REPOST-SOL/USDT Buy | S6T3 | Team Trading Contest Post for Reminane
Hello everyone and a warm welcome to all fellow steemians to the season 6 week 3 of the steemit crypto academy trading contest.
The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc.
Why are you optimistic about this token today, and how long do you think it can rise?
How to analyze the token? (using the analysis knowledge learned from professors’ courses) —- an important part
Your plan to hold it for a long time or when to sell?
Do you recommend everyone to buy? and the reasons for recommending/not recommending
Anything other users want to share about the token/project.
The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc.
SOLANA
Solana is an open-sourced decentralized blockchain platform that was first announced in 2017 and launched in 2020 by Anatoly Yakovenko and his team with a headquarters in Switzerland. The blockchain platform has seen tremendous growth for its duo consensus mechanism, using Proofs of Stake and Proof of History to increase usability, security, and scalability.
Solana is a blockchian that aims to achieve high speed in the cryptocurrency world while maintaining its decentralization, the solana blockchain has its native governing token called the Sol which can be staked in the platform and used to pay transaction fees in the blockchain
The Solana cryptocurrency as at the time of writing this article is ranked as No.9 among the world rank of cryptocurrency with an all-time high price of 2606$ and a current price of $90.27 as of 23rd of March 2022, a fully diluted market cap of $46,182,205,037 and a total supply of 505,121,494 SOL Circulating supply 320,490,051.95 SOL )
The sol token being a very widely used token can be purchased in a lot of places some of which can be seen in the screenshot below
Why are you optimistic about this token today, and how long do you think it can rise?
We are all familiar with the concept of blockchain trilemma where it is seen that blockchains who are very capable of proper decentralization and scablility is not capable of having as good security or blockchains with security and scalability are not capable of achieving decentralization.
But in the case of the Solana blockchain, we can see that the issue was very much dealt with and the Solana blockchain was able to deal with the blockchain trilemma by achieving both stability, decentralization, and security and this was possible due to the fact that it had multiple consensus mechanism, I believe in a longer picture this coin has so much bullish to run and with time this will eventually be evident.
In a nustshell due to its ability to process transactions very ast more and more users will adopt the blockchain and transact via it and in no time it will be among the top 5 cryptocurrencies due to its application and value
Although the coin has seen better days and is currently in a bearish run but we can see over the past one month the coin has rising by over 6% and will continue to do so.
Source
How to analyze the token?
For the purpose of this task i will be using professor @nane15 class strategy on rebound and break to make my buy entry on the SOL/USDT pair. My first step was to draft a good support and resistance zone where i will be making my entry depending on which of the zone;s our asset is reacting with
For my buy entry i had to wait for my asset to pullback beneath the support level and made a little break through before my entry was made
As soon as i made a satisfactory profit of 5.06% i closed my trade with a more beneficial profit
Your plan to hold it for a long time or when to sell?
I am at the moment only opening a long trade to cart profit for the purpose of the steemit crytoacademy trading contest, my analysis as we can see was done in a short time frame and that pretty much depicts my holding duration of the coin.
My analysis was performed for a short term trade which implies that i have no intention of holding the asset for too long, after my post has been made for the course i will sell and return back to my neutral postion even though i know its only a matter of time before the asset experience a long term bull run
Do you recommend everyone to buy? and the reasons for recommending/not recommending
In this phase of the Assignment, i will repeat my self from the last post "In the crypto world i am a big believer in carrying out your own individual analysis and see if the asset is suitable for you to buy individually. The asset might be a suitable investment for me depending on my position and it may not be for you cause you are looking to make a profit ASAP or for other reasons.
So personally i wouldn't recommend anyone to buy any asset cause we all are buying for different individual reasons.The reason i am buying my token my serve me on the long run while you might not find it favorable so in a nutshell the token is good but carry out your analysis to determine if you want to buy it or no"
I belive recommending a crypto asset might be misleading in some cases as we are both buying for different motives and the asset might serve my purpose and be profitable and it might not serve yours so always do your own research and buy coins for reasons known to you not cause others are buying or are recommending it
CONCLUSION
The strategy has so far been very effective although it requires a certain level of discipline to wi=ait for your asset to revert and for you to make profit, this strategy can not be fully applied by one who does not have in-depth knowledge of the rebound and break concept. Thanks to professor @nane15 for the course