Market Mania News

Solana’s Price Fails To Slow Down as Bulls Continue Domination

Editors News
  • The price of SOL is now testing the $33.6 resistance level.
  • SOL price is in the overbought region on the RSI, suggesting severe resistance for gains.

Solana Labs has launched its first startup incubator as a deliberate effort to strengthen its blockchain ecosystem and attract entrepreneurs. The goal of the initiative is to persuade new businesses to use Solana as their primary blockchain system. The precise funding amount for this initiative is yet unknown.

Solana Labs and its network of partners will support the successful applications. The scope of its assistance will include the whole life cycle of the project, from idea to promotion to rollout.

The program is intended to provide project teams with the chance to establish relationships with prominent venture capitalists inside the Solana Labs network, which might increase their financial liquidity and investment options.

Bulls vs Bears

Solana had a fantastic month of October, and it is up 21% in the last 7 days. At the time of writing, SOL is trading at $32.77, up 1.94% in the last 24 hours as per data from CoinMarketCap. However, the trading volume is down 29.04%.

The price of SOL is now testing the level of resistance at $33.6, a level that, if broken, may clear the way for the price to rise to $35.9. Breaking above $35.9 will likely see price going all the way till $43.4 resistance level.

SOL is in the overbought region on the RSI, suggesting that further gains for Solana may be met with resistance. As a result, it’s possible that sellers may come back and cause the price to drop. If the bears manage to pull the price below $30.9 support level, then price will likely test the $29.8 level. Further decline will likely move the price towards $28.2 level.

A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.

Source link