Transcription
How's it going, everyone? It's Sam. We have some news from some big Bitcoin buyers, and I am going long on Solana. Well, I was already long; I'm opening an even bigger position because I like where it's at now. I want to go through something really interesting about Solana that you don't see with other cryptocurrencies.
If you don't mind, hit subscribe and turn on the bell notification underneath the video so you can see future videos just like this one. Also, if you want to trade crypto, check out the link underneath the video to Blokfin. Make sure you understand the risks of leverage trading, but if you do and you want to leverage trade, you can use the link to Blokfin. They also have a sign-up bonus right now. We consistently run different promotions; you can see this one where you can get up to one Bitcoin. If you sign up with the link underneath the video, you get different points to spin the wheel, and you can get anything from XRP to Bitcoin in different amounts. Obviously, there's a lower chance that you get one Bitcoin and a higher chance that you get something like 0.1 XRP. Good luck with the spin! You can check this out underneath the video. The spinner game is just for the next two or three days.
As always, do your own due diligence, but I am trading regardless of that spinner on Blokfin, so definitely check that out. If you hear something in the background, that is the baby squealing. But yeah, let's get into it.
So, Bitcoin is down at 957, a little bit red in the last 24 hours. Altcoins are a little bit red too, around 2 to 5%. Keep in mind that over the weekends, there's less volume, and during holidays, there's less volume, so we could see a little bit of volatility if someone decides to dump. But we still have news that people are buying. Michael Saylor says the orange dots on the Saylor tracker are motivational. He's bought for the last seven weeks in a row now. I think this could be a pretty big week; we'll have to wait until tomorrow to see what he ended up buying. But he's been buying anywhere between 1.5 billion and 5 billion a week. I think he's hitting the money offering pretty hard. They're going to be included in the NASDAQ 100, and I think they're already seeing some flows. The other day, Bitcoin was sideways for the day, and MSTR was up 6%, which you don't typically see.
Michael Saylor is making some more buys. We also have El Salvador making some big purchases; they bought another 11 Bitcoin worth $1 million. They said they're going to try to buy even faster—at least that's what Max Keiser said. They're going to try to get up to 20,000 more Bitcoin, which, even if they bought 10 a day, would still take about five or six years if I'm doing my math right off the top of my head. So, I think they're going to be buying more aggressively here soon. They were buying just one Bitcoin a day. The IMF said, "Hey, we'll give you $3.5 billion if you take Bitcoin and you don't make it legal tender anymore," and El Salvador said, "Fine, we're just going to go buy Bitcoin with it." At least that's what it looks like, right?
So, it seems like they're going to dump 20,000 Bitcoin at $100,000 a piece—that's about $2 billion into Bitcoin, which is over half of the IMF loan that they just got or that they're going to get. We'll have to continue to monitor this. The RSI on Solana is oversold or right about oversold. Marty Party says the last time Solana was oversold on the daily RSI was the 10th of June 2023. This is technically where you buy or go long.
Okay, so let's look at this. The RSI is right below 31, which has been a good time in the past. You can see 122 back in the beginning of the year. Is this this year? Yeah, back in 2024, 122. Another time that it went down this low was about 123, and then we went all the way down to 109, and then we went down to 122 again. So, this is a pretty good time to buy. This is why I'm actually rolling a position here today.
What I'm going to be doing today is I'm actually going to close this Solana long position that I have at an average price of $117. I'm going to be closing this and rolling it. So basically, what I'm going to do is close it and then open another position. It's going to roll up my liquidation price pretty significantly because right now my liquidation price is just above $100. But this will allow me to actually put a lot more down.
So, like I said, we're at oversold levels. You can see here this typically has been a great time to buy. I mean, look at this: August 4, we touched the same level, and we went down to 110, and that was the lowest point we had. Another point that would have been a good time was here at $120, and we went all the way up to 190. Another time that we touched on this level, we were at that same level of 120, then went up to 188. So, I think that we could be flipping this previous downtrend line into support.
Obviously, a lot of it does come back down to what happens in the broader market, but what I'm going to do is close this. I'll even do a market order—close all—and then I'm going to roll this. So now I actually just changed it to 3x. I decided that a little bit lower liquidation price would be nice, like 122, so I went slightly lower leverage, but I rolled this. Now we have a higher total amount of Solana. We have almost flipped this trend line into support, or it looks like we could.
We also got rejected around 183. If we were at 183, we would have to break through all these previous resistances around 150 and 160. We'd have to go below these support levels of 135 and 132. So, I think that in the leverage world, I don't want to say it's safe by any means because Solana could fall another 30%. But keep in mind too, we have gone down in the last, what, one month? Almost exactly to the month, we've gone down now 30%. We went down to 33% down. So, assuming this bull market continues, this is probably a safer play.
But of course, I was significantly in profit, so I am taking more risk. You can see, though, you can do that a little bit more and feel good about it if you have a lot of other positions that are significantly positive. Something else that's really interesting about Solana is the fact that it spends more time in higher risk bands than other cryptos.
What do I mean by this? This is into the CryptoVerse; there's a link to this underneath the video with a 10% off code. But there's this time and risk bands. Basically, when a crypto moves very quickly to the upside, it moves into higher risk bands. You can see Solana moves very viciously; like it was at 2 risk and then pumped up all the way to 7 risk within a couple of months, which is so odd. That doesn't really happen with other cryptos.
You can see this here; the distribution is not even. Right now, we're at a 634 or 637 risk, which we actually spend a lot of time in this area—about half the time we spend above this risk level. Compare that to something else; let's look at Ethereum, for example. It spends most of its time in 0.5 to 0.7. I guess this is pretty normally distributed.
Let's look at something like XRP. Let me pull this up, actually. XRP is more what you'd expect, which is it spends more time in these lower risk bands and then has these blow-off tops. Let's look at something else like Avalanche. Avalanche is kind of weirdly distributed, but you can see more time in the lower risk bands and less in the higher.
Bitcoin—let's look at Bitcoin. This is probably a good gauge. Yeah, similar to XRP, just with slightly higher risk bands, where it spends more time at the bottom and is more skewed. It's been too long since I've been in math, but it's more skewed to the left. I think that's how it's said, but smaller times in the higher risk bands. I'll have to brush up on that.
Let's look at something else like Shiba Inu, for example. Same thing; it spends a lot of time in these lower risk bands. So, it's almost like the cryptos that don't move very often but have vicious moves are spending most of the time in the lower risk bands, which makes sense because most of the time they don't do anything, and then for a short period, they just rampage.
But Solana is so different; it rampages all the time and is in higher risk bands all the time. So, at this point, it does seem like a good buying point, so I am going long. But of course, do your own research; this can dump more. I could lose that, what was that, thousands of dollars that I put into Solana.
So, do your own research. Thank you so much for watching; I really do appreciate it. Let me know your thoughts, check out Blokfin underneath the video, and I'll see you all in the next one!