Solana Labs, a blockchain developer based in Barcelona, Spain, announced its upcoming Initial Coin Offering (ICO) today. The company plans to raise a minimum of $100,000 USD (71.8% of total token supply) through a token sale to fund the development of its Smart City platform and its blockchain.
The charts are clear. In the last few weeks, the market has been consolidating the recent drop that we saw on May 18, 2018. After that, we had a nice candle that was a doji candle which indicates that there was some drama, but after that, the market bounced off the 52-week low.
As the current crypto market remains in a downtrend, with all coins down, new coins are still being added but are not getting much attention in the market. At least not as much as they should. Solana is one of those coins that I have been following since it came out, and for good reasons. It is backed by a solid team, with a genuine use-case, and a real purpose. Moreover, the developers have been extremely active in running the community and answering concerns and questions. One of the most important things I look for in a coin is whether the developers are responsive to questions and concerns of the community and I believe Solana passes this test with flying colors.. Read more about how to use fibonacci retracement with support and resistance and let us know what you think.Summary of the situation
- SOL, ATOM, CKB and DOT, bringing the total return to 3.11%.
- Solana opened the 24-hour chart at $41.08.
- Solana Labs, the company behind Solana (SOL), has raised $314 million in funding.
Solana Price Analysis: Total price changes
Solana (SOL) remains the currency least affected by the current crypto currency collapse. But with other smart coins like ATOM, CKB, and DOT, this brought the total gain to 3.11%, compared to the 50% downward correction that occurs in most cryptocurrencies, including bitcoin. Currently, Solana’s price has failed to break above resistance at $44 on the 5-day chart and is trying to consolidate near the 61.8% FIB retracement level. This will prevent further declines to $40 and negate any downward momentum. Solana is currently in a rebound after Monday’s correction, the trend line is a positive signal for investors who bought the downtrend. SOL dipped into a downtrend in the first few hours of trading, but the bulls came back strong and defended support at the $40 level. While they were able to push the price to an intraday high of $42, few buyers were able to sustain the uptrend past that level. This has led to the formation of a downward wedge on the hourly chart with the low at $41.15.
Solana price development in the last 24 hours
Solana opened the 24-hour trading session at $41.08. The price action was in an uptrend and reached a daily high of $42. The currency then fell to a daily low of $40. The daily range is quite narrow, indicating little or no volatility. The Bollinger Bands are widening outwards, which is a positive signal of rising convergence. Moreover, the price has settled below the median line and is moving towards the uptrend. A movement that can activate multiple green candles. A look at the RSI and rising moving averages also suggests that the bulls are taking full control and have already entered overbought territory. Source: Tradeview
Solana’s 4-hour class schedule
Buyers seem to be encountering resistance at the $43 level. Breaking this price barrier could take the currency to the 78.6% retracement level ($49.97). This will quash any hope of a correction below $43 and $40 in the near future. This sets the tone for new all-time highs above the current ATH of $58. At the time of writing, Solana (SOL) is trading at $42.6 and has activated a long bullish candle on the hourly chart. Source: Tradeview
Solana Price Analysis Lock
Solana Labs, the company behind Solana (SOL), has raised $314 million in a funding round. The blockchain startup has joined the ranks of fast-growing companies in decentralized finance. Moreover, the blockchain digital currency is performing well on the exchanges, generating small losses and moderate gains for traders. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.Solana Coin’s recent spike in price has reached all time highs, and the coin is now sitting pretty over $50 a piece. Solana is preparing to challenge the $49.9 Fibonacci level, a level that a consistent trend line has been building up to. If Solana can break through the strong resistance at $50 in the coming days, then the coin will be in a prime position to challenge the 71.8% FIB retracement at $49, a level that a consistent trend line has been building up to.. Read more about fib retracement tradingview and let us know what you think.
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