Solana (SOL) Price: Coinbase DEX Integration and ETF Flows Drive Institutional Interest

TLDR

• Solana price is trading around $130-131 after dropping 4% in 24 hours and falling nearly 50% from its September high of $252
• Solana ETFs have recorded $661 million in cumulative net inflows with $16.6 million added yesterday and $22 million this week
• Coinbase launched direct on-chain swaps for Solana tokens on its DEX platform, allowing users to trade with USDC, cash, or debit cards
• Solana announced partnerships at Breakpoint event including a bridge with Base through Chainlink and tokenized gold launch with Bhutan
• Technical analysis shows bearish flag pattern with death cross forming, suggesting potential drop to $100 if support at $122-130 breaks

Solana price is currently trading at $130-131, reflecting a 4% drop over the past 24 hours. The cryptocurrency fell from $138 earlier in the trading session.

The recent decline comes as Bitcoin dropped to $90,000, triggering a broader market selloff. The total crypto market cap fell to $3.06 trillion. Other major cryptocurrencies including Ethereum and XRP also experienced losses.

Despite the downturn, Solana has maintained its position above the $130 support level. Trading volume increased during the selloff, showing downside pressure on the asset.

The Federal Reserve’s anticipated 25 basis point rate cut contributed to the market-wide decline. This event had been expected by traders and analysts in recent days.

Institutional Interest Grows Through ETF Inflows

Solana ETFs have seen strong institutional demand since their October launch. The funds recorded $16.6 million in inflows yesterday alone.

Total weekly inflows reached $22 million, exceeding the previous week’s $20 million. Cumulative net inflows now stand at $661 million with total net assets of $950 million.

Invesco Galaxy is preparing to launch its Solana ETF after filing Form 8-A with the SEC. The fund could begin trading as early as next week.

The Solana blockchain platform generated over $3.6 million in application revenue in the last 24 hours. This places it at the top for revenue among blockchain platforms.

These numbers show growing institutional adoption of the cryptocurrency. The ETF vehicle provides traditional investors with easier access to Solana exposure.

Coinbase Integration Expands Accessibility

Coinbase announced support for direct on-chain swaps of Solana tokens on its decentralized exchange. Users can now trade using USDC, cash, bank accounts, or debit cards.

This integration exposes Solana’s ecosystem to millions of Coinbase users. The platform simplifies the trading process for retail investors.

The move represents a major distribution channel for Solana tokens. Coinbase’s user base provides instant access to a large pool of potential buyers.

Breakpoint Event Brings New Partnerships

Solana announced several partnerships at its Breakpoint conference this week. The network will connect with Base blockchain through a Chainlink bridge.

Base hosts over 700 decentralized applications and holds more than $8.3 billion in total value locked. The bridge connection links two major blockchain ecosystems.

Ondo Finance and State Street will launch SWEEP, a tokenized liquidity fund on Solana. The product brings traditional cash management tools to the blockchain.

Animoca Brands plans to launch its equity on the Solana network. Bhutan will introduce the first sovereign-backed gold token on the platform.

Technical Analysis Shows Mixed Signals

The MACD histogram indicates bearish momentum with the signal line above the MACD line. This suggests potential for additional downside pressure in the short term.

The RSI sits at 50, showing the market is in a neutral position. There are no extreme overbought or oversold conditions present.

Solana has formed a bearish flag pattern on the daily chart. The price completed the flagpole formation and is now forming the flag section.

A death cross pattern has formed as the 50-day and 200-day exponential moving averages crossed. This technical indicator typically suggests further downside.

The key resistance level stands at $140 while support holds at $130. A break above $140 could push the price toward $150, representing a 15% gain.

If Solana fails to hold the $130 support, the next level sits at $120. Technical analysis suggests a potential decline to $100 if the price breaks below $122.

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