The risk-averse market weighs on the crypto market. Bitcoin slips toward 23,700, ETH gained over 1%
Solana (SOL) is experimenting with other traditional assets to offer the best of traditional and digital investing solutions to investors. In a recent development, Parcl a company in a category that seems like a combination of proptech and fintech launches a derivative product.
It is a “digital real estate protocol built on Solana, a blockchain specifically designed to host decentralized and scalable applications.
Parcl Protocol, built on the Solana blockchain launched by Parcl. The product would allow investors to explore trade-specific geographical markets.
The product is expected to boost the utility of the Solana blockchain also to attract more users. In the short term, the price does not reflect any positive move. However, the long-term prospects look quite impressive as the derivative product would help investors to execute leverage long and short positions.
The boosted demand would help in growing network utility and support the value of SOL
Technically speaking, on the four-hour chart the SOL price has been in the short-term downside trend. The descending trend line acts as the upside barricade for the price. As SOL buyers attempted to breach the negative trend line on February 15.
After making double support near $19.76, the SOL price appreciated 20% to test the high of $24.14 inside the “Rising Wedge Pattern”, a bearish continuation formation. As we can see the price retreated toward the lower trend line of the channel.
A break below the channel could see the bears driving the price toward the 200-day EMA at $21.71 followed by $21.00.
Both momentum oscillators signal a potential reversal in the upside direction.
However, if the buyers recapture the $23.00 mark and produce a strong green candlestick the price could move toward $25.00 in the short term.
