SOL’s price fails to rally high as the price continues to stall in its price movement despite the market looking green across boards. SOL’s price continues to trend below key support as the price tries to build more strength to overcome this area of resistance that has held the price down. SOL’s price remains strong on the daily timeframes as the price trades below the 50 Exponential Moving Average (EMA). The price of Solana (SOL) has yet to show some good price action to the upside as the price has continued to stall in its price movement as the crypto market continues its course for relief bounces. The crypto market has enjoyed a bit of relief across all assets, with Bitcoin (BTC) showing great traction, rallying and dragging the market. Solana (SOL) has remained relatively slow in buy orders as there is little or no volatility propelling the price of Solana (SOL). (Data from Binance) Related Reading: Algorand (ALGO) Continues To Shine With 21% Gains In 7 Days Solana (SOL) Price Analysis On The Weekly Chart The past week has seen many altcoins continue to produce over 200% gains over the past 7 days of breaking out of their range-bound movement, as many believe more hope could be settling into the crypto space once more. The new week has looked a bit skeptical, but things are beginning to shape up and looking more promising for some altcoins, like BAND, rallying over 100% in less than 24 hours, showing the price action and volume for buy orders. The price of SOL has shown little sign of volatility as the price continues to stall in its price movement as the price aims to break out of its shell with a rally imminent. After dropping from its high of $65 some months back, the price of SOL has had a great struggle to pull off a rally that has left many in euphoria. The price of SOL saw its trade at a low of $24 on the weekly chart; the price swiftly bounced from this region as the price rebounded to a region of $45, where it was rejected to a region of $30. Still, the price bounced from here after forming a range as the price was locked into its range movement for weeks. Weekly resistance for the price of SOL – $35-$45. Weekly support for the price of SOL – $30. Price Analysis Of SOL On The Daily (1D) Chart In the daily timeframe, the price of SOL continues to look strong as the price broke out of its long-range price movement to a high of $33, recapturing the key support of $30 the price lost a few days back as the price aims for a rally to a daily high of $35-$45, where the price could face a major resistance to break higher. SOL’s price needs to reclaim $45 for more bullish recovery bounces, as this has proven to be a tough region for SOL; if the price fails, we could retest $30. The price of SOL trades at $33.5 above the 50 EMA, which indicates a good relief sign for SOL’s price on the daily timeframe. The price of $30 corresponds to the 50 EMA supporting SOL values. Daily resistance for the SOL price – $45. Daily support for the SOL price – $30. Related Reading: Why Ethereum Would Have Been A Better Investment For MicroStrategy Featured Image From zipmex, Charts From Tradingview
ADAX v1 is now live on Cardano. It now forms part of the network’s burgeoning DeFi ecosystem less than five months after the activation of smart contracting in late September 2021. ADAX Launches an Order Book DEX on Cardano Details on January 30 reveal that ADAX is a “core piece of infrastructure that’s critical to the long-term prosperity of the Cardano ecosystem.” The ramp introduces new features that stand out from other live and upcoming DEXes. ADAX is a custodial and order-book-based decentralized exchange designed to fit into Cardano’s unique architecture. The DEX incorporates smart contracts built using Plutus for decentralization and to ensure instant and smooth transactions for all users. The DEX’s codes are secure, deriving its security from the developing team’s expertise and the decentralization of Cardano. The network is the most decentralized Proof-of-Stake consensus algorithm blockchain comprising over 3.3k staking pools. This follows the activation of the Shelley Phase in 2020, allowing the creation of staking pools following months of testing. Cardano DeFi is Growing Currently, Cardano has a total value locked of over $70 million and comes a few days after the deployment of a competing DEX, SundaeSwap. At this level, Cardano trails other networks that have been in operation for years. The most dominant network for deploying DeFi dApps is Ethereum. It commands over $109 billion in total value locked, where Uniswap is one of the largest DEXes by assets under management. ADAX aims to follow Uniswap’s and PancakeSwap’s lead to be a go-to platform in Cardano, set apart by its feature offering. Addressing Concurrency and Congestion At the same time, ADAX will facilitate trading on-chain with measures to contain high congestions experienced in late January 2022. Transaction delays coincided with the launch of the first intensive DeFi dApp. Moreover, the ramp adds technical capabilities to avert concurrency issues common in the UTXO accounting system in Cardano. While concurrency may or may not increase performance, throughput, or responsiveness, the frequency of concurrency may introduce limitations on the number of operations that can be simultaneously performed. Concurrency can happen in Cardano because it is designed differently from the rest, like Ethereum. The pioneer smart contracting platform uses an accounting model with a mixer where transaction confirmation is not deterministic but depends on Gas a trader is willing to pay. Expanding Partnerships The ADAX graphics team also spent weeks designing a fitting user interface that’s intuitive and easier to navigate. This helps speed up DeFi adoption since complex user interfaces and operations in DeFi often keep out interested users. ADAX also supports the Nami browser wallet. It is one of the most actively used browser wallets for accessing the growing Cardano ecosystem. It is a multicurrency and multisig hot wallet that allows users to securely store and transfer various native tokens, delegate to stake pools, and execute other operations. There are plans to integrate more wallets like CCVault and GeroWallet. At the same time, they have expanded their partnerships to include Charlie3–an oracle prover, World Mobile–a solution offering blockchain-based telecommunication infrastructure, and VyFinance–a yield auto-harvester in Cardano. The objective of collaborating with others is to create a cyclic ecosystem enhancing user experience and helping grow Cardano DeFi.