Solana has been a hot topic in the crypto world lately. FNL has been on the ball in trading and keeping up with Solana's journey upward. We discussed early entry points and Solana's game plan in an earlier article from Aug 1st, then had a follow up to review charts Aug 18th. Solana was around $35 then, and is now sitting at $202.
-the original article from AUG 1st (https://www.fnlcryptodna.com/post/solana)
-follow up reviewing the charts (https://www.fnlcryptodna.com/post/solana-2)
.....COOL... so what does this mean for me(you)? Everyone loves to hear stories about how they could've had an investment grow 577% in a month right? NO.
Assuming we still have confidence in Solana and nothing unexpected shows up, let's talk charts. To give an example of the clarity that can come from a technical analysis standpoint, let's start with a blank Solana chart from trading view.
Where might you look for an entry point? or to exit if you were holding a position?
Now let's take a look at the clarity provided by recognizing key levels and channels.
The purple channel is the original with a blowoff channel on either side showing exactly double the original channel. Notice how Solana wants to hold the same angle on both sides, as well as pull back to previous peaks (higher highs) on the market denoted by the horizontal green lines.
Notice how intersections between channels and key levels can be great places for entry positions. Maybe practice drawing on your charts to better understand what you see for yourself. Each key level becomes a place of contention. The more eager you are to be in your position, the closer you might look for an entry; but on the other hand, the more patient you are with entries in different assets, the more likely you are to land in better positions overall.
The balance between desire to be in a trade and the need to wait for a 'good enough' position is a battle every trader will face on any market. The most recent higher high around 191 would be my first entry point if i was desperate to get in, but I would leave room on the table for Solana to continue pulling back after such a strong run upward. I personally am hesitant to get in at the top of this move, if i do jump in it will be for 15% or less of my desired total position. Leaving room implies setting either separate buy limit orders at different key levels, or setting what is called a 'ladder limit' if your trading software allows.
A ladder limit will divide your desired position into your chosen number of separate entries evenly scattered within a given range. You might apply a ladder limit in this case to avoid the common FOMO mistake of getting in at the top of the mark.
Trade safely- T
Thank you for your time
FNL Crypto DNA
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