Bonfida’s SNS service to be integrated on FTX, but FIDA down nearly 14%

FTX will integrate Bonfida's Solana Naming Service. Image from medium
FTX will integrate Bonfida’s Solana Name Service. Image from medium

Key Takeaways:

  • Crypto exchange FTX will integrate Bonfida’s Solana Name Service.
  • FIDA prices jumped nearly 50% on Mar 2 before prices corrected on Thursday.

NEW DELHI (CoinChapter.com) — Solana-based multifunctional platform Bonfida announced it has partnered with FTX to integrate the former’s Solana Name Service (SNS) in the cryptocurrency exchange’s platform.

In detail, SNS helps users associate a human-readable name with any SOL address, promoting adoption as easy-to-read payment addresses would help facilitate transactions. Bonfida stated their name service played a key role in enhancing the efficiency of the overall ecosystem.

The SNS platform has registered more than 150,000 users, who can now send and receive digital asset payments, along with other facilities, using their .sol domain name.

Moreover, Bonfida’s partnership with FTX would help users directly withdraw from the exchange, which the platform considered “a long-awaited missing piece to truly showcase the value of SNS.”

Also Read: EverRise protests favoritism in exchanges, RISE token falls more than 35% in hours.

Users have often compared Bonfida’s Solana-centric name service with the Ethereum Name Service (ENS), which gained popularity with an airdrop in Nov 2021.

However, Bonfida was quick to clarify the differences between the two platforms, taking to Twitter to publish a comparison between the two platforms.

Apart from SNS, Bonfida also provides on-chain data analytics services to the Solana ecosystem. Furthermore, the platform deployed the industry’s first DEX on Serum in 2020.

FIDA Price Charts

As news of the integration hit the wire, FIDA prices went into overdrive. The Bonfida token’s prices rocketed up by nearly 50% on Mar 2 to reach $2.65. However, bears moved in later in the day, and FIDA prices pared their profits to end Wednesday up by 24%.

Bonfida has been trending downwards after charting an ATH of $15 on Nov 2. FIDA has lost 87% of its record high prices in just 4 months. Wednesday’s selling sentiment carried into Mar 3, as traders brought prices down near FIDA’s immediate support t $1.9.

If the selling continues, Bonfida prices could test support at $1.78, failing which FIDA would likely fall to $1.64 before recovering.

FIDAUSD on the daily charts with MACD. Source: Tradingview.com
FIDAUSD on the daily charts with MACD. Source: Tradingview.com

Conversely, if bulls manage to start a rally, Bonfida would flip immediate resistance from its 50-day moving average (violet wave) near $2.19 before moving up to challenge resistance at $2.38. Finally, a sustained uptrend could take FIDA to $2.67 before prices pare.

Also Read: More downside risks for Solana as SOL forms head and shoulders pattern.

Meanwhile, momentum oscillator MACD charted a bullish crossover for the Bonfida token on Mar 2. A bullish crossover occurs when the MACD line (difference of 12-day and 26-day EMA) moves above the MACD signal line (9-day EMA of MACD).

Traders often consider the technical pattern a buy signal.

Bonfida daily charts with RSI. Source: Tradingview.com
FIDAUSD daily charts with RSI. Source: Tradingview.com

The relative strength index for FIDA remains nestled comfortably in the neutral region, clocking 46.72 on the daily charts. However, the RSI trendline is moving downwards, and might enter the oversold region.

At the time of writing, FIDA was trading at $1.926, down 14.21% on the day

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BonFida, Bonfida’s SNS service to be integrated on FTX, but FIDA down nearly 14%

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