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Information about Solana (SOL)
Solana is a blockchain platform that supports high-performance decentralized applications and smart contracts. The Solana platform is designed to facilitate the creation of decentralized applications (DApps) to make decentralized finance accessible on a larger scale. Solana improves scalability by using the Proof of History consensus method, combined with the underlying blockchain’s Proof of Stake consensus method.
SOL is a token that operates on the Solana blockchain platform. The SOL token has the typical uses of a platform token such as:
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According to Caitlin Long, the CEO of Custodia Bank, the Federal Reserve continues to block banks from engaging with crypto assets, keeping a significant restriction active while appearing to ease regulations. This stipulation favors major banks and complicates custody for smaller banks.
Long also pointed out that the Fed’s public relations strategy concealed vital information, misleading the public about the extent of changes in crypto regulation. She emphasized that this tactic has led to confusion and distrust among stakeholders in the crypto space.
Solana is showing signs of a potential breakout due to recent whale actions and a positive shift in market sentiment. Notably, a significant whale transfer of over 17,481 SOL to Kraken suggests increased interest in the asset.
Currently, SOL is priced at 148.52 USD, reflecting a minor decline of 1.74% over the last 24 hours. Retail investors remain optimistic, while institutional sentiment is more cautious following recent price fluctuations.
Technical analysis indicates that SOL is nearing vital resistance at 153.65 USD, supported by a bullish divergence from MACD, suggesting a breakout could lead to further upward momentum.
Solana (SOL) has lost market momentum after encountering resistance at the 200 EMA, indicating a potential decline. Immediate support is seen at 140 USD and 130 USD, with 120 USD as a crucial point to watch.
Bitcoin (BTC) is gaining strength, eyeing a target of 100,000 USD, supported by technical indicators, while XRP is at a pivotal juncture, currently testing resistance at the 100-day EMA, which could dictate its next price movement.
On April 26, SEC Chair Paul Atkins’ account was allegedly hacked, revealing a Solana token contract. The quick deletion sparked alarm over high-profile accounts’ security. Despite the incident, Solana’s market remained stable.
No significant market impact was recorded for Solana following the hack. Moreover, with 72 crypto ETFs pending approval, the SEC’s regulatory stance under Atkins is being closely observed as stakeholders await developments.
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