Issued on: 06th July’23
Valid upto: 16th July’23
Token: SOL
Category: Layer-1 Blockchain
Market Cap: $8 Billion
Circulating Supply: 401,308,965
Total Supply: 551,725,695
Price Update:
SOL price at the time of writing (06th July, 14:30) is $20.11, with a 24-hour trading volume increased by 29.01% to $412 million. SOL price is up by 4.95% in the last 24 hours according to coinmarketcap.com.
Source: TradingView
Analyzing the above chart:
- After bouncing back from the demand zone at around $16, SOL has been showing bullishness by forming Bullish patterns in smaller time frames which can be identified in the chart.
- As seen in the chart, SOL has been taking resistance from descending trendline, now it’s attempting to break above that trendline i.e. Higher high.
- As seen in the chart, the support level is at $18.71 & $17.52, & above we have three resistance levels at $22.02, $23.33 & $26.03
- A Long Trading strategy can be assessed between $19.91-$20.08 with an invalidation below $18.53
- On the upside, one can see a rise of 25-30% toward $22.02, $23.33 & $26.03
- It would seem that one should maintain a balanced risk-to-reward ratio and check the use of leverage and position size to ride out current market conditions.
Note: SOL is now available in the futures market in both Go and Pro apps with up to 15x leverage.
Trade in Futures Market at CoinDCX
LAST TWO WEEKS’ ANALYSIS SUMMARY:
Return % is calculated based on pricing data as available on the platform and is valid for 15 days from the date of publishing.
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