In crypto space, you should not be blind otherwise loss is inevitable

2023-12-25T18:30:57

Cryptocurrency

is getting popular with time and many people are getting interested in it. The most possible reason is people are getting aware and trying to take full control of their own assets rather than keeping their

assets

in the

bank

. Another possible reason can be trading through which they can make a handsome

profit

. In the current time, many people are getting involved in trading to make money, especially the young generation, and many of them thinking about it professionally and in the future, it's quite expected that the number of people having that kind of thought will increase a lot.

https://unsplash.com/photos/red-and-blue-light-streaks-fiXLQXAhCfk

In the world of cryptocurrency, everybody comes to make

money

because nobody wants to lose their money but the reality is most of people lose their money in trading. In a

bull market

, almost everyone makes money because in that time the price of most of the crypto goes up. And think that kind of situation everyone started to feel like they became experts and they were going to be millionaires, billionaires, and so on within a short time. But except for a few people most of the people are daydreaming because at the end day will suffer a

loss

in trading.

In the time of the bull market, so many crypto YouTubers appear who say that they are experts in trading but trust me most of them have very little knowledge about cryptocurrency trading. I think most of the so-called expert crypto YouTubers only know how to buy and sell and have a little understanding of support and

resistance

, nothing more. They only repeat the same thing that is in trending. They gain popularity just by sharing crypto signals and in a bull market it's a super easy thing for anyone. I think a newcomer can also say it. And making a YouTube channel is not difficult in recent days and anyone can make a YouTube channel just by watching some YouTube videos also. It's funny when someone makes

investment

based on their words.

Unfortunately, many people believe those YouTuber's words because almost all of their signals hit the target and people are making profit from the signal. Making profit in the Bull market is a thing for that I don't think anyone deserves and credit because it's natural and easy. Believe me, most of people will lose all of their profit which is just a matter of time. Not only that, they will also suffer huge losses from their invested assets when bears will take control. If anyone can keep their profit till the

bear

market then those people deserve the credit and the reality is very few people are capable of making it possible. In several months people make a lot of money but they lose almost all the money within a very short time. They just regret later thinking "I wish I should have done that or I shouldn't have done that ".

Today I saw some YouTube videos of so-called experts and they were talking about Solona (

SOL

). Almost in every video, they said the same thing in different ways. They said, " Solona is a very potential project it has the capability to cross 500$ also in this bull run. Buying Solona at 110$ or a nearby price means an opportunity and nobody should miss it". They were insisting to

buy

Solona. Let me discuss about the topic.

No doubt that Solona is a very good project and I don't have any problem with the statement. In case of Solona will cross 500$, it may be possible but I am not so confident on it right now (my personal perspective). But in the case of Buying Solona at a

price

of 110$ does not seem an ideal situation in my opinion. The question is should anyone buy Solona at the current price? What do you think? I am sharing my perspective.

In recent days Solona pumped huge and the market was also bullish. So naturally a correction is quite expected. I think it's just a matter of time to see a correction because the market doesn't go straight up. From this perspective buying Solona is not ideal. It's also a matter of concern that Solona is currently 5/6X higher compared to the last few week's price. Considering this the price, it is very much high, and buying Solona at the current time means taking a huge

risk

. Because who knows if correction comes and the price becomes half. Buying after pumping is always a foolish action according to my analysis doesn't matter even if the price goes higher than the price. Besides, there are still many crypto which didn't pump too much till now and those projects have a good possibility to pump. If you get stuck on Solona then you may miss the opportunity to make profit from other crypto. So there are two losses. The first one is you may suffer loss and secondly, you will miss many opportunities to make profit from other crypto. Another thought may appear in mind that what if the price of Solona reaches 500$ which will be 4/5X from the current price? It's very simple. Just think if Solona can make 5X from the current time instead of having a huge market Cap then There will be many other cryptos that may be capable of making 10 /15X from the current time. I think it's an easy calculation. Let's talk about my situation in the case of my Solona investment.

I bought Solona at the price of 21$ and 13$ and My average buying price was 17$ if I can remember correctly. When the price of Solona was at 41$. I sold 50% of my holding and I took my

seed

money with good profit from the Solona project. I've left the remaining Solana to make money from the profit only as my seed money was already out of it. I have 50% of Solona in holding and I wanted to sell 25% from It to secure more profit but unfortunately, Trust

wallet

has some issues and I can't make

transaction

now otherwise I sold when the Solona price was 120$+. Because of the issue, I'm taking the risk but in my case, I have nothing to lose from It except getting more profit. Taking a high risk on profit is not a problem but investing in the current time obviously a foolish action and this is the thing I'm trying to make you understand.

You may be wondering why I am talking about the topic all of a sudden. I think it's the best time to say it. At the current time, the market sentiment is looking bullish, and naturally, so-called crypto experts have started to appear on YouTube. I think we all need to stay alert from them And obviously making your own analysis is very important. Don't believe in everyone's words blindly.


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