The Solana price prediction shows that the SOL/USDT pair may soon receive additional attention as Seven Seven Six will partner with Solana Ventures by committing $100 million to develop decentralized Web3 social media projects.
Solana’s price has recently touched off all-time highs. Despite the recent market correction, this latest move to become a decentralized social media hub could push its adoption.
Seven Seven Six is owned by Reddit’s co-founder Alexis Ohanian. Ohanian announced the $100m investment at the Solana Breakpoint Conference in Lisbon, paving the way for Solana to start taking on social media projects.
Web3 aims to redirect the current centralized control structure of social media and put this in the hands of the user community. Given the recent negative press surrounding Facebook and how it handles user data on the back end of its operations, perhaps the time for Web3 and Solana has come.
The Solana price is marginally up (0.23%) after three days of correction from the all-time highs at 259.90.
The 234.76 price mark is the current support on which intraday price action is hinged. A breakdown of this level opens the door towards 219.21 (25 October high). 197.52 and 186.61 may also serve as additional targets to the south.
On the flip side, a bounce on 234.76 refocuses the price action towards the 259.90 all-time high. This price mark is the barrier between the bulls and potential upside targets at the 279.89 and 317.47 price marks. These areas are the 161.8% and 200% Fibonacci extensions of the price swing of 9 September to 21 September.
Follow Eno on Twitter.
This post was last modified on Nov 10, 2021, 13:51 GMT 13:51