Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
Solana Price Dips 3% As Solayer Raises $12 Million

Solana Price Dips 3% As Solayer Raises $12 Million

InsidebitcoinInsidebitcoin2024/08/29 14:34
By:Insidebitcoin
 

The Solana price dropped 3% in the last 24 hours to trade at $144.78 as of 04:22 a.m. EST on trading volume that plunged 19% to $2.5 billion.

This comes as Solayer raised $12 million in a funding round led by Polychain Capital to advance its integrated re-staking network on the Solana blockchain.

The initiative aims to address Solana’s scalability and transaction inclusion challenges by leveraging a novel approach to staking and network bandwidth optimization.

Solana Price On A Bearish Trend – Possible Rebound?

Since mid-August, the Solana price has been in a consolidation phase, as SOL traded within the $148.61 resistance and the $137.42 support level, according to data from GeckoTerminal . The bulls were able to break out above the sideways pattern to the $162 resistance before retracing back to the $143 support.

SOL then formed a rounding top pattern, as ]bears exerted more pressure on the price.

The price of Solana now trades below both the 50 and 200 Simple Moving Averages (SMAs) on the 4-hour chart, affirming the bearish trend.

Moreover, the Relative Strength Index (RSI) is plunging towards the 30-oversold region, a signal that the Solana price is under intense selling pressure.

If the selling pressure continues, the price of Solana could drop back to the next support level at around $130.

Solana Price Dips 3% As Solayer Raises $12 Million image 0 Solana Price Dips 3% As Solayer Raises $12 Million image 1 Solana Price Chart Analysis Source: GeckoTerminal.com

With the RSI now showing that Solana is currently undervalued, it may be a buying signal for bulls to add to their positions. If this leads to a rebound at this level, bulls might propel SOL to $160.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

IOTA partners with top global institutions to build Africa’s “digital trade superhighway”: a new $70 billion market is about to explode

Africa is advancing trade digitalization through the ADAPT initiative, integrating payment, data, and identity systems with the goal of connecting all African countries by 2035. This aims to improve trade efficiency and unlock tens of billions of dollars in economic value. Summary generated by Mars AI. The accuracy and completeness of this summary are still being iteratively updated.

MarsBit2025/11/18 00:06
IOTA partners with top global institutions to build Africa’s “digital trade superhighway”: a new $70 billion market is about to explode

Panic selling is all wrong? Bernstein: The real bull market structure is more stable, stronger, and less likely to collapse

Bitcoin has recently experienced a significant 25% pullback. Bernstein believes this was caused by market panic over the four-year halving cycle. However, the fundamentals have changed: institutional funds such as spot ETF are absorbing the selling pressure, and the structure of long-term holdings is more stable. Summary generated by Mars AI. The accuracy and completeness of this content are still being iteratively improved.

MarsBit2025/11/18 00:05
Panic selling is all wrong? Bernstein: The real bull market structure is more stable, stronger, and less likely to collapse