SOL/USDT - Trading Competition - Crypto Academy / S6t4 - Homework post for pelon53.

Hello professor @pelon53

---

I welcome you to last and final entry of this week’s trading competition, I have really learnt a lot from the remarks you have given to me and I hope to make this publication even greater than the previous ones. Let’s begin.

Q1 : Name and introduction of the project token, and which exchange it can be traded on, project/team/technical background.

---

For my final entry, I will be trading with a totally different asset. But before I buy the coin, I’m going to talk about the project of the coin, the team behind it and where it can be exchanged. The coin for this final trading entry is non other than Solana.

Solana is a decentralized project, that initially began in the year 2017, by its CEO and founder Anatoly Yakovenko. Solana is an open source project that was created to aid users and make the creation of decentralized applications very easy without any central authority or intermediaries

Improving on the scalability of the blockchain is something that was put into serious consideration. The blockchain opted for a new consensus algorithm that will help to greatly increase the time required to complete a transaction. The consensus algorithm adapted into the system is called the proof of history which works hand in hand with the proof of stake consensus algorithm, together they both make the blockchain very scalable.

The proof of history consensus algorithm is tasked for carrying out transactions in the blockchain as well as keeping records of transactions that have been successfully completed without any problem.

During Solana’s initial coin offering (ICO), which took place in 2018. About 489 million tokens were released out form which 16% of the total tokens released went to the ICO sale, about 12% were used to pay the cost for funding the sale. Another 12% were shared among the team members whiles about 10% were distributed to solana’s foundation. At the ICO, 1 solana was priced at $0.04. Investors who bought it at that time would have gotten more than triple of their invested capital.

Team of the Solana project

---

In this section I will be listing the people behind the successful project solana blockchain, I will list their names as well as the position they hold.

Name	Position Held
Anatoly Yakovenko	Founder and CEO
Greg Fitzgerald	Co-founder and CTO
Raj Gokal	COO
Eric Williams	Data Science and Tokenomics
Hsin-Ju Chuang	Head of Growth
Stephen Akridge	Principal Engineer
Mihael Vines	Principal Engineer
Rob Walker	Principal Engineer
Jeff Levy	Operations
Pankarj Garg	Senior Stuff Engineer
Jack May	Senior stuff Engineer
Tyera Eulberg	Senior Engineer

According to the CoinMarket cap, Solana is currently valued at US$133.01 price change in last 24hrs it + US$5.679, it has a market cap of US$43.32 Bn and a 24hr volume change of US$4.57 Bn. see screenshot below.

Source

---

---

Solana, can be traded in almost all the popular exchanges we know for example we have Binance, Poloniex, FTX, kraken, Houbi, pancakeswap, Bitrex, gate.io, Coinbase, bitfinex, Upbit, proBit global and many more. See screenshot below.

Source

---

---

Q2 : Why are you bullish on this token today and how long do you think it can rise?

---

This coin has caught my attention for sometime now and frankly speaking am shocked with the way it price has sky rocked within a few days let’s take a look at its historical price statistics so that we can all have a view of what am saying. When you look at the screenshot below, you will see that on the 20th March, solana closed at $90.51 in the next 48hrs it closed with an increment of $12. 1 week later it closed with another increment of + $11.

Source

Again when you look at the screenshot above, yesterday the price closed at $122. And today at the time of this contest, it is valued at $133 so you can see why am particularly bullish about this coin. I believe it still has the strength to keep rising maybe for a day or two. Before falling I will continue to monitor its movements.

Q3 : How to parse the token? (In this part you should preferably use the knowledge you have acquired in these weeks of learning at the academy, for example follow what I learned in my class or that of my teammate.)

---

In this part, I will be using the TradingView platform to perform my analysis. So once I have gained access to the platform, I launched my chart and set the timeframe to 15 mins. I drew my resistance and support line and I again in this chart noticed a breakout on the resistance line and an uptrend was seen. However I can’t conclude just like that I needed more proof so I added two EMA’s one short and one long. The short EMA with length 20 and the long EMA with length of 50. When I added the EMA’s I saw that the 20 EMA (short) moves across the long EMA (50) this is a clear signal of an uptrend just like what the breakout on the resistance suggested.

Source

I also went ahead to add my RSI indicator to tell me how strong the uptrend is. When I added the RSI, I saw that the RSI was over 70 which means that the price is in an uptrend. So I placed my stop loss take profit setup with entry set at 133.15 take profit at 137 and stop loss 129. See screenshot of my purchase below.

Screenshot From My Binance App

Q4 : My Plan to hold it for a long time or When to Sell?

---

Well am still pondering my chances as to whether to hold or sell it. Looking at the chart of the asset and the analysis I have carried on it. I believe i will hold for some period and take the little profit I get and leave the trade.

So I will be holding this coin for about 24hrs whiles keeping my eye out for it when I smell something fishy I will opt out of the trade in Other not to make losses.

Q5 : Do you recommend everyone to buy? and the reasons for recommending/not recommending.

---

I would advise and recommend everyone to buy this asset. I have been stressing on this point and I will say it once gain. An asset price tends to rise when they make a big partnership with a popular financial institution or they have been approved to be used as a legal tender for the exchange of goods and services. Less than 24hrs ago, OpenSea and Solana have a big collaboration coming up.

Source

They have planned to add solana to their support. See screenshot above I believe with this news coming up, the price will go up even more become openSea is one of the biggest places you can buy NFT’s. So this collaboration is a big win for Solana.

Conclusion

---

In Today’s trading contest, I have clearly explained about Solana project, I also made mention of its founder and the team that helped for it to become successful.

I also talked about the consensus algorithm of the Solana blockchain which is proof of history which works hand in hand with the proof of stake to greatly increase its scalability. Solana can be exchanged in popular exchanges like Poloniex, Binance, Coinbase, Houbi, Bittrex, Kraken.