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

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

Key Takeaways:

  • Blockchain-based music streaming platform Audius announced the launch of full Solana NFT integration.
  • Solana’s native token, SOL, jumped 18.4% between low to high levels on September 3.

NEW DELHI (CoinChapter.com) — Crypto computing platform Solana continues to chart new all-time highs as it continues its ten-day bull run. The NFT market is witnessing massive growth, with a total market cap of $36.4 billion. Meanwhile, blockchain-based music streaming platform Audius announced the launch of full Solana NFT integration.

Solana’s native token, SOL, jumped 18% from September 3’s low of $125.8 to the day’s high of $150.6, charting a new ATH in the meantime.

Solana’s NFT Boost

The Audius integration would occur through Solana’s multichain wallet Phantom. The move would make Solana accessible to more than six million Audius users.

In addition, the integration would allow Audius Silver Tier (accounts with more than 100 AUDIO tokens) users to begin showcasing Solana SPL NFT collectibles alongside Ethereum’s ERC-20 NFT collectibles such as Crypto Punks, Cool Cats, etc. Roneil Rumburg, Audius’s co-founder and CEO of Audius, explained Solana’s lack of a robust NFT discovery layer led to the move.

Also Read: Cardano chief Hoskinson predicts a larger role for cryptocurrencies in Afghanistan.

There isn’t a robust NFT discovery layer in Solana yet. Building on the success the Audius collectibles tab has had in the Ethereum community, Solana support connects the Solana NFT ecosystem with the over 6mm monthly users of Audius

Roneil Rumburg, on Audius’s Solana Integration

Solana is a programmable blockchain, similar to Ethereum, that offers the capability to store smart contracts. As a programmable system, users can exchange SOL, NFTs, and other digital assets. Growth of NFTs, such as Visa buying a CryptoPunk NFT for $150,000 on August 23 and increased celebrity interest in NFTs, could be a reason behind the altcoin’s current bull run.

Furthermore, Solana launched a global hackathon on August 31, urging innovators to create and develop blockchain-based games, NFT collectibles, and lending platforms. A Coinshares report highlighted Solana gained more than Bitcoin in August last week, showcasing the platform’s growth.

NFTs are becoming popular thanks to celebrity endorsements, multi-million dollar collections, and increased interest in digital collectibles. In August alone, NFT sales reached $900 million, shattering the previous monthly record of $255 million.

Also Read: Stablecoin reserves on centralized exchanges cross the $19B mark.

Solana launched an NFT marketplace called Metaplex, highlighting its continued adoption of NFT. It is the first NFT marketplace of its kind to launch on Solana. Furthermore, recent industry research forecasts the NFT marketplace to double in October. As such, it seems the programmable blockchain might continue to chart new highs.

Meanwhile, SOL Prices Rocket Upwards

SOL prices are charting one ATH after another on the daily charts. On Friday, the token reached $150.89 before pulling back. SOL is bullish across all time horizons, with its 50-Day (Green) and 200-Day (Red) Moving Average trendlines well below its price levels.

Solana prices continue charting new highs. Source: SOLUSD on Tradingview.com
Solana prices continue charting new highs. Source: SOLUSD on Tradingview.com

If the current bull run loses steam, Solana will find support at $125. Further decline would bring the support at $113.4 into play. On the off chance of a continued sell-off, bulls would try to rally above support at $98.143.

On the other hand, SOL has resistance at $149.35, near its current ATH. If bulls breach above immediate resistance, $159 will cap any further upside movement.

MACD for SOL is strongly bullish for SOL for some time now. Bars on the MACD histogram increase, evidence that the MACD line (Difference of 12-Day and 26-Day EMA) is moving further above its MACD signal line (9-Day EMA of MACD).

Momentum oscillators for SOL on the daily chart. Source:  SOLUSD on Tradingview.com
Momentum oscillators on the daily chart. Source: SOLUSD on Tradingview.com

In detail, the MACD line moving above its signal line shows bullish momentum for an asset. However, the relative strength index is in the overbought regions, with a value of 88.68. An overbought RSI often forecasts a trend reversal. However, Solana’s fundamentals might help the token continue its bull run despite its RSI.

At the time of writing, SOL was trading at $139.4, up 8.66% on the day.

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