Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Solana Charts Indicate a Possible Investment Opportunity

Cryptocurrency Jun 23, 2022 07:30AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Solana Charts Indicate a Possible Investment Opportunity

    • Solana (SOL) has recently faced some difficulty after facing a $107 million liquidation threat.
    • Speculators currently have a very negative outlook on SOL and traders are now shorting SOL.
    • Solana was able to overcome the descending trendline that has been visible throughout the last month.

Solana (SOL) has recently faced some difficulty after facing a $107 million liquidation threat. A whale deposited 5.7 million SOL and borrowed 108 million USDC and USDT. This accounts for a very huge chunk of borrowing on Solana and could cause chaos on the network.

Unfortunately, Solana’s solution to the problem was to take control of the whale to liquidate its position. The decision did not sit well with investors as it pouches aside the very foundation of what the word “decentralized” means.

As a result, speculators currently have a very negative outlook on SOL and traders are now shorting SOL, which only adds to the negative sentiment surrounding the crypto at the moment.

This could, however, present a decent trading opportunity.

Solana Perpetual Futures 1D (Source: FXStreet).

When looking at the daily chart, things for SOL are looking relatively good as the price of Solana was able to overcome the descending trendline that has been visible throughout the last month.

This means that SOL is now testing the $37.43 resistance level. If SOL can break through this level, the crypto may move on to test the $47.43 level.

According to CoinMarketCap. SOL is currently trading at $36.45 after a 6.66% increase in price over the last 24 hours and after reaching a high of $36.70 over the same period.

Over the last day, SOL’s trading volume fell 8.61% and is currently standing at $1,462,582,394.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.

Continue reading on CoinQuora

Solana Charts Indicate a Possible Investment Opportunity
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email