- New partnership to launch Cascade, compatible with Solana based applications.
- Apps ported from Solana to Cascade will get exposed to the Cosmos ecosystem.
- SOL price lost 7.81% in over a week; presently consolidating.
Solana developers of web3 apps may soon be able to port their apps to the Cosmos ecosystem, pushing up SOL price. Cosmos based blockchain Injective and development company Eclipse are set to roll out Cascade, an environment that Solana apps can port. The port facility will provide users with access to a wider crypto ecosystem.
A Solana application can be deployed on Cascade, a Layer 2 network built on top of Injective. With the Solana app on Cascade, other blockchains in the Cosmos ecosystem will be able to interact with it. The Injective team has launched a Layer 2 testnet that deploys Solana Sea Level Virtual Machine. Taking leverage of this advancement, SOL price may break out of the consolidation channel, and establish a bullish rally.
The Picturesque
SOL price forms a prolonged consolidation channel. The price action lost 7.81% over the last seven days. The volume witnesses a fall, showing declining interaction within the market. The EMA ribbon indicates possibilities of a bullish crossover in the near term, suggesting an uptrend in the future. The Volume Oscillator drops sharply, indicating negative attributes. A horizontal OBV suggests the market is in a neutral state at present.
The CMF moves about the baseline, not giving any clear trends. The MACD nears a convergence and moves in a narrow path, indicating that the buyers are matching sellers, and are unable to establish dominance. The RSI also moves close to the half line suggesting a neutral market for SOL price action.
A Smaller Window
In the smaller time-frame, SOL price forms a long channel of consolidation, which is nearing a lower range. The price may witness a temporary breakdown, but may establish a bull run in the long term. The CMF rises in the positive zone, giving out weak bullish signals. The MACD converges and records descending buyer bars for Solana. The RSI drops to the 40-range, indicating seller dominance in the market, but can loosen the grip once Cascade is successfully functional.
Conclusion
SOL price may soon break out of the consolidation channel, taking leverage of the new advancement in the Solana community. The new compatible development between Solana and Cosmos network can prove beneficial for both ecosystems. The holder of SOL can watch for the breach of channel and rely on the support near $16.85.
Technical levels
Support levels: $16.85 and $11.50
Resistance levels: $26.00 and $34.20
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
