Sun, February 25

Solana Eyes Breaking Above $65.9 Level as Bulls Striving Hard

Solana Witnesses Severe Selling Pressure as Crypto Market Turns Red Editors News
  • At the time of writing, SOL is trading at $64.31, up 1.31% in the last 24 hours.
  • If the price manages to go above $64.6 then it will likely retest $65.9 resistance level.

According to Solana founder Anatoly Yakovenko, who recently spoke on Laura Shin’s Unchained podcast, the future of Solana’s Saga Phone is questionable due to low sales and shifting market dynamics. Earlier this year, the phone was available for purchase; in August, its price was reduced from $1,000 to $599.

During the conversation, Yakovenko brought out how the difference between standard and specialist smartphones has been narrowed due to improvements in mobile interfaces, especially Progressive Web Apps and pass keys.

Investors Optimistic

Messari, a crypto market intelligence firm, predicts that the Solana (SOL) ecosystem will see a surge in activity over the next several months. Projects in the Decentralized Finance (DeFi) ecosystem that want to provide airdrops to users are likely to fuel this upsurge. 

Along with the steady increase in weekly active addresses on the Solana blockchain, this trend is anticipated to benefit the SOL price. Jupiter, Marginfi, Drift, Zeta, and Jito are among the projects that will be conducting airdrops for eligible customers in the next months. 

Messari expects the Solana network’s Total Value of Assets Locked (TVL) to constantly increase as a result of its continuous DeFi activities.

At the time of writing, SOL is trading at $64.31, up 1.31% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 32.15%.

Source: CoinMarketCap

If the price manages to go above $64.6 then it will likely retest $65.9 resistance level. However, if the price falls below $62.4 level, then it will likely fall further to test $61.6 support 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.