Solana Drops Amid Favorable Fundamental Factors
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Solana (SOL) continued its struggle to gain bullish momentum on Friday as it struggled with the $146 line. That said, Solana could witness some goodish uptick soon amid the cautious outlook in the market, as some positive fundamental factors line up for it. One of the exciting new developments involves the recent announcement by Orca, a DeFi platform on Solana’s blockchain, about raising $18 million in its Series A funding round. This should help the developers of Orca grow the platform into the go-to swap for Solana’s ecosystem.
Meanwhile, decentralized fund management and investing platform Solrise Finance has partnered with Civic Technologies to develop a permissioned DEX Solrise DEX Pro on the Solana blockchain, making the platform more attractive to institutional investors.
Solana has also gained some attention from the online gaming industry via CryptoGames, a top crypto-oriented online casino that allows users to play on the platform using SOL.
The network also has plans regarding the NFT space, with SolPlugs recently unveiling an NFT gaming platform on Solana. With its recent performance, SolPlug could become the first virtual claw machine on the “Ethereum killer,” and could launch next week.
These factors, among many others, are some of the reasons why SOL could witness a boost in the near term.
Key Solana Levels to Watch — September 24
Following the fall from the $170 mark on Sunday, SOL bottomed out at $116 on Tuesday as buyers bought the coins at a discount. This action helped the seventh-largest cryptocurrency climb back above the $150 psychological resistance. However, bulls lacked the power to push the price beyond that point as SOL fell into a range-bound bias.
Fast-forward to Friday morning, and bears have returned to the market, following a sharp rejection from the $45K mark for Bitcoin (BTC), which triggered an industry-wide correction.
That said, our 4-hour 200-day SMA has come into play after preventing SOL from falling below the $133 mark. A healthy defense of this line should help the coin return to the $146 line, while a break below the 200 SMA should confirm a bearish continuation in the near term.
Meanwhile, our resistance levels are $146, $150, and $160, and our key support levels are $130, $120, and $110.
Total Market Capitalization: $1.9 trillion
Solana Market Capitalization: $38.3 billion
Solana Dominance: 2%
Market Rank: #7
