Solana (SOL) is experiencing some choppy action after a busy weekend when it registered an uptick in value supported by bullish moves in crypto king Bitcoin and several interesting developments. At the time of writing, SOL/USDT is trading around $167.62.
Over the past year, Solana’s price has witnessed an almost 5,000% surge, powered by its superior technology that offers far higher transaction speeds and extremely low transaction costs. Its adoption is on the rise among projects and users, a sign evident from Ethereum’s weak performance through the past month – it posted a 16% loss during September. On the other hand, Solana has continued to see institutional inflows over recent weeks, and even its network outage failed to deter investors from pouring in funds and betting on its potential.
Latest Fundamentals Developments in Solana
On the DeFi front, a new project Bancambios is ready to launch on Solana’s blockchain after registering in the network’s previous hackathon back in May this year as well as confirming its participation in the ongoing Ignition event as well. Bancambios leverages a reflective balance mechanism and offers a SAO where its community can collectively propose and decide on where to direct its efforts. Focused on tackling the problem of plastic waste in oceans, the project will also work on 17 of UN’s sustainable development goals and leverage an NFT to showcase the results of its efforts.
Speaking of NFTs, Solana Monkey Business (SMB) recently went on to sell one for a record $2 million, making it the most expensive NFT based on Solana’s blockchain. This comes only three weeks after another NFT on the network sold for a whopping $1 million, illustrating the rising popularity of its ecosystem among NFT creators and consumers.
Solana is likely to enjoy additional support from Grayscale’s recent decision to add its token SOL to its Digital Large Cap Fund. As one of the biggest names in digital asset management, Grayscale’s interest in the potential Ethereum killer can further bolster confidence in its potential and drive more institutional investors towards the cryptocurrency which currently ranks sixth in terms of market cap.
SOL/USDT Technical Analysis
A popular crypto strategist and trader Scott Melker has also shared a bullish forecast for Solana recently. According to his recent YouTube video, SOL looks set to reclaim its ATH level soon after overcoming the latest market slump.
On the H4 price chart of SOL/USDT, almost all moving averages are suggesting a strong bullish bias. However, popular technical indicators MACD and momentum point to some selling interest as well.
Solana’s price is holding well above the pivot point at $159.65 and increased buying pressure can sustain a continuation in the rally. Buyers can take the price higher smoothly until they face resistance at $191.12.