Solana Is Down by 5.66% – Time to Buy SOL?

• Crypto Lender Maple Finance Broadens Support to Solana: Time to Buy SOL?
• Solana Users Obtain Access to NFT Network via Holaplex’s Social Graph
• Babel Finance Released the First Collateralised USDC eNotes Based on FQX’s Solana dApp

The broader crypto market is on a downward spiral. At press time, the nascent industry has shed 2.53% of its total value locked (TVL) as the bears continue to dictate the steps. Promising projects like Solana have not been left out of the bearish trends. Is this an ideal opportunity to buy SOL at a discount? We’ll find out in this analysis.

Crypto Lender Maple Finance Broadens Support to Solana: Time to Buy SOL?

Maple Finance, a crypto capital markets platform, has added support for Solana and launched a $45 million fund to help the ecosystem thrive. Maple claims that it has now originated over $1.2 billion in loans with over $900 million in TVL on the platform.

Currently, Maple offers undercollateralised loans for corporate borrowers on Solana from several pool delegates. Initially, this offering was only available to corporate borrowers on Ethereum. Maple Solana’s mission is to utilise Maple’s on-chain capital-market infrastructure to scale the Solana ecosystem and handle the network’s finance needs.

Eventually, Maple Solana will launch the SYRUP governance token. Syrup will function similarly to Maple’s MPL governance token on Ethereum.

Solana Users Obtain Access to NFT Network via Holaplex’s Social Graph

Holaplex, leader in open-source, has launched a decentralised Web3 NFT social network for users on Solana. Unlike closed-source, centralised Web2 social media corporations, Holaplex offers an open standard that secures social data on-chain with permissionless and open technology designed by creators for creators.

Holaplex’s Social Graph, which works in tandem with the Holaplex Indexer, powers Profiles, a place to explore and buy minted NFTs. Alpha Feed, which curates actions from those who are following also benefits from the system.

Due to this launch, NFT customers and creators will have more fun and tailored content displays after connecting their wallets at holaplex.com.

Babel Finance Release First Collateralised USDC eNotes Based on FQX’s Solana dApp

Babel Finance has announced the first collateralised USDC note on Solana using eNotes, a smart contract-based global debt instrument provided by blockchain start-up FQX AG.

eNotes are accepted worldwide and can be utilised for a wide range of funding needs. FQX eNotes boost legal certainty and optimises the loan-to-value ratio in the highly overcollateralised DeFi area by offering a legal layer for decentralised finance.

Babel Finance used a Fireblocks custody wallet to complete the transaction. A Swiss investment business contributed to the principal, secured with SOL-denominated smart contract-based security. FQX’s decentralised escrow programmes were utilised for delivery-versus-payment and collateral management, while FQX’s Telegram software was used to initiate the transaction.

This introduces the use of eNotes on Solana and will allow Babel Finance to diversify its sources of finance. Also, this unique fixed-income crypto-financial product provides an investment channel with consistent returns and regulated risks for traditional financial institutions looking to invest in crypto assets.

SOL’s Technical Analysis

At press time, SOL trades at $51.90. The digital asset has been down by 5.66% in the last 24 hours. However, SOL has seen an uptrend of 42.49% in the past 7 days.

Currently, SOL is bearish. The digital asset is trading above the 38.2% Fibonacci retracement level of $50.90. This indicator could act as a support level for the digital asset in the short term. However, a bullish rebound might see SOL break above the current resistance indicator of $51.32 before the month’s end.

SOL’s Relative Strength Index (RSI) is 31.73. This value indicates that the digital asset is in the underbought zone. Hence, this is a good time for investors to buy SOL and rise with the market.

Presently, the digital asset is trading below the 50-hour Simple Moving Average (SMA) indicator of $51.32. This indicator further reveals that the crypto asset is bearish. Additionally, the crypto asset’s moving average convergence and divergence (MACD) value demonstrates a sell signal. However, the sell signal is weak.

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