Tuesday, September 21, 2021
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Solana targets Ripple

Investing.com – shines again this Tuesday. Within the last seven days, the SOL course has risen 57 percent.

In the last 24 hours alone, it rose 31 percent to $ 187 after the new all-time high of $ 195.48 was formed.

New Solana DeFi project – Cyclos

Cyclos is the latest Solana-based DeFi project. It will open up completely new possibilities for the blockchain via the possibility of concentrated liquidity developed by Uniswap 3.

The various liquidity providers can set their own price developments in the order books of the decentralized Exchange Serum. This then increases the potential return on the assets offered.

The DEX will benefit enormously from the provision of liquidity. Especially in the area of ​​stablecoin pairs, additional liquidity can be created, since these markets do not require any additional algorithms. This should increase the number of currency pairs offered on Serum soon.

In addition, there are extended functions that were not available for Solana Market Makers until then – range orders and stop loss as well as limit orders. Serum is then well positioned to cope with the growing user base.

Cyclos Press Secretary Jason O’Brien said:

“Cyclos is introducing a large number of DeFi functions on Solana that were previously not possible with the existing infrastructure. Range limit orders, capital-efficient liquidity pool bootstrapping and order book-based stable asset market making are possible thanks to the innovative approach of Cyclos possible. “

SOL is the new darling of investors – Ripple XRP in danger

The fact that Solana has now become an integral part of the crypto universe is also shown by the fact that capital flows into digital investment products related to the SOL.

For the week ending September 3, a total of $ 140 million went into digital investment products. It received $ 98 million in inflows, while Solana already brought in $ 13.2 million.

Solana is still in 7th place in the crypto world rankings. But if the SOL continues its triumphant advance, the XRP will soon have to vacate its 6th place. The two are currently not even separated by $ 6 billion in market capitalization.

Solana technical analysis

Solana is experiencing an impressive rally, which caused the SOL price to rise from $ 66.28 on August 25 to today’s all-time high of $ 194.30.

At this point in time, it is worrying that the RSI has not yet confirmed the new high on the SOL / USD daily chart. If there is no confirmation at the end of the day, then the negative divergence signals at least a consolidation, if not a correction.

Initial support is the 23.6 percent Fibonacci retracement of the most recent rally at $ 164.08. If this does not withstand the downward pressure on the daily closing price basis, we have to prepare for an SOL move in the direction of the 38.2 percent Fibonacci retracement of 145.39 dollars.

If, on the other hand, a break above the psychologically important mark of $ 200 succeeds, Solana can expand its profits to the 123.6 percent Fibonacci extension of $ 224.51.

From Marco Oehrl

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Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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