FTX announces Solana-enabled marketplace; SOL soars towards $200

solana sol NFT
image from solana.com

Key Takeaways:

  • Solana ecosystem expands thanks to growing NFT integration.
  • SOL continues to rocket, inching closer to $200.

Yerevan (CoinChapter.com) – Solana ecosystem is rapidly expanding, and along goes the SOL token value. SOL/USD exchange rate briefly rocketed to $195 in the Asian-Pacific session Tuesday but corrected back to $180 in the later hours. The growing adoption of the layer-one solution fuelled the violently bullish price action.

Solana ecosystem expands

The SOL/USD prices rallied after popular crypto derivatives exchange FTX announced the launch of an NFT (non-fungible token) trading platform. CEO Sam Bankman-Fried noted that their new marketplace would enable US-based users to mint, sell and buy NFTs in a cross-chain between Ethereum and Solana.

Bankman-Fried posted a test NFT image, whose value shot up to as high as $270,000. HOWEVER, the NTF craze might not be good for the crypto community in the long run, said Bankman-Fried. In an interview with CNBC, he expressed concerns over the vulnerability of NFT buyers to various scams and simply unnecessary purchases.

Fast-forwarding back to Solana, the ecosystem greatly benefitted from that “craze.” NFT sales hit a record high in August, amounting to over $900 million. At the same time, the overall value of DeFi projects on Solana has already surpassed $3 billion.

Also read: SOL continues vertical rally with 21% gains on Solana’s NFT buzz; crash ahead?

Other good news for the ecosystem came from the blockchain-based audio-streaming platform Audius. It will feature a new option to display Solana and Ethereum-based NFTs directly on the app. Roneil Rumburg, the co-founder and CEO of Audius, commented on the NFT integration.

“Building on the success the Audius collectibles tab has had in the Ethereum community, Solana support connects the Solana NFT ecosystem with the over six million monthly users of Audius”.

assetred the CEO.

Greg Waisman, co-founder and COO at payment network Mercuryo, told CoinChapter in an exclusive that Solana is now “an attractive asset to both retail and institutional investors as the DeFi and NFT marketplaces built on the network cater to the needs of both classes of investors.”

“The massive growth of Solana takes its backing from the highly innovative decentralized finance and non-fungible token ecosystem that is making Solana their home. These projects place a huge demand on SOL tokens, and also drive corresponding price growth.”

Waisman added.

Also read: Solana (SOL) jumps 18.4% intraday as Audius announces full Solana integration

Meanwhile, SOL…

…is showing no signs of slowing down the explosive rally. The digital asset’s value inches closer to a new milestone at $200. The relative strength index (RSI: overall momentum indicator) has been charting through “overbought territory” for three weeks.

In detail, an RSI of over 70 might hints the traders to pull their bets, as the price of a given coin is ‘unreasonably high.’ However, SOL did not fit the pattern, and the price continued to explode.

Solana (SOL) rally. Source: SOLUSD on TradingView.com
Solana (SOL) rally. Source: SOLUSD on TradingView.com

The digital asset gained almost 700 percent since July 21 and 53.5 in the past week alone. The price action saw short ranges or consolidation during the uptrend and a significant rise in the trading volume ($7.7B in the past 24h). The upcoming sessions will show whether SOL can make it up to $200.

Also read: Solana hits new record high at $103

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