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Efficient risk management in trading has become an imperative, and Stop Loss (SL) and Take Profit (TP) values ​​are the essential tools to achieve this.

The SL acts as a lifeline, setting an acceptable stop loss, while the TP pinpoints the optimal point to lock in profits and close the position automatically. How to determine these crucial values?

Some traders prefer to set the SL at a specific percentage of the entry price, ensuring consistency in their strategy. Others, more inclined towards technical analysis, base their decisions on levels such as support and resistance. The key lies in adapting these metrics to market volatility and the individual strategy of each operator.

As most assets in the cryptocurrency industry are trading back in the green and the sector as a whole has grown its market capitalization to $1.65 trillion, some are performing better than others, particularly Solana (SOL), which has received an influx of over $2 billion in a single day.
Specifically, the market cap of Solana has increased from $41.79 billion to $44.17 billion in just 24 hours, which means that it has added as much as $2.38 billion and grown by 6.5% during this time, according to the most recent CoinMarketCap data retrieved on February 2.

Solana price analysis
Meanwhile, the fifth-largest crypto asset by market cap has managed to surpass the coveted psychological price mark at $100 and is currently changing hands at $101.58, recording an advance of 5.96% on the day and a 12.57% gain across the week, as it moves to erase the 5.27% drop on its monthly chart.

As it happens, Solana’s massively bullish market cap and price performance coincide with an increase in the activity on its network, which in January topped a multi-year high at $1 trillion in transaction volume, growing 30% since December, at levels not seen since September 2022, as per The Block data.

Moreover, the number of registered addresses on its blockchain exceeded 10 million in January, which is the largest figure since May 2022, when the number of crypto wallets on the Solana network reached 11.72 million, demonstrating growing interest and engagement.
Furthermore, the often-touted ‘Ethereum killer’ made news for dethroning Ethereum (ETH) in the 24-hour decentralized exchange (DEX) volume, recording a weekly volume increase of 15.34%. In comparison, its main competitor lost 12.44%, as Finbold reported on February 1.
$SOL #SOL #Write2Earn #TradeNTell

Next week, Cardano enthusiasts are eagerly anticipating a 50 million ADA giveaway, while the community awaits the results of Fund11 voting for Project Catalyst.

Cryptos Headlines Platform Has Launched Its Native Token, Early Public Sale Is Live On CryptosHeadlinesToken.com
Cardano’s ecosystem is getting ready for a big moment as IOHK, the company behind the blockchain’s development, shares the latest updates in a new weekly report. The big news in the report is the confirmation of a huge 50 million ADA giveaway planned for next week. This announcement is raising excitement among Cardano fans all over the world.

Project Catalyst Voting Draws Massive Participation
The voting for Fund11 in Project Catalyst has caught a lot of attention, with over 5,000 wallets and more than 150,000 votes cast on 920 proposals vying for community funding. This important decision-making phase is now a big focus for ADA fans because the future of these projects depends on the active and involved Cardano community.
This round of voting is all about tackling important issues that are crucial for Cardano’s growth. The proposals cover a wide range of ideas, solutions, and products made specifically for Cardano, including strategies for making the ecosystem bigger globally and making improvements to the Catalyst Voting System.
One notable thing is that the biggest chunk of ADA funds, totaling 11.5 million, is set aside for the Cardano Open: Developers category. Here, people are invited to submit projects that answer this important question: What open-source tools does the Cardano developer community need to do well? There are 127 proposals in this category, each with different budgets and cool ideas, making the competition tough.
Since ADA token holders are key in choosing the projects with the most potential, the upcoming week is expected to bring good news for the selected projects and lots of excitement for the Cardano community.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#ADA #Bitcoin #Altcoin #Cryptocurrency #CryptoNews