- Solana price embraces support at $35.00 after a 30% drop in a little over a week.
- Coinbase Wallet launches support for the Solana DApp ecosystem.
- SOL’s uptrend is intact within the confines of an ascending parallel channel.
Solana price looks calm after a gruesome week that saw most of the gains accrued since mid-June wiped out. The competitive smart contracts token’s downtrend slowed down around $35.00, although the candle wick stretched to $33.83. Signals from the main governing chart pattern point to a potential rebound to $47.00.
Coinbase Wallet extends support to the Solana DApp ecosystem
On Monday, the Coinbase Wallet’s team announced support for the Solana decentralized application (DApp) ecosystem. This new feature allows users to access Solana-based DApps directly from the Coinbase Wallet. Direct use cases are decentralized finance (DeFi) platforms, games and other crypto-based tools.
However, using the Coinbase wallet allows users to do much more than just access the DApp ecosystem. They can store all their crypto and non-fungible tokens (NFTs) in one location with access via the phone and the browser. Coinbase Wallet ensures assets are safe using cutting-edge industry security features – needed in the Solana ecosystem due to frequent hacking attacks.
Solana price desires a lot of support fundamentally and technically if bulls want to avoid losses to $30.00 and protect the ascending parallel channel. Perhaps support from Coinbase Wallet will make SOL more attractive to investors, especially those who value security. Nonetheless, a recovery from support at $35.00 – support reinforced by the channel’s lower boundary, will go a long way to affirm the move to $47.00.
SOL/USD daily chart
Adding credence to the SOL’s optimistic outlook is the oversold Stochastic oscillator. Traders will confirm the uptrend as the trend strength indicator lifts from the oversold region. The 50-day Simple Moving Average (SMA) unleashes a buy signal as it crosses above the 100-day SMA. If buyers heed the call, Solana price will quickly leap to $47.00 and clear the path for SOL to trade above $50.00.
Due to uncertainties associated with a bear market, profit booking may start at $40.00. However, bullish investors could hold on till $47.00 to make the most out of the impending upside move.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Price Forecast: Chances of pullback increase as miner selling ramps up
Bitcoin (BTC) price extends its decline for a second consecutive day on Wednesday, trading slightly down at around $87,600 after a 30% surge since November 5 pushed BTC to a new all-time high at $89,940.
Crypto fraudster pleads guilty of taking part in $73 million laundering scheme
Daren Li, a Chinese citizen, pleaded guilty to conspiracy to help launder $73 million stolen in cryptocurrency scams. Li laundered funds using a network of shell companies and international bank accounts.
Cardano bulls show signs of exhaustion
Cardano’s price is falling on Tuesday as it faces rejection around $0.624 and traders engaged in profit-taking following the recent rally. Technical indicators show signs of weakness in upward momentum as the RSI exits from the overbought territory.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP could face pullbacks
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trade in the red on Tuesday following strong rallies since last week, driven by crypto-friendly candidate Donald Trump's election victory.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.