Why This Ethereum-Killing Crypto Could Slaughter the Bears – Sologenic – US Dollar ($ SOL)

Solana (CRYPTO: SOL), a smart-contract-enabled blockchain called “Ethereum Killer,” was up about 1.5% at one point on Wednesday.

Solana, though less sure than that ether (CRYPTO: ETH) network has many properties that could help keep Ethereum in the dust:

• Block functions: Solana has a block time of only 0.04 seconds and a block size of 20,000 transactions, compared to Ethereum with a block time of 13 seconds and a block size of 70 transactions.
• Gas charges: Solana is far cheaper than Ethereum, with a transaction fee of just $ 0.00025, which charges an average of $ 3 to $ 10 per transaction, but can also charge more than $ 100.

See also: Best Cryptocurrencies on Solana

The Solana diagram: Solana is trading down approximately 38% from its all-time high of $ 216 on September 9th and has been dragged down by a descending trendline since September 18th. The trendline, paired with a key support level at $ 124.18 that held the crypto above, has formed into a descending triangle on the daily chart.

Solana will hit the top of the triangle on October 2nd and if Solana breaks or breaks out of the pattern, traders should watch out for a large volume coming in to signal that the pattern has been recognized. The crypto made two attempts to bullishly break out of the triangle on Monday and Wednesday but failed and formed candles with large top wicks on both days.

Solana trades below the eight-day and 21-day exponential moving average (EMA), with the eight-day EMA trading below the 21-day trend, both bearish indicators. However, the crypto is trading around 150% above its simple 200-day moving average, suggesting that general sentiment is bullish.

• Bulls want Solana to be broken out of the descending triangle by a large bullish volume, which would allow it to regain the 8- and 21-day EMAs as support. The crypto has resistance above it at $ 150 and $ 169.
• Bears want a large bearish volume to enter the crypto in order to break it down from the most important level of support. If Solana loses levels as support, it could fall back to $ 124.