Solana (SOL) ETP and charts

“Valour’s Solana (SOL) certificate is a new exchange-traded product (ETP) tracking the price of SOL, the native cryptocurrency in Solana’s ecosystem. Solana is a decentralised blockchain and the fastest blockchain in the world with more than 400 projects spanning DeFi, NFTs, Web 3 and more.

Valour’s Solana ETP makes investment in this leading decentralized platform simple, secure, and cost-effective, available for investment on regulated stock exchanges via a bank or broker.”
https://valour.com/sol-et

It’s a cryptocurrency I was hoping Valour would introduce to the Nordic markets. It gets listed today.

It’s a Ethereum competitor that has been gaining a lot of popularity in my Twitter feed. The price has gone up around 30000% since it started trading in May 2020. Recently it has gone down in price due to an unexpected downtime caused by a high number of transaction on it’s beta version.

Solana Promises ‘Detailed Post-Mortem’ After 17-Hour Outage – Bloomberg

All images can be open in a new window/tab for a larger view.

It’s number 7 on the top list. It’s worth a little more than a tenth of Ethereum.

Plan

I’m unsure if this is a good spot to buy. I’m considering to buy a small starter position here with a stop loss just below. Much like I did with Polkadot. I did stop out twice before it trending up and so far almost doubled in price.

If the price clearly breaks the upper trend line with volume I’m considering adding a larger position.

A second scenario is that my stop is triggered. I will then look for reversals near the lower trend line or at the different trend based Fibonacci levels (112 USD and 76 USD), before buying a new position. Current price is around 160 USD.

I will consider exciting all crypto positions if Bitcoin closes its price below 42 500 USD.

Best of luck and protect your capital!

iZen

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