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Solana Still Bullish After Announcing Ignition, a $5 Million Hackathon

Solana Still Bullish After Announcing Ignition, a $5 Million Hackathon

Posted Wednesday, September 1, 2021 by
Aiswarya Gopan • 2 min read

Solana (SOL) is trading mostly steady early on Wednesday after rallying to a new high in the previous session but remains one of the hottest cryptocurrencies in the market right now, especially after the unveiling of the Ignition hackathon. At the time of writing, SOL/USDT is trading around $113.52.

On Tuesday, Solana Capital – the firm behind the development of the blockchain network, announced the launch of a global hackathon, encouraging developers to work on Web3, DeFi, gaming and NFT projects. This is the fourth hackathon Solana has organized so far, and features renowned leaders, including Microsoft, Jump Trading and Standard Chartered as category sponsors for the event, which will see the company distribute $5 million in prizes and seed funding to winners. In addition to category sponsors, other players in the crypto space such as Pyth Network, Raydium, Serum and Wormhole will also give away $30k each as prizes for best project integration in the hackathon.

Meanwhile, analysis by Santiment indicates the growing interest the cryptocurrency has garnered lately and suggests more upside to come as levels of engagement continue to climb higher. Its social volume and social dominance remain high, and the higher levels of engagement among the community can boost further interest in the SOL token among investors in the near-term.

Solana has also been gaining traction amid Ethereum’s issues with high transaction fees, despite the recent upgrade to its network. The potential Ethereum killer not only boasts significantly higher transaction speeds but its transaction processing costs are a fraction of ETH’s gas fees, attracting more projects to its efficient network.

A leading crypto trader Jason Pizzino recently shared a bullish outlook on Solana especially with the spike in trading volume witnessed recently. However, he expects the rally to take a bit of a breather before taking SOL’s price to newer ATHs soon.

Key Levels to Watch

Technical analysis of the H4 chart of SOL/USDT shows a strong bullish bias among almost all of the moving averages. However, leading technical indicators MACD and momentum are flashing sell at the moment.

Solana’s price remains well above the pivot point at $86.03 and it has also broken past the first resistance level at $106.02. It looks like buyers are gearing up for a test of the second resistance at $117.82 soon.

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