Tag: Solana

Why Solana Could Surge 25% Above This Key Hurdle

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Solana is correcting gains from the $25 resistance against the US Dollar. SOL price remains supported and might aim for a fresh rally toward $30. SOL price started a downside correction after it failed to clear the $25 resistance against the US Dollar. The price is now trading above $23.00 and the 100 simple moving average (4 hours). There is a key contracting triangle forming with resistance near $23.90 on the 4-hour chart of the SOL/USD pair (data source from Kraken). The pair could start a strong rally if it…

LidoDAO Records Overwhelming 92% Votes To Exit The Solana Network

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In a recently concluded voting program, it was revealed that over 92% of LidoDAO members (Lido token holders) of the decentralized liquid staking protocol Lido Finance, voted in favor of Lido ceasing its operations on the Solana Network. LidoDAO Cut Ties With The Solana Network Following Community Vote The proposal was first introduced by Lido on Solana’s peer-to-peer (P2P) team on September 5, due to financial limitations. Following the introduction, the voting program began on September 29, 2023, and was concluded a week later on October 6.  The P2P team…

Solana Price Direction Remains Hazy Despite 10% Weekly Rally

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The recent price surge of Solana (SOL) encountered a significant roadblock at the $25 mark, which prompted a reversal following a retest in early October. Despite this setback, the market sentiment remained relatively positive, with demand showing resilience at press time.  SOL traders on higher time scales may find themselves in a state of uncertainty regarding price direction. As of the present moment, SOL has been on a modest 10% upward trajectory, surging from $21.5 to $24.70 over the past few weeks. This development has left traders and investors pondering…

Solana (SOL) Price Primed For 50% Surge: Here’s Why

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Renowned crypto analyst Josh Olszewicz recently spotlighted an extremely bullish technical pattern for Solana (SOL) price, suggesting a potential significant uptrend for the cryptocurrency against the US dollar (SOL/USD). Olszewicz shared his analysis on X (formerly Twitter), commenting, “SOL iHS alert. Chart is the chart, love it or hate. Looks a helluva lot better than spot ETH that’s for sure.” Solana Poised For A 50%+ Rally? After reaching a peak of $260 in November 2021, the Solana price experienced a steep decline in value, plummeting to a low of $8…

Solana wind down ‘deemed a necessity’ after low fees, says Lido Finance

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Decentralized liquid staking protocol Lido Finance has announced a decision to cease operations on the Solana blockchain following a community vote in Lido’s decentralized autonomous organization. The proposal to sunset Lido on Solana was first put forward by Lido’s peer-to-peer team on Sept. 5, citing unsustainable financials and low fees generated by Lido on Solana. Voting commenced on Sept. 29 and finished a week later on Oct. 6. “After extensive DAO forum discussion followed by community vote, the sunsetting of the Lido on Solana protocol was approved by Lido token…

Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

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The estate belonging to the now-defunct crypto exchange FTX was just spotted staking over $144 million worth of Ethereum (ETH) rival Solana (SOL) as the firm’s bankruptcy process unfolds. According to blockchain explorer SolanaFM, the address associated with FTX and its trading arm Alameda Research created a new stake of 5,546,217.04 SOL tokens. Analysis from pseudonymous on-chain researcher Ashpool suggests FTX subsequently staked all of the tokens through Figment, a digital asset staking service built for institutions. According to Figment, Robinhood, Binance.US and Anchorage Digital also stake through the platform.…

Solana Foundation to Provide Technical Support for Dubai DMCC Free Zone as Ecosystem Partner

The DMCC said it onboarded the Solana Foundation as one of its ecosystem partners for technical support and to build a robust ecosystem. The Solana Foundation has joined the Dubai Multi Commodities Centre (DMCC) as an ecosystem partner. The DMCC, a free economic zone in the United Arab Emirates (UAE), will receive technical support and business development aid from the Solana Foundation. An official announcement states that Solana Foundation’s support would be provided to the DMCC Crypto Centre, an ecosystem comprising Web3 and blockchain technology companies. The DMCC Crypto Centre provides for…

Solana becomes ecosystem partner of Dubai free zone

The Solana Foundation has become an ecosystem partner for the Dubai Multi Commodities Centre (DMCC), one of the free economic zones in the United Arab Emirates. According to the announcement from Oct. 15, with its blockchain platform, Solana will provide technical and business development support to any DMCC Crypto Centre member. The company will also deliver webinars and educational courses on various Web3 topics and extend its already-operating grant program at DMCC. Solana’s existing partners will, in turn, get privileged treatment in the DMCC, according to the centre’s CEO, Ahmed…

FTX estate stakes 5.5M Solana coins

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FTX estate seems to be bullish on Solana’s native token SOL (SOL), as it staked over 5.5 million in SOL coins on Oct. 13. According to on-chain data, an FTX-identified wallet sent the coins to Figment, a staking validator firm for institutional investors.  The transaction was detected by blockchain tracker Whale Alert and later identified as an FTX estate address by pseudonymous on-chain researcher Ashpool. The coins staked worth $122 million and represent a small fraction of FTX’s holdings of SOL. Staking involves locking up a specific amount of coins…