It’s that time of the season again. The witching hour is among us. Open contracts come to a close and either money is made or lost but the reset button has been pressed. All eyes will be on the mother of all squeezes in AMC and other so-called meme stocks like GME and other retail investor favorites. In crypto news, the market as a whole is in a bit of a slump over the past few days. One coin that remains resilient through the choppiness is again Solana, but this coin is looking to be SOL 2.0. Are you ready?
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Welcome to another episode of Money Talk Sundayz. I’m your Investment bro, Stevie Bee. You know the drill, hit that like share and subscribe and let’s jump right into it.
Crypto is ablaze and last week’s coin of the week is still holding ground. As other major coins tear Solana is ripping at a fraction. The Ethereum challenger has been seeing more interest from institutional players according to Sam Bankman-Fried, CEO of FTX exchange.
Solana is an enterprise-grade blockchain, which was created by Anatoly Yakovenko. It is backed by Alameda Research and FTX Exchange, which all fall under the watchful eye of crypto billionaire Sam Bankman-Fried. According to Bankman-Fried, Solana’s compelling long-term roadmap as a blockchain means that it will be able to support industrial uses of crypto. According to Bankman-Fried, NFTs, decentralized finance, and the launch of the Pyth Network market-data feed has contributed, at least in part, to Solana’s popularity. Bankman-Fried is busy with the development of the Serum derivatives exchange on top of Solana’s network.
Solana’s SOL token has seen its value soar in recent weeks, surpassing Dogecoin, as of September 7, 2021. It now sits sixth, at the time of this writing, at $182.56, surpassing XRP, which has not performed well this week, due in part to legal troubles.
As good as Solana is doing, this coin seems poised to usurp the Ethereum killer. Pseudonymous trader Inmortal tells his 66,600 Twitter followers that he’s looking at Cosmos (ATOM), a project that aims to help developers build different blockchains that can transact and exchange data, creating a decentralized internet of blockchains. According to the crypto analyst, Atom will be the next Solana (SOL), a crypto asset that has meteorically risen nearly 350% in the last 30 days, according to CoinGecko.
The crypto analyst is also looking at Cosmos in its Bitcoin pair ATOM/BTC). According to Inmortal, ATOM/BTC must flip 0.00055 ($25) resistance into support to ignite a parabolic rise in value.
ATOM is doing great and if it follows current projections the pair could rise to as high as 0.002 BTC ($91.14), which represents a potential upside of over 230% from its current price.
The ATOM coin indicates the formation of a rounded Bottom pattern in the daily timeframe. The key resistance level(neckline) for this pattern is situated at the $30 mark, which the price has currently broken. If the coin manages to provide a proper breakout from this neckline, the ATOM traders can grab an excellent long opportunity in this coin.
According to the EMA’s, the ATOM coin has a strong bullish trend with its price trading higher than the 20, 50, 100 and 200 EMA. Moreover, the 20 EMA provided strong dynamic support to the coin’s price.
The RSI value (BULLISH) is at 68, indicating a strong bullish trend in this coin. However, the RSI line shows substantial bearish divergence concerning the coin’s price, suggesting weakness in the bullish momentum.
After reviewing this coin I’ve opened up a position and started investing. I will continue to invest when it dips and watch it hit triple digits.
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