Solana adds ERC-20 token to help POWR the SOL

Background


Solana is becoming a player in the defi world. The Solana protocol is designed to improve decentralized app creation by integrating a proof-of-history (PoH) combined with the underlying proof-of-stake (PoS). (in this case a PoS is a good thing). The addition of the ERC-20 token POWR is a good sign for the Solana Ecosystem. POWR Power Ledger




Trading SOL

If i were looking to enter a position in Solana soon, then i would seek my first entry where the market may retest the recent resistance line around $32. Seeing 3 larger green candles in a row on the daily gives me confidence in a short pullback for an entry point; even if i want to be in now. If i were patient and willing to wait for a pullback, then my limit order will wait between $20 and $25 (and risk not getting picked up). Solana does look to have broken a recent downward pressure and could be initiating its final pullback before another bullrun. Many cryptos are showing a good pullback level and Solana has done the same. Would not be unreasonable to believe that the 20-$25 mark will be as low as Solana will fall before climbing back up if it is meant to succeed, but i might place a just-in-case limit order all the way down at $12.50. I would hope to not have to deal with a pullback of this magnitude, but the $12.50 level looks to be a solid floor and could help DCA my price lower and capitalize on a good bounce from my limit order at this key level upon a catastrophe in the crypto market.





If i enter a position (or was already holding Solana), then i will look to begin scaling out of my position between $42 and $50. $42 looks to be a good first level of resistance all the way up to $50 which is bordering the all time high and a very heavy level of rejection.


Conclusion

Similar to HBar, i am not interested in exiting my entire position in Solana even upon reaching its all time high. Solana is built to expand DeFi into the real world and claims to have created a unique niche for itself to continue thriving into the future.

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