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The post Solana Price Analysis: Can Rising Institutional Demand Reverse Bearish Outlook? appeared first on Coinpedia Fintech News Solana (SOL) price experienced heightened bearish sentiment during the second quarter and has since approached a crucial crossroads. The large-cap altcoin, with a fully diluted valuation of about $92.3 billion and a 24-hour average traded volume of around $4.6 billion, dropped around 3.2 percent in the last 30 days to trade at about $152.83 on Thursday, July 3, during the mid-North American trading session. Consequently, the SOL price has consistently closed below the 50-weekly Moving Average (MA) for the larger part since March. From a technical analysis standpoint, the SOL price has been forming a potential head and shoulders (H&S) pattern coupled with bearish divergence of the weekly Relative Strength Index (RSI). The midterm bearish sentiment will be invalidated if the SOL price consistently closes above the resistance level around $189. In such a scenario, the SOL price will be aiming to reach a new all-time high in the near future. Solana Network Gets Strong Support from DeFi Development The Solana network has recorded exponential growth in the number of institutional investors adopting its services or as a form of treasury management. Additionally, the increased engagement between the U.S. SEC and the fund managers seeking to offer spot SOL ETFs signals an imminent approval in the near future, which suggests rising demand from institutional investors. On Thursday, DeFi Development Corp. (NASDAQ: DFDV) announced the resumption of Solana coin acquisition to bolster its treasury portfolio. The company announced the acquisition of 17,760 Solana coins for about $2.72 million. As a result, DeFi Development now holds 640,585 SOL coins, which are valued at about $98 million.
The stock market loves crypto more than the crypto market does
HYPE’s recent appeal to investors may open the door to a broader rally.
The top US crypto exchange platform by trading volume is abruptly adding support for Wormhole ( W ), causing the native asset of the cross-chain messaging project to rally briefly. In a new announcement, Coinbase Assets says it’s adding Wormhole, an interoperability project that allows communication between blockchains, to its suite of digital asset products. “Wormhole (W) is now live on http://coinbase.com and in the Coinbase iOS and Android apps. Coinbase customers can log in to buy, sell, convert, send, receive or store these assets.” News of the addition sent W flying, as the crypto asset went from a low of $0.61 on June 27th to a peak of $0.81 just a day later. Wormhole has since retraced and is trading for $0.071 time of writing, a fractional decrease during the last 24 hours. According to its official website, Wormhole is currently compatible with numerous prominent blockchains, including Base and BNB Chain, the respective blockchains of Coinbase and Binance, the two largest crypto exchanges in the world. “A fully integrated chain can use cross-chain decentralized applications (DApps) to send and receive tokens and NFTs. It can also publish and verify messages to and from the network – meaning developers can utilize the full suite and power of Wormhole.” Other compatible chains include smart contract platforms Ethereum ( ETH ), Algorand ( ALGO ), and Avalanche ( AVAX ), as well as layer-2 scaling solutions Optimism ( OP ), Arbitrum ( ARB ), and Polygon ( POL ). Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Featured Image: Shutterstock/Carlos Amarillo The post Top US Crypto Exchange by Trading Volume Coinbase Adds Support for Leading Cross-Chain Messaging Protocol Wormhole (W) appeared first on The Daily Hodl .
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