Solana partnership with FTX pushes SOL price higher despite crypto market weakness
|- FTX exchange chose Solana to build its new decentralized derivatives exchange called Serum.
- FTX announced a partnership with The Miami HEAT basketball team.
- Solana price is up 18% in the past 24 hours outperforming the entire crypto market.
Solana has been trading inside a massive uptrend for months now and just hit a new all-time high at $27, despite the cryptocurrency market losing more than $100 billion in market capitalization in the past 24 hours.
Solana reacts to new FTX partnership
The Miami HEAT team has just partnered with the FTX exchange. The home of the team will now be known as the FTX Arena. Solana was chosen to be the blockchain for Serum, a new decentralized derivatives exchange built by FTX. Eric Woolworth, President of the HEAT Group's Business Operations said:
FTX.us is an exciting, young company in an emerging category of the financial services industry that continues to grow at lightning speed, and we are ecstatic to welcome them with open arms to the Magic City. This is a ground-breaking, first-of-its-kind partnership in our industry that will draw global attention.
Solana price hits new all-time high, outperforming everything
Solana price hit a new all-time high at $27 and aims for more as the digital asset is in price discovery mode. Using the Fibonacci Retracement tool, we can find out the next potential target, which is $38.12 at the 141.4% Fibonacci level.
SOL/USD daily chart
On the other hand, most indicators are overextended and Solana price could see a significant correction. The nearest support point is located at $21.66, which is the 78.6% Fibonacci Retracement level and the 26-EMA support level.
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.