Solana Price up by 6.22% – Time to Buy SOL?

• Krafton Partners With Solana Labs.
• Coinbase Adds Solana Tokens.
• Holaplex Launches NFT open-source marketplace on Solana.

The growth of Solana’s assets has encouraged investors to buy the SOL Token. Given the current recent gain in the crypto market, the crypto market cap increased by more than 3% to $1.9 trillion in the last 24 hours. Cryptocurrency trade volume also increased by nearly 15% to $91.73 billion.

Solana is an open-source, public blockchain that handles smart contracts, non-fungible tokens (NFTs), and decentralised applications (dApps). The protocol’s mission is to ensure low transaction costs while delivering optimum scalability and speed of processing.

Krafton Partners With Solana Labs

Video game developer Krafton has announced a partnership with Solana Labs that might add non-fungible tokens (NFTs) to Battlegrounds (PUBG), a popular battle royale game previously known as PlayerUnknown’s Battlegrounds.

PUBG is one of the most popular steam games, with tens of millions of active users. In early 2022, as many as 696,000 active people were purported to be gaming simultaneously.

HyungChul Park, Head of Krafton’s Web 3 section, stated that Solana represents the best of the Web 3.0 ecosystem and technology. Due to this collaboration, Krafton will gain the knowledge it needs to accelerate its investment in and production of blockchain-based experiences.

KRAFTON and Solana Labs are positioned to form a long-term partnership to create and operate blockchain and NFT-based games and services due to this agreement.

Coinbase Adds Solana Tokens

Coinbase’s (COIN) self-custody crypto wallet enabled Solana ecosystem tokens recently, extending the range of coverage for the MetaMask competitor.

The first non-Ethereum-compatible crypto asset on Coinbase Wallet is Solana program library (SPL) tokens, Solana’s counterpart of Ethereum’s ERC-20 tokens. Previously, the browser extension and app only supported Ethereum Virtual Machine networks like Polygon, BNB Chain, and Avalanche.

More Solana integrations are coming shortly, according to a blog post shared with CoinDesk, including support for Solana-based non-fungible coins (NFT). The integration of Coinbase Wallet into Solana decentralised applications is also coming soon.

Holaplex Launches NFT Open-Source Marketplace on Solana

Holaplexa, a community of creator-owned NFT stores, has announced a full-stack, open-source marketplace standard to replace Solana’s closed-source, corporate-controlled markets. Any brand, collective, DAO, or individual can use the Holaplex NFT Marketplace Standard to create a full NFT marketplace experience unique to their brand, curation, beliefs, or strategy.

Holaplex Marketplace includes built-in access to the Holaplex Indexer, automatically populating all Solana NFTs with the creator’s wallet address. This makes it simple for producers to establish branded, feature-rich marketplaces without code.

Collectors can quickly sort out their favourite creatives by attributes and collections once they’ve been added.

Solana’s Technical Analysis

At press time, Solana trades at $103.13 and has surged by 6.22% in the last 24 hours with a trading volume of $3.5 billion. SOL has risen by 20.88% in the past week.

The technical indicators of SOL show a bullish trend. The crypto asset is now trading across the 61.8% Fibonacci retracement threshold of $103.46; SOL may see resistance at this level but will likely rise past the indicator price if the general crypto market value increases.

The Relative Strength Index (RSI) of SOL stands at 66 02, indicating that Solana is trading close to the overbought region. This is an ideal opportunity to buy SOL before the trend reverses.

Furthermore, SOL is trading slightly on par with the trendline, with a 50-hour Simple Moving Average (SMA) value of $103.14, showing that the asset is bullish. The Moving average convergence and divergence (MACD) show a strong buy sign, indicating a good opportunity for investors to buy SOL.

Buy SOL at eToro from just $50 Now!