Solna (weakness) in Bitcoin is trying to recover from a slump in early trading on Thursday, backed by strong fundamentals that will keep investors away from the overall crypto market. At the time of writing this article. SOL / USD It sells for around $ 137.83.
After comparing Visa with Visa at the US Bank last week, Solana gained more praise than JPMergan this time with the collapse of the Ethereum market in the NFT area. According to a recent analyst report, Investment Bank CEO Ethereum is losing control of the NFTs due to high gas prices and network congestion, and Solana Blockchain is the biggest beneficiary of this development.
As the fastest growing universe in the crypto ecosystem, NFTs have a huge impact on the acceptance and demand of the entire digital asset market. Since August 2021, Sola and Ethereum have been taking over the role, as NFT growth has taken place.
Solana projects in Limelight
With other impressive developments, Solana-based projects are growing and attracting huge investment. Metaplex – A company that allows users to create their own NFT marketplaces on the Solana blockchain, has recently raised $ 46 million, which will boost its work and help creators. This growth will further increase the attractiveness of the blockchain, which is rapidly evolving as an ecosystem.
Meanwhile, the GameFi ecosystem at Solana, in particular G2 Esports, is likely to witness stellar growth after the creation of a new NFT gaming community on the network. An NFT project called “Samurai Army” provides randomly generated NFTs that provide users with unique gaming and entertainment benefits.
Outside of the NFT world, it may be pleased to be supported by the growing popularity of DeFi protocols, the seventh largest cryptocurrency in the market capitalization. The Hubble Protocol, one of the space providers, has closed around $ 10 million ahead of the upcoming Mainnet launch later this month.
SOL / USD Technical Analysis
In a recent post, FTX CEO Sam Bankman-Fried listed Solan as one of the most promising blockchain ecosystems this year. They point out how the developers have devised a strategy to scale up the network to support “industrial-scale use” – the main reason being blockchain technology.
SOL / USD
On the SOL / USD H4 chart, most moving averages are drawing beautiful. On the other hand, popular technical indicators MACD and Momentum show some interest among buyers in the market.
Solana is priced at $ 145.29, but holds immediate support at $ x132.71. As buyers stay away from the cryptocurrency market, we need to keep an eye out for support as sales pressure may increase.