Solana

Bitcoin

Resistance

Solayer has successfully <a href="https://x.com/solayer_labs/status/1828493462460867033" rel="nofollow" target="_blank">managed</a> to raise $12 million with lead from Polychain Capital to enhance its integrated restaking network on Solana. This project is designed to address not only Solana’s scalability concerns but also those related to transaction inclusion, leveraging modern staking techniques and enhancing network bandwidth. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-42722 size-full" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/08/DALL·E-2024-08-29-11.54.43-A-futuristic-landscape-showcasing-the-technological-advancements-of-the-Solana-blockchain-network.-In-the-center-a-glowing-interconnected-web-of-nod.webp" alt="Solayer to Spend $12M on Enhanced Restaking on Solana Network" width="1792" height="1024" title="Solayer to Spend $12M on Enhanced Restaking on Solana Network 46"> 
<h2 id="b-diverse-investor-participation-b">Diverse Investor Participation</h2> 
This funding round was participated in by a variety of investors such as Hack VC, ABCDE, and Binance Labs. These funds will support Solayer’s efforts to organise Solana’s horizontal <a href="https://thebitjournal.com/us-sec-delays-solana-etf-approval-leaves-crypto-market-in-despair/">expansion</a> to decentralise the bandwidth of the network. This approach aims to achieve a more decentralised and less easily censored transactions settlement process, which is a major factor considering the record increase in users and transaction traffic on the Solana blockchain for the past year. Solayer on the other hand has a more comprehensive design approach that goes against the modularity of various blockchain systems. 
<h2 id="b-solayer-enhancing-scalability-and-liveness-b">Solayer: Enhancing Scalability and Liveness</h2> 
Improvements by Solayer in scalability and liveness within the network will help to overcome issues of congestion and rising fees that have increased with the growth of the user base within the Solana user base. So far, Solayer has <a href="https://x.com/solayer_labs/status/1828493475798802852" rel="nofollow" target="_blank">unveiled</a> some of its significant features, such as a restaking vault and MEV-boost, with plans to add more components in the coming months. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-42724 size-full" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/08/DALL·E-2024-08-29-11.53.51-A-vibrant-and-detailed-landscape-of-the-Solana-blockchain-network-highlighting-its-scalability-and-restaking-features.-The-central-focus-is-a-digital.webp" alt="Solayer to Spend $12M on Enhanced Restaking on Solana Network" width="1792" height="1024" title="Solayer to Spend $12M on Enhanced Restaking on Solana Network 47"> 
On a different note, Solana (SOL) recently witnessed <a href="https://www.newsbtc.com/analysis/solana-price-sol-slips-140-2/" rel="nofollow noopener" target="_blank">drops</a> in value which has caught the market by surprise. The SOL token has withdrawn from the levels above $155 which is similar to situations observed in Bitcoin and Ethereum. It has previously been trading below $150 and came close to the $140 support price level. 
<h2 id="b-technical-analysis-and-resistance-levels-b">Technical Analysis and Resistance Levels</h2> 
A low was established at $140.53, with the price currently consolidating its losses. After that, a minor uptrend correction was observed which enabled it to climb a little above $142 and $143 levels. The price climbed above the 23.6% Fibonacci retracement level derived from the downward movement recorded from the $161.95 swing high to the $140.53 low. 
Currently, Solana is trading significantly below the $150 mark and the ascending 100-hourly simple moving average. As modifications occur, the price experiences resistance near the $146 level. A short-term declining channel is forming, and the resistance is found around $145.50 on the hourly chart for the SOL/USD pair. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-42717 size-full" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/08/Solana_11ef75.webp" alt="Solayer to Spend $12M on Enhanced Restaking on Solana Network" width="1024" height="461" title="Solayer to Spend $12M on Enhanced Restaking on Solana Network 48"> 
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Source: <a href="https://www.tradingview.com/symbols/SOLUSD/" rel="nofollow noopener" target="_blank">SOLUSD on TradingView.com</a> 
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The next apparent level of resistance seems to be around $148 level. The breakout above the $148 and $150 resistance barriers could be an indication of a new upward trend if the closing is successful. Additionally, the next significant resistance level is around $152 or the 50% Fib retracement level of the slide from the $161.95 swing high to the $140.53 low. Further gains might propel the price towards the $162 mark. 
However, if SOL fails to overcome the $146 barrier, it may trigger a new decline. On the downside, immediate support is available at $142.00 which has major <a href="https://thebitjournal.com/parabolic-rallies-set-for-rollblock-and-arweave-ar-solana-sol-stalls-after-oversaturation/">support</a> at $140. 
<h2 id="b-technical-indicators-update-b">Technical Indicators Update</h2> 
In case SOL breaches below the $140 level, it may decline towards $132. Should it close beneath $132, further declines could beckon prices toward the $125 support in the near term. 
Technical Indicators for SOL/USD reveal the following: The hourly MACD is gaining momentum within the bearish zone. The RSI (Relative Strength Index) for SOL/USD rests below the 50 level, indicating prevailing bearish sentiment. Key support levels are at $142 and $140, while significant resistance levels are identified at $146 and $148. 
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Solayer to Spend $12M on Enhanced Restaking on Solana Network

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The Bit Journal

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