Cryptocurrencies Cryptomillionaire with this coin?

Not only Technology stocks have taken a huge drop. Whether you are interested in cryptocurrencies or not, you have probably noticed it too Bitcoin & Co. is in the basement.

Although it is only very possible between us that we are still far from the earth here. The basement can have an elevator that goes down a few floors. For example, with bitcoin, I could imagine prices below $ 20,000. If only briefly.

So if Bitcoin can lose more than 30 percent from today’s perspective, then is it already time to buy? Of course not. Everything gets a lot cheaper! But only if I’m right, and that’s just my ideal scenario after all. It does not have to be this way. Or it gets a lot worse. No one knows what Bitcoin does. I have yet to see an analyst who always knows exactly where Bitcoin is headed next time. And that’s exactly why we should not worry about it.

Dollar Cost Average – How To Get The Best Price

If you have a favorite coin, just run DCA. It stands for Dollar cost average and means nothing more than buying regularly when prices get cheaper. The goal is to get a good average price.

This is precisely why there are also savings plans on indices such as the S&P 500. If you buy each one, you end up with the perfect average price. Whether it is crisis or boom. You are always invested and buy cheap in case of a crash. During a boom, your portfolio increases in value and you buy into the boom. It also makes sense because bull markets can be long, as history has shown.

We can play the same game with cryptocurrencies. At Coinbase, there is a direct debit feature that automatically debits the credit card on a regular basis and buys crypto. It is, of course, much more interesting in these times than when prices are at their most expensive towards the end of the rally.

Will $ SOL be the next star in the crypto sky?

This is logically the big question at the moment: What coins do I need to invest in now to participate in the next cryptocurrency rally? Bitcoin has crashed 80 percent or more several times throughout its history. Only to make new records afterwards. The prices I would like to target would mean a crash of just over 70 percent from the highest level in mid-November 2021. We are already at minus 59 percent.

Solana now comes into play. Like Ethereum, Solana Blockchain offers smart contracts and many suitable projects and apps. Smart contracts are used to trade NFTs, for example. To that extent $ SOL is becoming more and more interesting as a currency for NFTs. The largest NFT projects are still running on Ethereum. But this blockchain is known for having high transaction costs. This is not the case with Solana and is therefore much more attractive!

$ SOL gets us all though not become a millionaire next year. The coin is already too strong for that. At the beginning of 2021, $ SOL was still $ 2 per capita. PCS. At its peak in early November 2021, 1 SOL then cost almost $ 260! A 130-fold would have been possible here.

$ SOL is currently at $ 55. There were several highlights in this area in the spring of 2021. In this regard, this could be thought of as a resistance. in weekly chart see it clearly.

(Source: Tradingview.com)

But if Bitcoin goes down again by a third, the rest of the cryptocurrencies will follow in most cases. While Bitcoin has lost nearly 60 percent, $ SOL is already 80 percent cheaper than at the highest level ever. And yet is still up in the air.

If we fall further overall, we may see the next support at SOL im see $ 20 range. The price there was also stable in the spring a year ago. But all that is still in the future. Solana is in my opinion not a big risky gambler when it comes to crypto. However, the potential is also relatively small. We will not quickly go up by a factor of 130 again from $ 20 to $ 50. We must leave that to the smaller coins.

However, the all-time high is at least a 12-fold distance from the possible low of about $ 20. And then prices should continue to rise. If everything happens the way you want. This also includes the NFT market, which needs to become much more SOL-friendly. He’s on the right track. The current adjustment in the markets certainly makes good inputs possible.

Remember the DCA above. I also do not want to wait for $ SOL to hit $ 20, I will start shopping before then. If the 20 really should come, I’ll just buy more. But I also do not want to miss the train to the top. Therefore, DCA is an extremely useful way to play and not put everything on one card at the same time.

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