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Solana (SOL)

Solana, boosted by move into NFTs, enters list of top 10 cryptocurrencies by market cap

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Solana’s SOL token is now one of the biggest cryptocurrencies by market value, thanks to growing institutional interest and the boom in non-fungible tokens (NFTs) and decentralized finance (DeFi).

At the going price of $93, the token’s market capitalization stands at $26.86 billion, or the ninth-largest in the crypto markets and ahead of polkadot’s $25.7 billion, per data source Messari. The cryptocurrency’s price hit a record high of $96 early today and has more than doubled since Aug. 15.

“Institutional demand for SOL has increased in recent weeks,” crypto financial services firm Amber Group said in a Telegram chat with CoinDesk. On Tuesday, Osprey Funds registered the Osprey Solana Trust with the U.S. securities regulators in a bid to give wealthy investors access to the SOL token.

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“Generally speaking, money has been flowing into Ethereum alternatives like Solana, Cosmos, Luna, and Avalanche,” Amber Group said. The tokens of these smart contract platforms have each rallied by more than 80% against Ethereum’s native coin ether over the past four weeks.

SOL picked up a strong bid two weeks ago after Solana forayed into the booming NFT space with the launch of Degenerate Ape Academy. It was a smash-hit debut, with a collection of 10,000 unique pictures of cartoon apes sold in the first ten minutes. That drove SOL higher as people needed to buy the cryptocurrency to purchase apes.

“Once people bought SOL and experienced the speed and low transaction costs for themselves, they got more bullish,” Packy McCormick, the author of the Not Boring newsletter,  in a recent essay titled Solana Summer.

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Other developments such as real-time data feeder  on Solana’s blockchain may have added to the token’s positive momentum.

A continued boom in NFT could bring more gains for SOL. According to Amber Group, the theory of reflexivity or positive feedback loop appears to play in the NFT market. “There is a supply crisis and opacity of price discovery. So price bands are wide, and gap up appears to be the trend for now,” Amber Group said.

From a technical analysis standpoint, the path of least resistance for SOL is on the higher side, according to Bill Noble, chief technical analyst at Token Metrics, a cryptocurrency research company, said. “The next upside targets are $89 [already flipped into support] and $145,” Noble told CoinDesk on Friday. “This is, of course, contingent on the overall market staying positive.” ($145 is the 161.8% Fibonacci extension level.)

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“Aside from a crash in the market, I don’t think anything is going to stop this coin,” Noble said. “Solana is probably going to be a big platform for both DeFi and NFTs.”

Katie Stockton, founder, and managing partner at Fairlead Strategies told CoinDesk in an email that charts show no signs of uptrend exhaustion, and further gains could be in the making.

SOL’s daily chart

The cryptocurrency’s sharp rise from $70 to over $90 seen over the past two days has confirmed an upside breakout from a consolidation pattern. Per Stockton, the breakout has opened the doors for a long-term target near $126.

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A bearish reversal would be confirmed if SOL prints two daily UTC closes below $70. “That might create a move back to the old high at $58,” Noble said.

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Solana (SOL)

Solana price needs to crack this key level as SOL bulls eye an upswing towards $200

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  • 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.

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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.

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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.

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Solana (SOL)

First Permissioned Decentralized Exchange Launch on Solana

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  • 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.

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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.

Dragoslavic added,

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.

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Hart added,

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

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Solana (SOL)

Solana Kurs: SOL bald wieder unter 100 Dollar?

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  • 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.

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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.

Solana

SOL/USD 1-Tageschart

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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