Many of you following me will know I have never analysed Solana at any level. Solana is a proof-of-stake Layer 1 Blockchain that offers users fast speeds and affordable costs. There are a variety of projects built on Solana, such as the support for smart contracts, DeFi, social media platforms, and NFT marketplaces. One can say that there are good times ahead in this project. That said, we are not here to talk about the virtues of Solana but the charts.
The overall cryptocurrency is in a downtrend, and we should expect a further fall. Solana is not immune to the vagaries of the market. We must be cautious in our assessment of where the market may go. The Solana chart shows the confluence between the price, the Fibonacci retracement of 78.6%, and the institutional buying zone. The volume profile shows that if the price rises, we may have a return of $22. However, if it falls, we are looking at $17 as a possibility. Although highly unlikely, the price may drop between $15.50 and $16.00.
In addition, nothing in the news cycle suggests Solana is in any form of trouble. Nevertheless, the vagaries of the market do reign supreme. One might even say there is "much ado about everything". In other words, no news is good news. As always, when determining the vagaries of the markets, your guess is as good as mine.
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