SOL Surged 17% After Coinbase Listed Two Solana-based Tokens

SOL surged 17% after Coinbase listed two Solana-based tokens for the first time as we can see further in our latest coinbase news.

SOL surged 17% in the past 24 hours to regain $100 and even go above after coinbase listed two Solana-based tokens. The exchange said it will list ORCA and FIDA tokens of the Solana-based exchanges Orca and Bonfida. The move marked the first time non-ETH assets were listed on Coinbase and it stuck to list the tokens atop the Ethereum blockchain or the native tokens of blockchains like Solana and Avalanche.

nice, @coinbase supports @solana SPL tokens now.

this has been a very eventful monday https://t.co/d3peuNF7Le

— raj.sol (@rajgokal) January 31, 2022

SOL prices surged to over $106 during the Asian morning hours from $90 on Monday morning but then SOL traded at over $175 at the start of this year but then fell to $82 last week amid the broader market drop. The prices bounced from the $88-$90 support level which acted as a major area for the buyers last week. SOL failed to break the $100 resistance level at the start of the year. However, the RSI reached overbought levels of over 70 indicating a short correction that could soon occur. RSI is a price-chart indicator that determines the magnitude of the price changes over a period of time.

Another catalyst supporting the price move was an investment announcement by Phanton which is the most used and well-known blockchain wallet. Phantom closed a $109 million investment round led by crypto investment firm Paradigm and launched its iOS application which indicates growth ahead of the broader Solana ecosystem. In the meantime, ORCA continued its run from Monday and in the past 24 hours, the prices of ORCA jumped 36% to trade over $4 despite a sell-off from the $3.5 levels on Monday. The FIDA investors didn’t see the gains but as the prices were up by 0.7% in the past day the data shows that FIDA traded at $2 level before the Coinbase listing and increased to $2.77 in Asian hours before dropping by more than 50 cents.

OpenSea adds Solana NFTs and Phantom wallet support according to the leaked screenshots. The images show functionality for Solana and the Phantom wallet. The leading marketplace is focused on ethereum but support for Solana’s ecosystem could be around the corner as the newly-leaked screenshots show. Ethereum killers are blockchain networks that use smart contracts to enable DEFI, NFTs, and other applications and it turned out that SOL, AVAX, and Terra all crashed during the January market crash.

Source: https://www.dcforecasts.com/altcoin-news/sol-surged-17-after-coinbase-listed-two-solana-based-tokens/