SOL Surges 17% After Coinbase Lists Two Solana Ecosystem Tokens

1 February 2022

in Market

Reading Time: 2 mins read

Solana’s SOL jumped 17% in the past 24 hours to regain the $100 and above level after Coinbase listed two other tokens of the Solana ecosystem.

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The crypto exchange said on Monday it would list ORCA and FIDA, tokens of Solana-based decentralized exchanges Orca and Bonfida respectively, as reported.

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The move marked the first time non-Ethereum assets were listed on Coinbase. It previously only stuck to list tokens built atop the Ethereum blockchain or the native tokens of blockchains, such as Avalanche (AVAX) and Solana.

nice, @coinbase supports @solana SPL tokens now.

this has been a very eventful monday https://t.co/d3peuNF7Le

— raj.sol (@rajgokal) January 31, 2022

SOL prices surged to over $106 during Asian morning hours on Tuesday from $90 on Monday morning. SOL traded at over $175 at the start of January 2022 but fell to the $82 level last week amid a broader market decline.

Prices bounced from the $88-$90 support level, which acted as a major area for buyers last week. SOL previously failed to break the $100 resistance level in January 2022.

Relative Strength Index (RSI) readings, however, reached overbought levels of over 70, indicating a brief correction could soon occur. RSI is a price-chart indicator that determines the magnitude of price changes over a time period.

Another catalyst supporting the price move was an investment announcement by Phantom, Solana’s most used and well-known blockchain wallet. On Monday, Phantom closed a $109 million investment round led by crypto investment firm Paradigm and launched its iOS application, indicating growth ahead for the broader Solana ecosystem.

Meanwhile, ORCA continued its run from Monday. In the past 24 hours, prices of ORCA jumped 36% to trade over $4 in Asian hours, despite a brief sell-off from the $3.5 level on Monday. FIDA investors did not see gains, however, as prices were up just 0.7% in the past 24 hours, as per data from analytics tool CoinGecko.

FIDA traded at the $2 level before their Coinbase listing, rising to over $2.77 in Asian hours before falling more than 50 cents at the time of writing.

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