Solana (SOL) price continued its recent recovery as Sam Bankman-Fried (SBF) took the stand and as more developers moved to the ecosystem. SOL jumped to a high of $34 this week, the highest level since October 2022. It has soared by more than 402% from the lowest level this year, making it one of the best performers in the industry.
IoTeX integrates with Solana
Solana has been the biggest comeback kid this year as investors move on from the collapse of FTX and Alameda Research. Their collapse was notable since SBF’s empire held loads of SOL tokens.
Now, there are still concerns that the FTX Estate will soon dump millions of SOL tokens to the market. Recently, however, the estate decided to stake tokens worth over $122 million as it attempts to extract the most value.
At the same time, Solana is still seeing strong integrations among developers. The most recent integration was with IoTeX, a leading platform that focuses on Internet of Things (IoT).
As part of this integration, Solana will power IoTeX’s Decentralized Physical Infrastructure Network (DePIN), which is at the intersection of the physical and crypto industry. It does this by leveraging token incentives to deploy and maintain a community-contributed infrastructure network. It will do that using W3bstream, a verifiable off-chain compute infrastructure platform.
IoTeX’s W3bstream has integrated with @Solana.
Developers can now harness r3al world data and build #DePIN dApps that impact everyday lives.
Here’s what the integration means. 🧵👇https://t.co/obWzNltEIQ
— IoTeX (@iotex_io) October 26, 2023
IoTeX joins other players that have embraced Solana in the past few months. One of them is Helium, a network that provides decentralised hotspots around the world.
Solana still has an active DeFi ecosystem. Data shows that its DeFi ecosystem has a total value locked (TVL) of over $378 million. At its peak, it had billions in assets, as investors cheered its quick speeds and lower transaction costs. The biggest players in Solana’s DeFi platforms are Marinade Finance, Jito, and Solend.
Solana price forecast
SOL chart by TradingView
The daily chart shows that the SOL crypto price has made a strong recovery in the past few months. It has now jumped to the highest point since October last year. The current price of $32.58 is important since it was also the highest level on July 14th.
Solana has jumped above the 50-day and 100-day Arnaud Legoux Moving Averages (ALMA). Most importantly, it has formed what looks like a cup and handle pattern, which is a bullish sign.
The MACD and the Relative Strength Index (RSI) have moved to the overbought level. Therefore, Solana price will likely continue soaring as buyers target the key resistance point at $40. The alternative is where the coin retreats to the key support at $25.28, the highest swing on August 15th.
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