Solana rises 20% after listing on South Korea’s largest crypto exchange

Solana-sol-logo. Source: cryptologos.cc
Solana-sol-logo. Source: cryptologos.cc

Key Takeaways:

  • Solana native token SOL jumped 20% on Friday to reach $172.
  • SOL prices reacted to news of the token’s listing on South Korean crypto exchange Upbit.

NEW DELHI (CoinChapter.com) — The blockchain platform for decentralized apps, Solana, saw its native token SOL prices jump 20%, going from the day’s low of $143.32 to a high of $172.58. The SOLUSD pair crossed the $170 price level a week after falling below it.

South Korea’s biggest crypto exchange by volume, Upbit, announced the listing of SOL pairs on its exchange, along with Polygon (MATIC) and NuCypher (NU) pairs. While Polygon jumped nearly 37%, NuCypher rocketed past 800% gains in a day.

Traders need to deposit a minimum of 0.01 SOL to buy, sell or transfer the Solana token. Meanwhile, the Solana Foundation announced its Server Program’s full launch, which would help its node operators access high-quality infrastructure from top-tier data providers.

The Solana Foundation talked with several data center operators and has partnered with Equinix, Lumen, and Stackpath for the first phase. The announcement also assured more data center providers would be onboarded in the future. Data centers would provide servers to the Solana ecosystem for lease with flexible, monthly contracts.

Solana aims to build sustainable growth in the validator community. In addition, the program would further decentralize the network.

Also Read: Solana eyes bull run towards $275 despite SOL undergoing 35% correction.

Furthermore, the US-registered branch of cryptocurrency exchange FTX recently announced support for the Solana blockchain on its NFT marketplace. The new NFTs are listed in USD, Solana (SOL), and Ethereum (ETH).

Solana Price Chart

Solana had a bearish last week (Oct 4 to Oct 10), ending the week down 14.67%. However, the token performed well this week, gaining 8.25% in the last five days. SOL bulls would likely try to continue the uptrend through the weekend, hoping to consolidate above immediate resistance at $171.12

If SOL continues its uptrend, resistance at $181.83 will become the next upside target for bulls. A sustained buying pressure would likely see SOL rise to $194.45, only 13.84% away from SOL’s ATH of $221.37. Interestingly, SOL was moving in a descending triangle pattern before the breakout on Friday.

In detail, a descending triangle pattern is a bearish chart pattern. A descending trendline connecting a series of lower highs and a horizontal trendline connecting a series of lows forms this pattern.

SOL prices break out above the descending triangle. Source: SOLUSD on Tradingview.com
SOL prices break out above the descending triangle. Source: SOLUSD on Tradingview.com

Descending triangles are generally bearish. However, if prices break out above the upper trendline, it indicates a trend reversal. If the reversal holds, SOL prices could rise as much as the height of the descending triangle, which would bring the upside target to $194.

On the other hand, if the rally breaks down, SOL has strong support at $147.34, near the 50-day MA and 26-day Exponential MA confluence. If immediate support fails, bulls will try to consolidate above $137, a price level that has acted as strong support for the Solana token since Oct 1.

A sustained sell-off might bring the support at $125 into play.

Also Read: Polygon (MATIC) jumps almost 37%, moves above $1.5 after five weeks.

Meanwhile, bearish momentum for SOL is weakening, according to the MACD histogram. Bars on the histogram are moving towards positive levels, indicating that the MACD line (difference of 12-day and 26-day EMA) is moving towards its signal line (9-day EMA of MACD) and may soon cross above it.

Solana's MACD is moving towards bullish regions. Source: SOLUSD on Tradingview.com
Solana’s MACD is moving towards bullish regions. Source: SOLUSD on Tradingview.com

When the MACD line crosses above the MACD signal line, it will plot a bullish crossover, indicating a momentum reversal for SOL. Additionally, Solana’s RSI is currently neutral, clocking 56.65 on the daily charts.

At the time of writing, SOL was trading at $159.44, up by 6.17% on the day.

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