SOL price rally is organic, says FTX boss Sam Bankman-Fried
Huobi announced SOL staking for users
The token sparked a buy signal and may surge higher to log a new all-time high near $270
JAIPUR (Coinchapter.com) – Solana’s native token SOL looks to resume its uptrend on the back of a technically bullish setup.
The SOL/USDT pair incurred almost 20% losses (dropping from $216 to $180) in a recent bout of profit-taking. But bullish comments from the FTX founder, Huobi’s latest SOL staking offering for users, and a positive technical setup point to SOL/USDT’s upwards price surge towards $270.
Cryptocurrency exchange Huobi announced the SOL staking option for users. As per the announcement, Huobi Pool’s Solana staking feature will let investors earn rewards with annual recurring revenues (ARR) of up to 5%.
Staking is a well-known decentralized finance (DeFi) practice where protocols/exchanges simulate traditional banking systems to let users earn interest/rewards/income on their idle crypto funds.
The 4-hour chart of the SOL/USDT pair emanated bullish vibes as the pair formed a classic bullish signal that points to an impending rally. Symmetrical triangle formation with a $75 vertical base length indicated the pair’s possibility to rally upwards from $195, the entry point for sellers in the previous red candle.
The selling pressure on SOL looks to wane. And if the said technical scenario plays out, the token would cost around $270 apiece. Analysts have also reiterated the SOL/USDT pair’s bullish sentiment, one of them calling for an almost similar price target.
Declining relative strength index (RSI) readings (from overbought levels) also support the upward trend. RSI is currently trending at 51. A dip below 50 would bring the bulls back in action, as RSI numbers below 50 always lean bullish and above 50 bearish.
However, if sellers soldier on, SOL/USDT spot rates could decline to $158.58 (coincides with the 50-day moving average wave). A bullish resurgence would eventually push prices up, but the symmetric triangle setup would stand invalidated.
Himadri is an active investor in cryptocurrencies and upcoming blockchain technology projects. He has been a part of the digital asset space since 2017 and has held multiple positions as Social Media Manager, Assistant Editor, Sponsored Content Manager, Cryptocurrency Journalist roles in reputed news outlets like NewsBTC, Bitcoinist and CryptoPotato. He has also helped numerous blockchain projects gain prominence through terse and succinct marketing/technical content. Himadri comes with a marketing and engineering background, and has worked with reputed names such as GE Healthcare, Volvo Trucks and Polycom before moving into crypto.