- Solayer Raises $12M to Address Solana Issues
- Current Solana Price Trend: Bearish
- Shiba Shootout Presale Surpasses $1.05 Million Mark
Solana's price dropped by 3% in the last 24 hours on declining trading volume, despite Solayer securing $12 million to address Solana's scalability and transaction inclusion challenges.
Solayer Raises $12M to Address Solana Issues
Solayer raised $12 million in a funding round led by Polychain Capital. The initiative aims to resolve Solana’s scalability and transaction inclusion issues through a novel staking and network bandwidth optimization approach.
Current Solana Price Trend: Bearish
Since mid-August, Solana's price has been in a consolidation phase, trading within the $148.61 resistance and the $137.42 support level. Bulls managed to break above the sideways pattern to the $162 resistance before pulling back to the $143 support. Solana's price now trades below both the 50-day and 200-day simple moving averages (SMA), affirming the bearish trend. Additionally, the Relative Strength Index (RSI) is plunging towards the 30-oversold region, indicating strong selling pressure. If the pressure continues, Solana's price could drop back to the next support level around $130. However, if bulls seize the opportunity from the current oversold conditions, a rebound to $160 could occur.
Shiba Shootout Presale Surpasses $1.05 Million Mark
The Shiba Shootout project has demonstrated a successful presale, raising over $1.05 million. This unique meme coin project invites users to a Wild West-inspired digital frontier, offering creative gameplay with strategic elements. The project is already approved by Google Play and the Apple App Store, allowing players to earn $SHIBASHOOT tokens. Token holders can also earn passive income through the platform's staking mechanism.
In conclusion, Solana's market faces selling pressure with signs of potential recovery, while the Shiba Shootout project gains popularity through a successful presale.
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