Arslan Butt
Solana price prediction is bearish, but the chances of a bullish reversal remain high above the $11.50 support level. Solana has been consolidating within a narrow trading range of $11.50 to $17.50, and a breakout of this trading range will determine future price movements.
SOL Under Selling Pressure After FTX Collapse
During last year’s NFT boom, Solana became one of the most well-known blockchains for digital art. Due to its scalability and low costs, the platform has seen an invasion of digital artworks and tokenized valuables.
However, Solana is in a difficult situation due to the NFT and FTX price drops. As the NFT market began to decline, so did interest in Solana. Furthermore, the real hit was the FTX collapse, which resulted in a 60% drop in Solana’s token in just a few weeks.
Solana price dropped over 90% this year after the devastating collapse of #FTX crypto exchange.
Bullish we still are…#Soladdict
— KINGJAY ⛩️ (@King_Jaayyy) December 2, 2022
FTX invested heavily in Solana, and the exchange used Solana’s blockchain to power some of its infrastructure. Furthermore, several of Solana’s validators have stopped working since FTX’s demise, implying that FTX used many validators.
….ability of the #solana token. this is due to ftx, a major stakeholder in #solana, becoming insolvent. dydx is not the only exchange to do this, as https://t.co/V2l9BILcq4 and okx have also restricted #solana trading.. News in brief and more cr…
— Seanode #cryptonews (@seanode_news) November 21, 2022
As a result, the drop in the SOL/USD price is related to the collapse of FTX.
Stripe Collaboration with Orca
Orca, a Solana-based automated market maker (AMM) system, has partnered with Stripe, a financial services and software provider, to become the first AMM protocol on any blockchain network.
Orca Has Announced Strategic Partnership With Stripe
Through the partnership, @orca_so's users will be able to purchase #USDC or #SOL using fiat via an onramp built inside #Orca using Stripe's fiat-to-crypto system
▶️https://t.co/VqH2fbnwBl pic.twitter.com/45E84SH6a1
— Coinight – Everything about Crypto (@Coinight) December 2, 2022
On December 1, Orca announced in a Medium post that it had worked with Stripe to create a seamless fiat-onramp on the DEX. By integrating the Stripe-built Link, users can easily convert fiat cash to cryptocurrency in Orca’s user interface.
Users can purchase SPL tokens such as USDC and SOL with fiat money. The feature removes the need for consumers outside of the United States to first purchase cryptocurrency from other exchanges before exploring the Orca ecosystem.
Ori Kawn, the co-founder of Orca, stated in a statement that the integration would increase the Solana community’s access to the DeFi ecosystem.
The initiative could increase Solana’s adoption and push the price of SOL/USD to new highs.
Solana Co-Founder Clarifies Dynamic Base Fee Proposal
Anatoly Yakovenko, the co-founder of Solana, has just suggested a new update to the blockchain’s charging system that has uncovered a lot of previously unknown insights. The new mechanism is dubbed “dynamic base fee.”
The proposal comprises creating a dynamic base fee and charging each Computation unit needed by the transaction. The dynamic base price is set based on the current load on the SOL network. According to Yakovenko, the solution would increase fees when there is a higher strain on the network and lower the prices when there is a lower load.
#Solana Co-Founder Clarifies Dynamic Base Fee Proposal#Bitcoin
— ⚡ Mr. Crypto Giants (@CryptoGiants_) December 6, 2022
As a result, the basic price is raised by 12.5% if the average load over the previous eight blocks is more than 50% and vice versa. The minimal fee is fixed, and there is no maximum fee.
Users first believed that the SOL burning mechanism should exist because of the proposal’s prescribed burning regulation, but it turned out that this was not the case.
According to Yakovenko, 50% of the fees that have been collected in SOL are already eligible for burning. The final number of SOL burnt would only be slightly adjusted by changing the fee mechanism.
Solana Price Prediction
On December 7, SOL/USD began the day at $14.30, reaching a high of $14.33 and a low of $13.49. The price has dropped by more than 2% in the last 24 hours. Furthermore, the SOL/USD pair has gained more than 2% in the last week.
Solana’s immediate resistance level remains at $17.50, which is extended by a 23.6% Fibonacci retracement level. A bullish crossover above this level is likely to push the SOL price up to $21.60 or $24.75 per share.
Solana Price Chart – Source: Tradingview
The RSI is in a selling zone, while the MACD remains in a buying zone. As a result, we should look for buying opportunities only if SOL remains above $11. SOL may experience a new selling wave as a result of a bearish breakout below $11.
Since Solana isn’t moving much, we should keep an eye on D2T and IMPT coins, whose presales are making headlines.
Dash 2 Trade (D2T)
D2T is a cryptocurrency analytics platform with a decentralized trading platform. It enables an individual to backtest strategies and see how they were conducted previously. It helps traders by allowing them to conduct transactions automatically without requiring human intervention.
The project will be listed on the BitMart and LBank exchanges following the presale. The platform is rapidly approaching the end of the final stage, despite the fact that the presale is still in its early stages.
The platform’s native token, D2T, will be used to pay for platform services and participate in community initiatives and competitions. The cryptocurrency is currently in presales, with over $9 million already raised. Its presale is nearly complete, with a 99% completion rate.
IMPT Presale to End in Less than a Week
IMPT’s team is making the world of carbon credits much more efficient than ever before by putting carbon credits on the chain. Previously, the carbon credit system was highly opaque; it only applied to businesses, and trading with them was inefficient and out of date. Carbon credits can be traded as NFTs on the blockchain 24 hours a day, seven days a week.
LBank and Changelly Pro, two centralized exchanges, will list IMPT shortly after its DEX launch. The IMPT presale has raised $15 million and is nearly sold out. The price of the IMPT token has risen with each stage of the presale to $0.023.
Related news:
- Solana Price Prediction – Is SOL Holding Above $14 a Sign the Worst of Drawdown is Over?
- Where to Buy Solana Coin – Beginner’s Guide
- Solana Price Prediction – SOL Losing Value near $13.50, Will it Ever Recover from FTX Association?
Dash 2 Trade - New Gate.io Listing
- Also Listed on Bitmart, Changelly, LBank, Uniswap
- Collaborative Trading Platform Token
- Featured in Bitcoinist, Cointelegraph
- Solid Proof Audited, CoinSniper KYC Verified
- Trading Community of 70,000+ Members
This article was written for Business 2 Community by Arslan Butt.
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