By Nathan Ferguson
Solana’s latest partnership with Krafton boosted demand yesterday, Thursday. Keeping the day’s pivot away would allow bulls to climb towards $110 later on the day.
- Solana gained approximately 7.9% to end yesterday at $102.39.
- News about partnering with PUBG creator KRAFTON ensured price support.
- Technical indicators remain bullish, suggesting an upside move to $120.
Solana was among the best performers on Thursday. The altcoin extended Wednesday’s 4.89% with a 7.9% jump to close the day near $102.39. News about Solana-Krafton collaboration and Solana ETP triggered surges for the alt. Moreover, the overall crypto market displayed positive sentiment, baking SOL’s upward actions.
Solana Labs Deal with Krafton Ensures SOL Demand
Mid-week news unveiled a strategic partnership between Krafton and Solana Labs. KRAFTON is a recognized gaming developer that designed PUBG (PlayerUnknown’s Battlegrounds). The collaboration aims to boost blockchain gaming while establishing a Web3 network.
News of FTX and CoinShares introducing a Solana ETP (exchange-traded product) this week. The ETH will come with 1 million Solana in seed capital. The exchange-traded product will ensure reduced management costs and 3% staking rewards.
Solana Price Action: Technical Indicators
While publishing this article, Solana changed hands around $101.80, following a 0.49% increase.
The alt should avoid a $99.88 pivot for a move towards the initial critical resistance at $106.21 and $106.37 March peaks. Nevertheless, bullish broad market sentiment is essential for SOL to overcome $105.
An extended upside rally will see the alt exploring the second massive resistance at $110.07. Overpowering this hurdle will open gates towards the 3rd resistance at $120.24.
Meanwhile, losing steam at the pivot would trigger downswings towards the first reliable support at $96.03. Excluding extended sell-offs today will have SOL avoid $93.53 Thursday lows. Failure to do that will have Solana hitting the second crucial support floor near $89.70.
The 4hrcandlestick chart and Exponential Moving Average display bullish signals. For now, SOL stays beyond the 50-day Exponential Moving Average at $92. Moreover, the 50-dayEMA made a bullish cross with the 200-dayEMA today morning.
Moreover, bullish narrowed the 100-day to 200-day EMAs. A bullish crossover by the 100-dayEMA through 200-dayEMA will expose $120. Solana should climb well past the 50-dayEMA to back the 5th successive day of gains.