Technical analysis by Michael_Wang_Official about Symbol SOL: Buy recommendation (9/9/2021)

Michael_Wang_Official

In this post, I'll be taking a technical approach to Solana (SOL) .Disclaimer: This is not investment advice. This is for educational and entertainment purposes only. I am not responsible for the profits or loss generated from your investments. Trade and invest at your own risk.Analysis- Solana is currently ranked #6 in terms of market cap, with a size of 58B.- It is a rising platform that is arguably more efficient and cheaper than existing ones.- Looking at the technicals, there are three main points that I found to be very bullish:- First, we broke through the trend line resistance that connects the higher highs.- Also, despite the massive price dump that took place across the entire crypto market yesterday, Solana has managed to maintain its momentum.- Third, the volume continues to increase as we trend upwards, demonstrating confidence from buyers.- The moving averages are also aligned in order, indicating that the overall uptrend on the longer frame is intact- Counting waves, we can see that we are currently in the midst of the fifth impulse wave.- Based on fibonacci retracement levels, we could expect strong resistance around $250, with a target up to $770.If you like this analysis, please make sure to like the post, and follow for more quality content!I would also appreciate it if you could leave a comment below with some original insight.