Briefly –
- Solana retests the support at $235 after the massive breakout, overcoming the resistance barrier at $216.
- The downswing seems to prepare an 88% surge for Solana.
- Solana Ventures and Reddit co-founder raise $100 million to fund Web3 social media.
Solana appears to cool down its upswing following a massive surge that had it conquering a critical barrier. However, the latest downtrend will present an ideal buying opportunity since SOL has higher chances to witness explosive upsurges.
$100M Initiative and Web3
Solana network has experienced considerable growth since 2020. From non-fungible tokens, DAaps to yield farming, multiple projects appear to make users’ life easier as far as gas fees are concerned. Though Solana’s price reflects the demand, fundamentals get stronger.
Meanwhile, Reddit co-founder and Solana Venture confirmed at Solana’s conference about supporting decentralized media on Solana. The parties declared allocating $100 to facilitate that.
Though obscure DEX social media exists, they might not have what it take to compete with Seven-Seven Six. Sam Bankman-Fried, the FTX CEO, confirmed this support during Lisbon’s Breakpoint event. He said that Web3/ decentralized social media solves multiple pain points facing society at the moment.
Also read:SOL Price Fumbles
Solana traversed a cup-handle formation some days ago. Meanwhile, Solana catalyzed an 88% price breakout as it formed a daily close past $216 on 2 November. This move triggered a bullish run for Solana but failed to overcome $260. That suggests profit-taking by investors.
As Solana hovers near the support floor at $235, magnified selling momentum might mean a downswing, revisiting the barrier at $216. However, if the alt maintains past this level for buyers’ resurgence, it would suggest a retest for upcoming high moves.
That way, market participants may expect SOL to surge beyond the 6 November swing peak of $216 before zooming to the 100% FIB extension of $310. That would translate to a 44% surge from the $216 mark. Meanwhile, conquering this barrier can propel Solana to the target of $407, translating to an 88% increase from $216. However, Solana might extend its leg up, tagging 161.8% FIB extension at $430.
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