- Solana faced significant resistance around the $140 zone after bouncing from the $128 support level.
- The new ZK Compression feature can reduce transaction costs by 5,200 times and improve blockchain speed.
- 3iQ has applied to list its Solana exchange-traded product on the Toronto Stock Exchange, a potential first in North America.
Solana (SOL) encountered significant resistance after rebounding from the $128 support level, facing multiple rejections near the $140 mark. Despite a brief positive divergence, the short-term trend for Solana remains bearish.
Currently, SOL is trading at $134, reflecting a 3.14% increase over the last 24 hours. However, the trading volume has dropped by 17.27%.
Price movements are expected, yet the momentum and short-term trend for Solana continue to be negative. Should the price rise above the $139 resistance level, it could potentially test the $142 level. Conversely, if bearish pressure forces the price below $129, it might decline further toward the $121 support level.
Meanwhile, Austin Federa, Head of Strategy at Solana, discussed an innovative feature called ZK Compression, which represents a significant advancement in blockchain technology. This new feature has the potential to drastically reduce the cost of on-chain account storage, addressing a major hurdle for both institutional and mass-market applications.
In terms of efficiency, ZK Compression makes transactions 5,200 times cheaper by technically reducing the state size of Solana’s blockchain. Implementing this compression technique significantly lowers hardware costs and enhances blockchain speed, which is particularly beneficial since the state is the most resource-intensive aspect of the Solana blockchain.
Moreover, 3iQ, a digital asset management company, has applied to list its Solana exchange-traded product on the Toronto Stock Exchange (TSE) in Canada. If approved, it would be the first Solana exchange-traded product in North America, potentially expanding the cryptocurrency’s reach and appeal to more investors.
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The post Solana Faces Resistance at $140 After Bouncing from This Support Level appeared first on Crypto News Land.
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