Solana partnership with FTX pushes SOL price higher despite crypto market weakness

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.