• FNL T

Solana on the Run

Updated: Aug 23, 2021

Hypothesis


The original article on Solana from August 1st predicted that Solana, at the time priced $35.2, may pull back and retest the recent resistance line around $32 before continuing upward. This was our first desired entry point. Had it pulled back more, then another entry point could have been picked up in the green support level between $20-25.

Solana chart/article from Aug 1 for reference- Article- https://www.fnlcryptodna.com/post/solana



Predictions included-

- "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."

- "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."

- "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."

-"Similar to HBar, i am not interested in exiting my entire position in Solana even upon reaching its all time high."



Results

Solana only pulled back to the closer entry point- retesting the given channel line (purple) around $32 as anticipated before turning upward. Other traders may refer to this as a support/resistance line.


key-

-vertical orange line marks the day the article was written

-horizontal green line marks $32 mark where we predicted the market to retest the channel

-purple dotted line marks the specific channel support line indicated by 'retesting a channel'


Conclusion

Solana, like many other cryptos, is experiencing an exciting month of August. Similar to Kava and due to the bullish crypto nature of August, Solana only pulled back to the closer level of support (purple) before running upward.

Aug 1st Solana was at $35.24. Our first entry in the $32 area turned out to be as low as Solana fell before reaching its current price. Had you gotten into an entry point either by setting an order ahead of time, or realizing the rejection off the indicated level for a couple days, then you potentially got an entry point in Solana with almost 0 drawdown just before it took off like a rocket.

Solana currently sits at $66.58 (Aug 16) just over 2 weeks after the predictions were made. You could have doubled your position in Solana rather quickly (alongside some other FNL members) by realizing the key level and placing at least some orders on while it was in the $32 range.


Thank you

Travis

FNL Crypto DNA


 

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