What's a reasonable point to start accumulating SOL? .... I'm asking because really I have no idea.
First of all, I think it's way too early to be accumulating anything other than BTC and ETH.
I feel like SOL has one of the stronger communities, lots of Devs building on it, etc, but the damn chain keeps going down... that's not supposed to happen in a bear market when there's barely any volume compared to bull times.
Could just be "growing pains" yada yada... I get it. But still, with more bad news than good, in these conditions, it's hard for me to feel bullish about it. Or maybe I'm falling for the FUD, I don't know.
Since I have zero alpha on SOL, I'll just use technicals:
I feel like $22 is the last line of defense with strong previous support.
If we lose that, I'll be looking at $12. I'm not sure how strong that support really is, but since I know some traders will be eagerly awaiting sub $10 entries, the market may frontrun and disappoint them.
If we lose $10, we're in mega bear territory. I dread to think what the rest of the market will look like, but in that scenario, I think $4 would be a reasonable level to enter and will probably pay off big time within a couple years.
What do you think?
First of all, I think it's way too early to be accumulating anything other than BTC and ETH.
I feel like SOL has one of the stronger communities, lots of Devs building on it, etc, but the damn chain keeps going down... that's not supposed to happen in a bear market when there's barely any volume compared to bull times.
Could just be "growing pains" yada yada... I get it. But still, with more bad news than good, in these conditions, it's hard for me to feel bullish about it. Or maybe I'm falling for the FUD, I don't know.
Since I have zero alpha on SOL, I'll just use technicals:
I feel like $22 is the last line of defense with strong previous support.
If we lose that, I'll be looking at $12. I'm not sure how strong that support really is, but since I know some traders will be eagerly awaiting sub $10 entries, the market may frontrun and disappoint them.
If we lose $10, we're in mega bear territory. I dread to think what the rest of the market will look like, but in that scenario, I think $4 would be a reasonable level to enter and will probably pay off big time within a couple years.
What do you think?
