Key Takeaways:
- Solanium(SLIP) token prices have formed a bullish technical pattern.
- The fundraising platform was part of several partnerships recently.
NEW DELHI (CoinChapter.com) — Solanium, a decentralized platform on the Solana blockchain, is enjoying a strong uptrend.
When the overall crypto market fell on Nov 26 following FUD from reports of a new Coronavirus strain, Omicron, Solanium’s token registered a meager 0.2% drop in prices. Since then, the SLIM price has jumped more than 57% between Nov 27’s low ($2.46) to Dec 1’s high ($3.88).
At present, Solanium prices are moving in an ascending triangle pattern. A horizontal trendline connecting swing highs and an ascending trendline connecting swing lows form the bullish triangle pattern. The height of the triangle gives the breakout price target.
For the SLIM token, the price target is roughly $5, a 34% increase from current price levels. Immediate resistance for Solanium is at $3.89, near the triangle’s upper trendline. A breakout above it with strong volumes would lead SLIM to challenge resistance at $4.07. Finally, sustained buying pressure could lead prices to $4.24 before prices consolidate
If the uptrend fails, SLIM would likely seek support at $3.46. Retail traders looking for profits could bring prices down to $3.23, near SLIM’s 26-4H EMA line and the triangle’s ascending support. Furthermore, a marketwide sell-off might bring the resistance at $3.1 into play.
Also Read: FTX founder believes Solana could be the next Bitcoin but SOL continues to fall.
The RSI trendline moved into overbought regions on the 4H charts, clocking a value of 75.04. RSI above 70 indicates an asset might reverse its ongoing trend. Meanwhile, trend-based momentum oscillator MACD is swinging between bearish and bullish levels on the 4-H charts.
Between Nov 30 and Dec 1, the MACD line (difference between 12-4H and 26-4H EMA) and the MACD signal line (9-4H EMA of MACD) have charted two bullish and bearish crossovers.
Interestingly, the MACD histogram on the daily charts highlighted a bullish crossover on Nov 16. In addition, the histogram is currently plotting expanding bars, indicating bullish momentum for SLIM in the long-term horizon.
Solanium Partnerships
Solanium is a decentralized platform on Solana for fundraising and trading. The platform helps users invest in Solana projects, stake tokens, trade on its DEX, and participate in governance decisions. Users can stake SLIM to receive xSLIM, which is the platform’s governance token.
Additionally, the platform includes a launchpad/accelerator for new crypto projects and an integrated wallet.
Meanwhile, the platform recently completed the Synchrony IDO on its platform. Synchrony is a copy trading and indexing platform on Solana. The project uses A.I. and analytics for asset management. Solanium’s IDO plans to raise $600,000 in USD Coin, a stablecoin.
Moreover, TabTrader launched its native token TTT on Solanium. It is a mobile app that allows users to trade cryptos across multiple exchanges from a single interface. The app’s recently completed its IDO, which plans to raise $1 million in USDC.
Related: Grayscale’s latest launch- a trust with exposure to Ethereum competitor Solana.
Additionally, MM Ventures, a blockchain investment fund, announced a strategic partnership with Solanium. Furthermore, Solanium plans to host an IDO for Blockasset, an athlete-verified NFT platform, to raise $150,000 in USDC. Blockasset plans to become an exclusive platform for athletes and fans alike.
Also, apart from these projects, Solanium announced a partnership with Mean Finance, a ‘self-custody, permissionless and trustless bank’. As per the announcement, the partnership would result in MEAN airdrops, IDO, money streams for projects.
Moreover, Solanium also derives its fundamentals from the growth of Solana, its underlying blockchain.
At the time of writing, SLIM was trading at $3.72, up 5.62% on the day.
