- Solana price has made a cautious recovery recently.
- Serum and Bonfida prices have staged a strong recovery.
Solana price crawled back on Tuesday as Bonfida’s FIDA and Serum’s SRM went parabolic. SOL rose to a high of $15.14, which was slightly above this week’s low of $12.22. It remains about 65% below the highest point this month.
FIDA and Serum goes parabolic
Solana price has been under pressure because of its exposure to FTX and Alameda Research. On-chain data show that the two entities were some of the biggest holders of the coin. Therefore, as they imploded, investors believe that they liquidated most of their Solana coins.
Solana price has rebounded slightly as investors react to the strong comeback of Bonfida and Serum are two players in its ecosystem. SRM price has soared by over 66% in the past 24 hours while Bonfida’s FIDA has rallied by over 45%.
Serum, a leading DeFi project in Solana made headlines when it was compromised as part of the FTX hack. According to the statement, the Serum program key was being controlled by a private key connected to FTX. It was not controlled by SRM DAO.
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As such, the key got lost during the hack. In the aftermath, the team decided to relaunch the platform and introduced fee revenue. The multi-sig key will now be controlled by a team of developers. It has already launched key markets like SOL/USDT and USDT/USDC.
FIDA price jumped after the team introduced an update with new features. In a Tweet, the developers said that the new version will include aggregation of tokenized and NFT domains from all marketplaces to its site. It will also ensure that all direct registrations of Solana domain names to USDC instead of FIDA. Also, it paused $FIDA staking
Meanwhile, Solana’s ecosystem has continued reeling in the past few days. The total value locked has crashed from over $11 billion to about $570 million.
Solana price prediction
The 4h chart shows that the SOL price has been under pressure in the past few days. It has nonetheless formed a bottom at the support level at $12.2. In price action analysis, this pattern is usually a bullish sign.
It has moved between the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved slightly above the neutral point. Therefore, while the situation is still fluid, there is a possibility that Solana price will have a brief comeback. However, a drop below the support at $12.2 will invalidate the bullish view.
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