SOL: Another ETH Killer?

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these videos worth it going forward hey guys   Altcoin Sherpa here with a daily coin analysis 
today i am going to be reviewing solana or sol   as always this is not financial advice 
i am not an expert do your own research   today i am going to reviewing sol as i said solana 
is another eth killer and another blockchain it's   very prominently um not headed but supported by 
uh sbf or sam from ftx and with sam at uh as a big   supporter this project along with serum and ftt 
have been doing very very well lately so it's i   might review those other coins in another video 
but for now i'm just going to be reviewing solo   soul and i will be doing the technical analysis 
here so one thing to note with solana is that   and this is the usd pair the usd pair i believe is 
yeah okay so it's not as old as the bitcoin pair   but the usd pair had a very strong run in the 
summer and this this kind of caught the end of   the summer run back in august before i had like a 
very big big run if you look earlier from june to   late august this skyrocketed basically and 
the usd pair only caught the tail end of that   but what's very interesting about solana is 
that it has been thriving the last several um   several weeks really just the last i guess two 
weeks because uh in an environment where basically   many other all coins have not thrived and not done 
very well and you can basically see this basically   para parabolic run from about six or 
seven dollars all the way up to 18   and uh even lower too if you if you if you bought 
this thing back in you know january and you can   see an accumulation period here we'll go more into 
that in a bit but basically price skyrocketed this   could have been the blow off top right here 
i mean this is a very ugly uh down candle but   okay so let's get to it this is just the usdt pair 
on binance this uh former swing high this was the   high back in the end of the decentralized finance 
run in the fall and everything basically pulled   back huge and basically price pulled back from 
five dollars all the way down to its low point   around one dollar so even something as bullish as 
solana and the other defy coins i mean this is a   good example here of how all coins can really 
really retrace very hard and very fast i mean   overall look here i mean this was okay so this 
was like a three or four month span right here   where price basically went negative eighty percent 
on your investment if you bought around august and   i mean that's that's just devastating for a lot of 
investors and uh this is basically what happened   all throughout the fall of 2020 and it also shows 
that no matter how strong something looks like   solana did back in the summer of 2020 where 
decentralized finance really skyrocketed it's   still really retraced very strongly and the btc 
pair is going to be full show a bigger retracement   as well so basically what am i trying to say i'm 
trying to say that always take profits and uh   definitely don't bag hold because your bag holding 
coins can basically sit around for a long time so   lana did really well actually for a lot of reasons 
i mean number one it has good fundamental analysis   or fun good fundamentals and it has one of 
the biggest players in crypto backing it   so you know that alone is going to give it a 
big head start compared to some of these other   pump and dump coins and secondly i mean this one 
had a good recent history of pumping back in the   uh summer of 2020 so that also helps it as well 
it's not one of those old dinosaur coins that are   pretty associated with pump and dumps so from a 
technical analysis standpoint we can see price   forming a uh support support support here and 
then it flips to resistance and this basically   was a long accumulation period right here 
so basically from around november to january this was just an accumulation period and again 
i have a video on accumulation check it out   accumulation is basically just a consolidating 
range where price is just pinballing back   and forth you can see price form this range 
initially back in november and again i talk about   trading the trending coins that doesn't 
necessarily mean chasing every pump   but when you see coins accumulating here it's 
not bad to have your money in these types of   coins because they're going to move very hard 
once they start moving however i prefer trading   the trending coins when they actually start 
making their first move so like right around   here is when i would like start to hop in i 
mean i missed this first big pump of course but   i prefer just starting to trade the 
trending coins just because i think that   um there's better opportunity this whole investing 
in a coin like this is not a bad thing but just   understand that the opportunity cost of having 
your money locked up in these types of trades uh   there is a cost to that compared to 
trading the trending coins but you   know you will catch every little bit of this 
move when you do uh invest in a coin like this   uh just understand that depending on the 
coin sometimes these these coins can really   accumulate a really long time but in general 
this was an accumulation period for solana   from one dollar to 250 and then it kind of 
moved up again and then it hit another kind   of accumulation period again after this move and 
uh and then it really started to skyrocket so   february is about the time when many other all 
coins started to pull back and this one is the   opposite this one basically tripled in price 
uh and almost quadrupled well no i'm sorry   just tripled and uh it really is very strong 
i mean every basically every dip got bought up   and whether or not this is due to bnb doing 
very well uh i mean b b did well because   of binance smart chain maybe just all the 
exchange tokens are doing well as well but   i'm sorry so a lot is not an exchange token but 
i mean by association solana is associated with   ftt and sam so um generally speaking you know 
those types of projects are all correlated   and that kind of also reminds me too i 
talk about this as a lot in other videos   but coins always move in terms of classes 
and groups and it's either an association by   fundamental analysis meaning these coins 
have similar technology or they have similar   relationships or they have similar market 
cycles so another one would be like sushi and   um uni or uh uni swap like those two like both 
pumped together and like one inch eventually too   like those all had like pretty similar market 
cycles and another ones like majors like ltc and   ethereum and bitcoin cash that's like another 
kind of um group that moves together and like   you know there's all sorts of groups that move 
together like snx and ave those two really pumped   really strongly in january and now they have the 
same kind of market cycle and same with alpha so   again you have to find the coins that are moving 
together and you can usually have a lot of trade   opportunities from that so anyways for uh 
solana from a technical analysis standpoint   basically every single dip got bought up i 
mean you can basically see here really just just resistance come back support support move 
back up and now right now uh it is somewhat   concerning to see this big of a red candle so 
it wouldn't surprise me to see a bit longer of   a prolonged pullback and you can send it kind of 
see a little more cell uh volume coming in as well   as well as recent cell volume dominating 
part of that could be because bitcoin has   been um stalling out but in general solana was 
fairly immune to the current market conditions   of uh bitcoin of bitcoin being very uh 
volatile and choppy but with these current   candles tell me personally along with 
this heavy cell volume is the stat   uh i wouldn't be surprised if solana has a little 
bit more of a steeper pullback uh 1180 would be   an interesting area of uh for entry it would be 
i expect a reaction around here and after that   somewhere around uh 975 would be interesting 
as well and if we pull out the fibs i mean we can use this as the last area so like you can already see here this lines 
up perfectly with this 0.618 so 11 57 and   nine kind of ten dollars-ish would be 
kind of where the areas of interest   of where i'm bidding and this also has confluence 
with the 200 ema on the 4-hour so again you can   like you can use a lot of different ways to 
trade i mean whenever you're trading price   action if you're using indicators if you're 
using fibonacci retracement there's a lot of   different ways you can trade and use entries but 
this is kind of where i would look personally that's these are the two areas of interest for 
me but overall i mean it's still like a really   bullish trend for solana i mean look at the 
trend overall like it's it's still big but i   mean having a pullback is is fine i mean it's just 
gonna eventually hit like some sort of lower high   or higher low and then then expect to move up 
and then there will be a reaction around here   there will be like a good short opportunity 
for depending on how price gets there and   then we'll see the reaction from there but 
overall it's still like a bullish situation   uh solana btc again this pair was a bit had a 
bit more price history than the usd pair i mean   this in general look how much it skyrocketed from 
june all the way up 600 percent incredible run and   another incredible run when you saw price 
basically go from the top of the wick all the way   bottom again good example to see your [ __ ] coins 
go to the abyss when market conditions go bad   i mean even a coin is strong as solana from 
september to the end of december negative 90   you lose 90 of your investment just by holding 
if you bought at the top now i mean i've   everyone's been a top buyer before in the past 
i have been like i'm sure everyone else is if   they're saying they haven't they're lying but uh 
this just again shows that that everything pulls   back and especially all coins and i would not 
be surprised at all to see big pullbacks from   all coins eventually i mean i personally think 
there's going to be another run in march or april   but after that i would not be surprised to 
see some blood and uh this was right here i   i marked this this is a 50 to 200 day ema cross 
usually this is like a pretty bullish indication   and this doesn't have like super long price 
history in general but one other hint for   so uh when looking at charts for solana 
if you look at the usd pair this is in   price discovery meaning there's no 
previous resistance areas to the left right   so how do you figure out where are good 
stalling points that's when you look to   the btc chart when there are um there is price 
history to the left right here i mean you can   see this right here so a good way of doing 
it is basically looking at resistance areas   on the chart that there is price history like here 
this was like a pretty predictable area in general   and if you see price kind of creeping up to this 
area on the btc chart you can probably expect   that this is going to have a resistance area and 
probably make a a profitable shorting opportunity   so that's kind of my advice to you is to look at 
one pair and if they're both in price discovery   then that's just you're gonna have to use other 
stuff like fib extensions and what have you but   in general i mean this had a violent pullback but 
i mean it's just still like very high timeframe   bullish what i would like to see basically is 
for price to basically form some sort of uh   some sort of consolidation and then then move up 
you know kind of similar to something like this   in the past so i mean these types of um 
consolidations are pretty healthy like you saw   it again like right here and it was like a pretty 
similar area too so consolidations like this are   healthy and it wouldn't surprise me to see more 
consolidation but short term i'm bearish in on low   time frame charts but if you're looking at high 
temp frame charts i'm still bullish on solana so   i hope you guys enjoyed this video 
on solana i'm so bullish in general   it's impressive to see this move 
in the overall market conditions   but if bitcoin pulls back big i would not be 
surprised to see this also pull back so good luck

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