeframe we see a wave up that reached the resistance of 37 USDT and then reversed. The higher probability move for this pair is a continuation to the downside as showed by the arrows marked on the chart. It can retest the resistance or not in its way to the downside.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Technically, Solana topped on the 18th of May at the price of 58,4 USDT. After that it dropped 67% in 5 days, reaching 19 USDT on the 23rd May. When we look at the 4h timeframe we see a wave up that reached the resistance of 37 USDT and then reversed. The higher probability move for this pair is a continuation to the downside as showed by the arrows marked on the chart. It can retest the resistance or not in its way to the downside.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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