Will eToro’s Listing Drive Bullish Moves in Solana (SOL)?
Aiswarya Gopan • 2 min read
Solana is trading on a bullish note early on Wednesday, edging higher after experiencing some bearish action in the previous session. At the time of writing, SOL/USDT is trading at around $145.68.
One of the most exciting developments that is powering the bullish mood is leading crypto exchange eToro’s decision to make the SOL token available for trading on its platform. As one of the biggest names in social trading, the listing of Solana on its platform will drive more retail investors towards the cryptocurrency and increase the value of its token.
Update on Solana’s Latest Fundamentals
Another exciting development that can bolster the adoption of Solana’s ecosystem among dApp developers is the integration of Binance Smart Chain into the Wormhole bridge. This will enable interoperability between Solana and BSC, encouraging more developers to build their projects on the high-speed blockchain network and possibly even migrate comfortably from BSC.
Meanwhile, one of the most popular crypto exchange FTX US has announced support for Solana-based NFTs on its recently launched NFT marketplace. This could help more users mint, buy, sell and trade NFTs on Solana’s blockchain network and raise its on-chain activity.
According to macro investor and former Goldman Sachs executive Raoul Pal, Solana’s adoption rate is almost identical to that seen in Ethereum back in 2017. He lists the blockchain as one among four that are in a “fast-growth, fast-adoption phase” which could see the price rise exponentially in this trading cycle.
SOL/USDT Technical Analysis
Popular crypto strategist and trader who goes by the pseudonym “Smart Contracter” has forecast an upcoming bull run in Solana as it is almost done with the phase of price correction against Bitcoin and US dollar. He expects a rally of more than 100% coming up in the seventh largest crypto by market cap soon.
On the H4 price chart of SOL/USDT, almost all moving averages are suggesting a bearish bias. However, leading technical indicators MACD and momentum are flashing buy at present.
Solana’s price is holding under the pivot point at $155.48 but is some distance from the immediate support at $146.58. We need to see a build-up of buying pressure for SOL to rise above the pivot point and confirm a bullish trend.