A First Look on SOL - Descending Triangle

Binance has listed the SOL token! Solana is a high-throughput blockchain that is currently supporting 50–65k transactions per second and 400ms block times, without complex solutions like sharding or layer-two. As the world's first web-scale blockchain, Solana will unlock a whole new class of performant applications and facilitate larger scale blockchain adoption. Utilizing a revolutionary innovation called Proof of History, Solana is drastically able to outperform any other existing layer 1 and provide fees at $0.00001 per transaction.

From a technical point of view we can see that the price immediately had a massive spike of 550% since its listing on Binance. Afterwards, we see the price has found some support and with several decreasing pumps after reaching this support area we can draw a nice descending triangle. This is usually a bearish sign, that the support is getting weaker.

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Disclaimer!
This post does not provide financial advice. It is for educational purposes only!