Solana price at make or break point as Adobe’s Behance adds support for SOL NFTs
- The world’s largest creative network Behance announced support for Solana-based NFTs for creators.
- The news fueled a bullish narrative among investors as the utility of Solana-based NFTs could improve.
- Analysts believe that Solana price is at a make or break point after being hit by the crypto bloodbath.
Ethereum’s competitor Solana network received a boost in adoption from the latest announcement from Adobe. Behance now supports Solana-based NFTs, driving its utility higher.
Solana based NFTs now supported on creative network
Behance, considered a leading creative network owned by Adobe, now accepts Solana-based NFTs for creators, increasing their utility. With this announcement, the platform has gathered support from the crypto community.
The creative platform has revealed that users can connect their Phantom wallets to display their NFTs on their Behance profiles.
The DeFi-based wallet would allow users to display their digital collectibles and art in addition to their creative work on the social media platform. The new feature was built through QuickNode’s support.
William Allen, Vice President of Adobe, leading Behance, believes that NFT users could have concerns regarding high transaction costs and energy usage on the Ethereum network. This implies that users prefer Solana for its lower transaction fees and subsequent energy expenditure.
Users no longer associated with the Ethereum network could consider alternatives like Solana, as a single transaction on the altcoin’s blockchain uses as much energy as a search query run on Google. The cost of transacting on the Solana network is a fraction of the fees on the Ethereum network.
Proponents believe this could boost Solana’s price. However, analysts have evaluated the Solana price trend and revealed a bearish outlook. Solana price is at a make or break point as it lingers around support at $80. Skerdian Meta, a crypto analyst, argues that the 50-day SMA is acting as a resistance to Solana price. Meta believes that Solana price has formed higher lows consecutively and could break out of the trend soon.
FXStreet analysts argue that Solana could capitulate to $50 as a day of cyclical importance in the current price cycle is approaching soon. Based on a descending triangle formation, the Solana price trend could reverse on March 21, 2022.
Traditionally, a descending triangle is considered a bearish pattern; however it could be bullish if there is a reversal in the Solana price trend.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
