2 years ago
Solana’s SOL jumped 17% successful the past 24 hours to regain the $100 and supra level aft Coinbase listed 2 different tokens of the Solana ecosystem.
The crypto speech said connected Monday it would database ORCA and FIDA, tokens of Solana-based decentralized exchanges Orca and Bonfida respectively, arsenic reported.
The determination marked the archetypal clip non-Ethereum assets were listed connected Coinbase. It antecedently lone stuck to database tokens built atop the Ethereum blockchain oregon the autochthonal tokens of blockchains, specified arsenic Avalanche (AVAX) and Solana.
SOL prices surged to implicit $106 during Asian greeting hours connected Tuesday from $90 connected Monday morning. SOL traded astatine implicit $175 astatine the commencement of January 2022 but fell to the $82 level past week amid a broader marketplace decline.
Prices bounced from the $88-$90 enactment level, which acted arsenic a large country for buyers past week. SOL antecedently failed to interruption the $100 absorption level successful January 2022.
Relative Strength Index (RSI) readings, however, reached overbought levels of implicit 70, indicating a little correction could soon occur. RSI is simply a price-chart indicator that determines the magnitude of terms changes implicit a clip period.
SOL broke supra the $100 level connected Monday night. (TradingView)
Another catalyst supporting the terms determination was an concern announcement by Phantom, Solana’s astir utilized and well-known blockchain wallet. On Monday, Phantom closed a $109 cardinal concern circular led by crypto concern steadfast Paradigm and launched its iOS application, indicating maturation up for the broader Solana ecosystem.
Meanwhile, ORCA continued its run from Monday. In the past 24 hours, prices of ORCA jumped 36% to commercialized implicit $4 successful Asian hours, contempt a little sell-off from the $3.5 level connected Monday. FIDA investors did not spot gains, however, arsenic prices were up conscionable 0.7% successful the past 24 hours, arsenic per data from analytics instrumentality CoinGecko.
FIDA traded astatine the $2 level earlier their Coinbase listing, rising to implicit $2.77 successful Asian hours earlier falling much than 50 cents astatine the clip of writing.
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Shaurya is an analyst/editor for CoinDesk's markets squad successful Asia.
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