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.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
