- Solana SOL bounce back looms.
- Adobe’s Behance adds support for Solana-based NFTs.
- Solana Pay affirms SOL utility.
Solana has taken a significant beating if a 60% plus pull back from all-time highs is anything to go by. The crypto has been edging lower since late last year, a move accelerated by the broader cryptocurrency sector turning bearish.
SOLUSD technical analysis
However, the SOLUSD sell-off is increasingly waning off if recent price action is anything to go by. The coin has resorted to trading in a tight trading range, with the $80 a coin level emerging as a crucial support level curtailing any further downside action. A bounce back to the $88 mark is once again fuelling hopes that a bottom has been reached and that bulls are coming into the fold.
SOLUSD rallying and finding support above the $100 a coin level would mark an end to the long-running downtrend paving the way for a correction higher. Above the $100 mark, bulls would be in control and likely to steer a rally to the $120 mark, the next substantial resistance level.
On the flip side, the $80 mark is a crucial support level above which SOLUSD remains well-positioned to bounce back. A breach of the support level could trigger renewed sell-off that could result in the crypto edging lower significantly, probably to the $50 handle.
Behance NFT support boost
The likelihood of Solana edging lower after the deep pullback is looking increasingly small. The latest factor to offer support for a potential bounce back is the confirmation that Behance, a creative network owned by Adobe, has added support for Solana-based non-fungible tokens.
Behance has started accepting Solana-based NFTs for the creator’s all but enhancing SOL coin utility. Users can now connect their Phantom wallets to display their NFTs on the Behance profiles. The addition has triggered increased support for the Solana project in the crypto community, all but fuelling the recent bounce back in the market.
The addition comes hot on the heels of the Solana team rebranding its NFT website from Solanalysis to Hyperspace. The rebranding was part of an effort that sought to grow the network NFT ecosystem.
Solana edge does not end with Adobe’s Behance adding support for its NFTs. Its blockchain is increasingly standing out given its ability to address Ethereum’s pressing problems. Its ability to process up to 50,000 transactions per second at some of the lowest costs is another edge that affirms Solana’s long-term prospects.
Solana Pay factor
The introduction of Solana Pay is once again affirming that Solana has a role to play in the mainstream financial system. Solana Pay has what it takes to revolutionize how customers and merchants interact with one another, all but expecting you to enhance payments and SOL coin utility.
The peer-to-peer payment protocol directly connects merchants to consumers. The system allows the transfer of USD as a stablecoin, which could be of great use to people looking to leverage their cryptos to pay for goods and services.
The introduction of Solana Pay is expected to bring more developers into the networks, which should lead to more projects crucial to growing the ecosystem. In return, increased use of the SOL token would be the net effect, something that should see its value rerate higher.
There is no doubt that the Solana coin has underperformed if a 60% plus pullback is anything to go by. However, the sell-off is showing signs of waning, fuelling suggestions of a potential bounce back. Some of the catalysts likely to support the bounce back is the positive reception to Solana Pay as well as the addition of Solana NFTs on Adobe’s Behance network.