- The SOL price rose in tandem with the speculation that the Blackrock ETF was approved.
- SOL is up 7.55% in the last 7 days owing to significant performance in the last few weeks.
Following a vote in favor of discontinuing the Lido on Solana protocol, Lido Finance, a decentralized liquid staking platform, will cease its Solana operations. It will “begin shortly” according to a blog post published by Lido on Monday, which states that the organization will cease its Solana staking product.
65 million Lido (LDO) holders voted in favor of discontinuing the Solana blockchain, as reported by Lido’s community poll on Snapshot. Only 5.1 million people voted in favor of contributing to the protocol to keep Lido operational on Solana.
Bulls in Control
The SOL price rose in tandem with the speculation that Blackrock ETF was approved, and it has continued to rise even after Blackrock has dispelled those rumors. Since the beginning of the year, the price of Solana (SOL) has risen in tandem with a long-term rising support trendline. At $27, there is some strong resistance.
SOL is trading within a long-term rising triangle and inverse head and shoulders pattern, as per the daily time period. There are two bullish patterns present, but if prices can’t go beyond $27, it might signal a reversal to the downside.
At the time of writing, SOL is trading at $24.11, up 4.41% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 46.05%. Also, SOL is up 7.55% in the last 7 days owing to significant performance in the last few weeks.
The price is currently testing $24.3 resistance area and if it manages to cross over, then it will likely head towards $26.3 resistance level. Conversely, if the price breaks below $21.2 support level then it will likely test $18.9 level.
