bitFlyer to Support Solana Trading Starting June 24

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 1 hour ago

SOL-2.772%

X+1.7%

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Market Expansion: bitFlyer has confirmed it will support Solana trading starting June 24, significantly expanding the seventh-largest cryptocurrency's footprint in Japan's highly regulated market, thereby enhancing its market position in Asia.
Technical Advantages: bitFlyer describes Solana as a blockchain that combines Proof-of-Stake consensus with its proprietary Proof-of-History technology, enabling high-speed, low-cost transaction processing across various applications, which enhances user experience.
Regulatory Environment: Japan's cryptocurrency regulatory framework is extremely stringent, requiring exchanges to obtain licensing from the Financial Services Agency before listing any digital asset, and bitFlyer's market standing makes it more competitive in this environment.
Market Trends: Amid rising trading volumes for Solana, open interest in SOL futures increased nearly 10% in 24 hours to $42.02 billion, indicating a growing demand for the asset in the market.

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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 5 technical signals, shows that 1 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	47.375	54.667	61.505	68.797	75.635	82.927	89.765
Fibonacci	54.667	60.065	63.4	68.797	74.195	77.53	82.927

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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