Crypto News

Solana (SOL) Preparing to Try Pivot Point: Good Time to Buy?

Seems early Friday Solana (SOL) experienced troubled trading after posting one of the biggest gains following the Fed’s last FOMC for 2021 earlier this week. At the time of writing, SOL / USD is trading at around $ 177.98.

In the last session the Market capitalization from Solana by up to $ 6 billion, an indicator of strong interest in the coin among investors, with an ever-growing ecosystem of dApps and far greater throughput and efficiency, several crypto experts believe it’s one of the most capable Blockchain-Networks that can overtake Ethereum in the future.

The Democratic Candidate of the 42nd The digital collectibles will contain “Vision and Concept Statements” as well as potential political agendas around the Web3. It looks like a victory for them could lead to greater acceptance of the crypto industry in the US House of Representatives.

Another exciting development that could add value to SOL in the short term, as long as sentiment remains positive, is the launch of a new Web3-focused mutual fund by Solana Ventures in partnership with Forte and Griffin Gaming. The $ 150 million fund could incentivize the development of more blockchain-based gaming dApps in Solana’s ecosystem.

The potential Ethereum Killer could see a surge in institutional inflows soon after Galaxy Digital and Bloomberg launched a crypto fund for Solana. This comes two weeks after leading digital asset management company Grayscale launched a product that gives institutional clients exposure to Solana as an investment opportunity.

In the meantime, the blockchain could face controversy after a report on Bloomberg revealed that former U.S. first lady Melania Trump was one of them NFT– Company on Solana started to publish digital collectibles on their official website. Solana However, Labs and MoonPay have since distanced themselves from Trump’s announcement of the venture, claiming that it was not part of a Solana-led initiative.

SOL / USD technical analysis

On the SOL / USD H4 price chart, most of the small moving averages and the MACD are bullish. However, the 100 EMA, 200 EMA and the momentum indicator also point to some sellers in the market.

SOL / USD

It looks like buyers are preparing to put the $ 179.53 pivot point to the test anytime soon. If this succeeds, we can see the SOL rise higher until it hits one resistance at $ 197.71, a breakthrough that opens the door to recapture the all-important $ 200 level.

Source: Crypto News Deutsch

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