SOL price sprouts after Coinbase Wallet support for Solana's DApp ecosystem
|- 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.
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