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  • Solana price has crashed roughly 12% within 24 hours to the current price just above $160.
  • SolRazr has finalized a $1.5 million funding round to Build First Decentralized Developer Ecosystem for the Solana Blockchain
  • Solana might hold within the confined of the rising channel to sustain the bullish momentum.

Solana price finally gave in to the selling pressure following the flash cryptocurrency market crash experienced on September 07 that wiped billions of dollars out of the total crypto market value. This followed the crash in the Bitcoin price as the bellwether cryptocurrency lost almost $8000 dollars from highs above $51,000 to lows below $43,000. The sell-off was triggered by technical difficulties in the El Salvador’s Chivo wallet as the Bitcoin law took effect on September 07. At first, the SOL price stayed strong through the market crash as it scaled higher to set a new record high around $214 on Tuesday.

It seems that the news about the Solana-Based SolRazr raising $1.5M funding to create decentralized developer ecosystem for Solana blockchain kept SOL’s run going. However, the long wicks on yesterday’s candlestick indicate that the bulls and bears were each trying to take control of the SOL price. Bulls had the day as Solana closed the day in the green at $173.

But things headed south this morning with Solana opening the day in the red. At the time of writing, the SOL price is hovering around $160, representing a 12.25% drop over the last 24 hours.

SolRazr Raises $1.5M to Build First Decentralized Developer Ecosystem for Solana Blockchain

Solana based SolRazr, a venture platform, has unveiled the first decentralized developer ecosystem for the Solana blockchain, comprising Launchpad, Accelerator, and Developer, according to an update shared with ForexCrunch.

In a press release, SolRazr developers said that the platform is particularly designed to offer services as the “de-facto” developer and fundraising platform for initiatives launched on the Solana platform. The release revealed that SolRazr’s main aim is to “support the growth of decentralized finance (DeFi) on the high-performance network.”

SolRazr co-founder Sreekanth Kalapur stated that SolRazr will be powered by Solana in order to help projects to secure quick funding and to help investors make contributions at very low costs. Kalapur added that the platform is affordable and fast, secure and bot-proof, offers fair and fully decentralized allocations to users on the SolRazr platform. He added:

Watching SolRazr develop into the platform we have today has been truly amazing. We’re only just scratching the surface of what the full-service SolRazr ecosystem is capable of, and we’re looking forward to unveiling that shortly.”

SolRazr has finalized a $1.5 million round from Ascensive Assets, Moonrock Capital, and Morningstar Ventures.

Even though these news helped the Solana price survive the crypto market crash yesterday, SOL price is currently trading in the red but remains significantly bullish.

SOL Price Must Hold Within The Ascending Parallel Channel To Scale Higher Highs

Solana price prediction is bullish as it forms an ascending parallel channel on the daily chart. Note that an ascending parallel channel forms when an asset records higher highs and higher lows indicating an sustained upward trend. It is a significantly bullish chart pattern and as long as the Solana price remains within the boundaries of the upward channel, the bullish outlook will stand.

Note that several technical indicators accentuate Solana’s bullish narrative. For example, the upsloping moving averages and the positive parabolic SAR validate the Solana’s bullish bias. The position of the Relative Strength Index (RSI) indicator in the overbought zone shows that the buyers still have a firm grip on the SOL.

Also realize that the Moving Average Convergence Divergence (MACD) indicator is still moving upwards and is position way above the zero line in the positive region adding credence to the bullish narrative. Note that as long as the MACD indicator continues to move above the signal line in the positive region, Solana will remain bullish.

SOL/USD Price Daily Chart

SOL Price Daily Chart
Solana Price Daily Chart. Source: Tradingview

SOL Price To Reach These Levels

Solana price is hovering around $160 on most crypto trading platforms. The ‘Ethereum killer’ appears to be sitting on robust immediate support provided by the $160 psychological level, coinciding with the lower boundary of the rising channel. A daily closure above this level will see SOL reverse today’s losses. A decisive bullish breakout will be realized if Solana overcomes the immediate resistance at around $174. If thus happened, Solana could re-test the all-time high above $214.

On the flipside, if the bearish leg continues and Solana closes the day below the $160 support wall, SOL price will fall further to tag the support areas around $140, $127 and $108 respectively. The downward movement of the RSI in the overbought region is an indication that the bullish pressure is easing off and that a correction is underway. Therefore, the Solana price correction might go on in the near-term.

Where to Buy Solana

If you want to trade the SOL this week, you can do so on the following crypto trading platforms:

  • eToro
    eToro is one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.
  • Binance
    The other platform where you can buy SOL is Binance. Binance is one of the largest exchange platforms. It supports a wide range of cryptocurrencies and trading pairs. It also offers user-friendly features.
  • KrakenKraken charges transaction fees as low as 0.20% with free bank transfers. You can transact on Kraken using such payment methods as Debit/Credit Cards, Cryptocurrencies and direct bank transfers.

Looking to buy or trade crypto now? Invest at eToro!

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