A large digital currency is preparing for a massive explosion
Soaring budding cryptocurrency Solana revealed a new partnership with Google, smartphones and the Web3 store at Breakpoint
Solana has released a series of launch announcements as it prepares to go mainstream, which include smartphone launches, DApp stores, and a partnership with Google Cloud, among others.
The Solana Breakpoint Conference, scheduled for four days from November 4 to November 7, attracted 13,000 people in just one of the four venues where it is being held at any one time.
Analysts say the SOL price has been in a downtrend for three months, but the flow of news and recent events may lead to a reversal.
It is necessary to highlight that Solana currently has a market capitalization of $11.5 billion at the nominal price level of $32, making it the seventh largest cryptocurrency when stablecoins are excluded.
Despite its size, SOL’s performance to date reflects a lackluster 82% decline, while its broader global market capitalization is down 56%.
It has been in a steady downtrend for the past three months, but some traders believe that it may have bottomed at $26.80 on October 21.
Recently, there has been a lot of speculation about the reasons for the poor performance and some analysts are pointing to competition from Aptos Network.
The downtrend accelerated on October 11 after a leading decentralized finance app on the Solana network suffered a $116 million hack.
A potential promising partnership was announced on November 2 after Instagram integrated support for Solana-based Non-Foldable Tokens (NFTs).
Allowing users to create, sell and display their favorite digital arts and collectibles. SOL immediately reacted to the 5.7% pump at 15 minutes but recovered all movement within the next hour.
The index futures premium (the base rate) must run between 4% to 8% to compensate traders for “locking in” funds until the contract expires.
Thus, levels below 2% are bearish, while numbers above 10% indicate excessive optimism.
Data from Laevitas shows that Solana futures have been trading down over the past 30 days, which means the futures price is lower than regular spot exchanges.
The Solana currency rises during trading today, Sunday, within the range of 5%, while it jumps by 15% within a week, reaching levels above 36 dollars for the symbol, while it rises by 10% in thirty days.
However, Solana, which has a market capitalization of $13 billion, is declining by 80% since the beginning of the year, rising by 20% in sixty days, and declining by 15% in ninety days.