Solana is exhibiting signs of choppy trading as investors maintain their cautious mood toward cryptocurrencies after leading coins Bitcoin, Ethereu
Solana is exhibiting signs of choppy trading as investors maintain their cautious mood toward cryptocurrencies after leading coins Bitcoin, Ethereum and even Cardano experience sharp slides; although, with many promising fundamentals, it could be a temporary price correction for the SOL token. At the time of writing, SOL/USDT is trading at around $166.90.
Latest Fundamental Developments Offer Support
Leading cryptocurrency exchange Huobi’s staking mining pool – Huobi Pool, announced the launch of SOL staking during the previous session, giving holders of this crypto an easy and reliable way to earn rewards. For a deposit of as low as 0.1 SOL, users of the platform can earn up to 5% annualized returns, a move which will drive up the participation and engagement among SOL token holders.
Meanwhile, venture platform SolRazr has showcased its decentralized developer ecosystem – a first of its kind exclusively for Solana’s blockchain. The protocol features Launchpad, Accelerator and Developer tools, and will help increase the development of DeFi projects on the network, offering projects a platform for fundraising and development.
The most recent weekly report on Digital Asset Fund Flows from CoinShares also reveals a rising interest among institutional investors towards Solana, which received a total of $49.4 million in funding between 6 September and 10 September. On a weekly basis, this works out to a 275% increase in institutional inflows into the potential Ethereum killer, which accounted for a whopping 86.6% of total inflows into crypto investments over the past week.
Backed by strong fundamentals, prominent crypto analyst and trader who operates under the pseudonym Smart Contracter has forecast a strong rally that can see Solan hit an ATH of $300 in the coming sessions. He expects the ultra-fast blockchain to exhibit similar movement as was seen in Binance Coin earlier this year.
Key Levels to Watch
On the 4-hour chart of SOL/USDT, the larger timeframe moving averages (yellow and green) and the momentum indicator suggest a bullish bias. Although, the smaller MAs and the MACD are showing interest among sellers as well.
Solana’s price remains just under the pivot point at $172.77 but can easily overcome this level with some more buying pressure. On the other hand, increased selling pressure can take SOL lower, in which case we need to keep a close eye on the immediate support at $129.53.
www.fxleaders.com