bitFlyer to Launch Solana Trading in Japan

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 18 hours ago

SOL+5.037%

BTC+1.392%

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Market Access Expansion: bitFlyer announced the launch of Solana (SOL) trading on June 24, providing new opportunities for Solana to penetrate the Japanese market and enhancing its competitive position in this crucial landscape.
Transaction Convenience Improvement: bitFlyer emphasized simplifying the trading process for SOL, leveraging Solana's efficient blockchain technology to support fast and low-cost transactions, which is expected to attract more investors.
Market Sentiment Recovery: With Bitcoin surpassing $65,000, overall crypto market sentiment has improved, as Solana surged 6.48% in the last 24 hours, nearing $73, indicating strong market demand.
Liquidity and Visibility Enhancement: The listing of Solana on bitFlyer is expected to not only increase its market visibility but also improve liquidity, particularly in Japan's critical digital asset market, driving future growth potential.

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Technical Analysis for SOL

Technical Sentiment Analysis for Solana (SOL). As of , Solana (SOL) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 2 indicators are flashing buy, while 4 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for SOL stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, SOL is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Solana (SOL) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	47.445	54.702	61.575	68.832	75.705	82.962	89.835
Fibonacci	54.702	60.1	63.435	68.832	74.23	77.565	82.962

About SOL

Solana is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. While the idea and initial work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland.To learn more about this project, check out our deep dive of Solana.The Solana protocol is designed to facilitate decentralized app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.Because of the innovative hybrid consensus model, Solana enjoys interest from small-time traders and institutional traders alike. A significant focus for the Solana Foundation is to make decentralized finance accessible on a larger scale.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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