Lorenzo Stroe
Independent Analyst
- 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.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ethereum whales turn bullish with Shanghai upgrade less than a month away
Ethereum (ETH) whales holding between 1,000 and 10,000 ETH have been scooping up the altcoin consistently for a week. With the countdown to the Shanghai upgrade and the ETH token unlock event, there is a spike in Ethereum demand among retail investors.
Ripple price to close the week with a bang as next week will be crucial for another 20% profit
Ripple price is closing this week with very profitable numbers, even if a fade is ongoing. The fade occurred after bulls received a firm rejection at $0.50 and have been trading lower from that level since. If bulls can keep their hands on this momentum and the Relative Strength Index (RSI) is not overbought, at least some 20% profit is being prepared for next week.
Will Cardano price advance as analysts call it one of the favorite altcoins next to EOS and COLT to pop?
Cardano (ADA) price is making the cut and has been shortlisted by several analysts that have put ADA in their top altcoin, primed to explode to the upside soon. ADA is flirting with a second week of gains and could recover its attempt to hit $0.415 as a crucial level for any further uptrend or downtrend.
Is the new partnering-up strategy the right way for Vechain price to avoid a 30% correction?
Vechain (VET) price had a busy week as several new partnerships were announced. Next to integrating with Dappradar to promote cross-chain visibility, the partnership with Boston Consulting Group might be the one that draws the most attention. Vechain price though is not taking this news in a good way and rather is at risk of tanking further.
Bitcoin: Should you trust this BTC sell signal or wait for $34,000?
Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January. As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state.