My last post on Solana mentioned briefly that just like any other instrument, Solana is subject to the vagaries of the market. The price of SOL spiked by 3.5% in 24 hours. Once I saw the spike, I knew some news triggered the reaction. While a busy day, I took time to find out what exactly caused the jump. It turns out that Visa had announced it would begin to send USDC to selected merchants via the Solana blockchain. No doubt, this is good news for Solana and its supporters. And yes, exciting times ahead.
Putting the initial euphoria aside, the price of SOL is down from $20.60 to $19.81 (at the time of writing). On Monday, we discussed the price movement of SOL. The confluence between the 78.6% Fibonacci level, the point of control (POC), the institutional buying zone, and the price remains unchanged. As posited on Monday, the Solana price may still fall to $17. If SOL breaks the $19 level, the chances of falling to $17 are more relevant than ever. We must not be surprised if institutional buying acts as a strong support for the price levels. Solana investors are going to have to be vigilant on this one. Just as the price spiked upward, the same can happen heading downwards.
No one knows what the market will do except if you have a crystal ball. And if you don't have one, your guess is as good as mine.
Swap your cryptos here:
Nosa Capital concentrates its' expertise in Strategy, Business Development, Project Management, Project Finance, Trending, and now cryptocurrencies