- Coinbase Pro has announced the addition of Solana’s native token, SOL.
- This has boosted the digital asset following a rough week in which a majority of coins reverted their bullish momentum.
Coinbase is continuing to explore new digital assets. In the latest announcement, the US-based exchange has announced that Solana (SOL) is launching, but only on Coinbase Pro. The publicly-traded company is clear that SOL will not be available on its main platform Coinbase.com or via its consumer mobile apps.
Starting Thursday, traders are able to deposit their SOL to their Coinbase Pro account. Trading will commence on or after 9 AM Pacific Time (PT) Monday, May 24, if liquidity conditions are met. The listing by Coinbase comes months after Binance.US earlier in the year added the coin.
Starting today, inbound transfers for SOL are now available in the regions where trading is supported. Traders cannot place orders and no orders will be filled. Trading will begin on or after 9AM PT on Monday May 24, if liquidity conditions are met. https://t.co/93Hmc2hV9J
— Coinbase Pro (@CoinbasePro) May 20, 2021
The announcement has been celebrated by investors and in the last 24 hours, SOL has jumped by roughly 20 percent. The gains push it into an elite class of coins that are in the green zone following what could be described as the worst week of the year. A majority of coins have wiped out roughly 20 percent to 30 percent of their value in the last 7 days. Solana, following the latest gains, is up by nearly 10 percent in the last week. The coin is trading for $45 and has climbed to 15th rank at the time of press.
Although some of the magic has been lost, it is still clear that the Coinbase effect lives on. Solana’s addition to Coinbase Pro will expose it to a wider market, creating higher demand. Additionally, being listed by one of the largest exchanges with some of the highest standards will convince investors that the project is healthy.
Solana is a step ahead of its rivals
Solana is a decentralized computing platform. Using Proof of Stake and Proof of History consensus mechanisms, the project aims to improve blockchain scalability. It is a contender to be an ‘Ethereum killer’ as it claims it can support 50,000 transactions per second without compromising decentralization. In addition, it is considerably cheaper than Ethereum.
Solana has intrigued the crypto market with its innovation of the Proof of History. While most blockchains are grappling to move from the Proof of Work consensus algorithm to Proof of Stake, Solana is already a step ahead of this. According to a blog post by the founder, Anatoly Yakovenko, the Proof of History offers;
a high-frequency Verifiable Delay Function. A Verifiable Delay Function requires a specific number of sequential steps to evaluate, yet produces a unique output that can be efficiently and publicly verified.
Since its inception, the project has achieved notable milestones. There are over 250 projects in active development within its ecosystem, and since the beginning of the year, 10 independent investment funds have strategically partnered with the project. Additionally, Solana has recently surpassed $1.5 billion in Total Value Locked (TVL).
Solana price needs to crack this key level as SOL bulls eye an upswing towards $200
- Solana price is teasing a falling wedge breakout on the daily chart.
- SOL bulls need to find acceptance above $148 to initiate a fresh upswing.
- The downside remains cushioned by the 50-DMA at 110.50, bullish RSI.
Solana is seeing some buying resurgence on Saturday, as it reverses Friday’s temporary drop to near the $127.50 region.
SOL bears fought back the control a day before, tracking the downbeat tone across the crypto market, in light of the blow from China. The People’s Bank of China (PBOC) issued a notice, imposing a ban on all crypto transactions as it will be considered illicit financial activity.
At the time of writing, SOL price has recaptured the $140 mark, adding about 1% on the day, although remains on track to book the second straight weekly loss.
Solana price prepares for a big technical breakout
Looking at Solana’s daily chart, SOL bulls are challenging the falling trendline resistance at $148 after two failed attempts earlier this week.
If SOL bulls manage to find a strong foothold above the latter on a daily closing basis, then it would confirm an upside breakout from a falling wedge formation.
SOL price has been trending within the bullish continuation pattern ever since it recorded all-time highs at $221.38 on September 9. The price has been forming lower highs and lower lows, carving out a falling wedge pattern on the said timeframe.
The 14-day Relative Strength Index (RSI) inches higher above the midline, allowing room for more upside.
Therefore, the wedge breakout would open doors for a rally towards the $200 mark. Ahead of that the horizontal 21-Daily Moving Average (DMA) at $159.40 could test the bearish commitments.
SOL/USD: Daily chart
Should the wedge hurdle emerge as a tough nut to crack SOL price could see a retracement towards the upwards-sloping 50-DMA at $110.50.
The next downside target is seen at falling trendline (wedge) support at $100.60, below which a fresh downswing could kick in towards the mildly bullish 100-DMA at $71.54.
First Permissioned Decentralized Exchange Launch on Solana
- Solrise Finance and Civic Technologies launch the first permissioned DEX on Solana.
- Solrise DEX Pro allows institutional investors to access Decentralized Finance.
- The DEX utilizes the Civic Pass for its KYC identification requirements.
Decentralized fund management and investment protocol Solrise Finance and decentralized identity firm Civic Technologies partnered to launch the first Solana-based decentralized exchange with permissioned access. As regulators continue to eye DeFi, a permissioned DEX allows for more checks within Decentralized Finance (DeFi).
The product, Solrise DEX Pro, will offer a traditional order book experience and a permissioned environment that’s suitable for institutional investors. It’s built on Project Serum which is a DEX that utilizes Solana’s throughput. Aside from this, Civic Pass, Civic Technologies’ identity verification for DeFi will be integrated.
In a nutshell, the project enables institutions to jump into DeFi. Under normal circumstances, institutional investors cannot join in because of the need to comply with regulations. However, with the advent of a permissioned DEX, a parallel ecosystem is achieved. This means that they can access DeFi while still meeting regulatory requirements.
The project is also backed by one of the biggest firms in the market. Quantitative trading firm Alameda Research, a key investor in Solana, will also support the project and provide initial liquidity for Solrise DEX Pro.
Filip Dragoslavic, Co-Founder of Solrise, said that as Solana is becoming the DeFi ecosystem for traditional finance, the team expects institutions to jump into the ecosystem.
This is our way of bridging the world of institutions to DeFi without resorting to centralization, thanks to Civic.
According to Chris Hart, CEO of Civic, a permissioned DEX will make room for new players in DeFi — including institutions. He further explained that the team is building technology that aims to protect individuals’ digital identities and new financial systems.
In Solrise, we’ve found a partner that shares our values and is working with us to set a higher standard that will ultimately benefit the broader industry.News Source
Solana Kurs: SOL bald wieder unter 100 Dollar?
- Der Solana-Kurs erlebt gerade die erste nennenswerte Korrektur seit seiner 876%-Rallye.
- Ein Rutsch unter die Nachfragebarriere bei 119,26 $ würde SOL bis auf 95,94 $ zurückwerfen.
- Eine erfolgreiche Rückeroberung des Widerstandsniveaus um 147,55 $ würde die Abwärtsthese entkräften.
Der Solana-Kurs befindet sich seit dem 20. Juli in einem exponentiellen Aufwärtstrend, der sich bis zum Erreichen eines neuen Allzeithochs am 9. September nicht abschwächte. Dieser etwa anderthalb Monate dauernde Anstieg des SOL-Kurses erfährt derzeit einen Pullback, der sich noch weiter nach unten ausdehnen könnte, wenn entscheidende Barrieren durchbrochen werden.
Solana-Kurs vor Entscheidung
Der Solana-Kurs ist seit dem 20. Juli in 51 Tagen um rund 876 % gestiegen. Das Beeindruckendste an diesem Anstieg ist, dass es auf dem Weg dorthin keinen massiven Abschwung gegeben hat. Nachdem er jedoch mit 216 $ ein neues Allzeithoch erreicht hatte, begann sich der SOL-Kurs abzukühlen.
Bislang ist der Altcoin um 44 % gefallen und prallt derzeit am 50 %-Fibonacci-Retracement-Level bei 119,26 $ ab. Dennoch ist es unwahrscheinlich, dass sich dieser Aufwärtstrend fortsetzt, insbesondere in Anbetracht der Marktlage.
Ein möglicher Anstieg des Verkaufsdrucks, der die Marke von 119,26 $ durchbricht, würde den Solana-Preis bis zur unmittelbaren Barriere bei 110,25 $ nach unten ziehen. Diese Marke ist die einzige Unterstützungsuntergrenze, die zwischen einem SOL-Kurs von unter 100 $ und einer starken Korrektur steht.
Wird diese Barriere durchbrochen, rutscht Solana auf das 62%-Fibonacci-Retracement-Level bei 95,94 $ und bei anhaltendem Verkaufsdruck auf das nachfolgende Level bei 79,43 $ ab.
Andererseits könnte dieser Abwärtstrend nach einem erfolgreichen Abprallen vom 50%-Fibonacci-Retracement-Level bei $119,26 enden. In diesem Fall müsste der Solana-Kurs das Widerstandsniveau von $147,50 zurückerobern, um einen Boden zu bilden.
Diese Bewegung würde die Abwärtsthese entkräften und als Plattform für einen weiteren Anstieg auf 169,29 $ dienen.
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