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Solana Price Witnesses Brief Uptick Amid Strong Bear Dominance

Published 2024/06/22, 15:34
Updated 2024/06/22, 19:00
Solana Price Witnesses Brief Uptick Amid Strong Bear Dominance

The News Crypto -

  • At the time of writing, SOL is trading at $134, up 3.14% in the last 24 hours.
  • If the price manages to go above $139 resistance level, then it will likely test $142 level.

Austin Federa, Head of Strategy at Solana, spoke on a new feature called ZK Compression, which is a huge step forward for blockchain technology. This new innovation has the potential to significantly lower the cost of on-chain account storage. A major obstacle for both institutional and mass-market apps is therefore remedied.

When it comes to efficiency, ZK Compression makes transactions 5,200 times cheaper. The update technically reduces the amount of the state of Solana’s blockchain. Turning on the compression technique drastically lowers hardware costs and improves blockchain speed, which is especially welcome given that state is the most resource-intensive part of the Solana (SOL) blockchain.

Moreover, Digital asset management 3iQ has filed an application to list its Solana exchange-traded product on the Toronto Stock Exchange (TSE) in Canada, ostensibly making it the first of its sort in North America.

Brief Uptick

A short-lived positive divergence does not change the fact that Solana is still in a short-term negative trend. Not surprisingly, Solana found resistance before bouncing from the $128 support level. It experienced numerous rejections around the $140 zone.

Although price fluctuations are to be anticipated, the short-term trend and momentum for Solana continue to be adverse. At the time of writing, SOL is trading at $134, up 3.14% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 17.27%.

If the price manages to go above $139 resistance level, then it will likely test $142 level. However, if the bears pull the price below $129 then the price will likely head towards the $121 support level.

This article was originally published on thenewscrypto.com

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