Highlights:
- Solana is trading in a bullish channel while making higher lows
- Solana price action means every dip is being bought up quickly
- A breach of short-term resistance could push Solana to $210 or higher
Like the rest of the cryptocurrency market, Solana has experienced a slowdown over the last 24 hours. During this period, Solana dropped by 1.16% and was trading at $176.42 when going to press. Despite this price dip, significant developments within Solana and the broader market suggest that SOL could continue its recent upward momentum.
Solana’s Builder Grant Initiative
A week ago, on July 18, Solana announced a $400,000 grant for builders, an initiative to foster growth and innovation within its ecosystem. The Solana Foundation, through a series of tweets, announced an open call for grants for Solana Actions and Blinks tooling, with up to $400,000 in total funding available for builders.
4️⃣Social proof and identity tools
– Systems to show NFTs from users who've interacted with Actions and blinks
– Pioneering reputation or gamification systems within the Actions ecosystem
– Proof of interaction mechanismsThese tracks are not exhaustive — and intended to spark…
— Solana Foundation (@SolanaFndn) July 18, 2024
Both new and existing projects are eligible for this funding, with the stipulation that they must be open source. The funds are allocated across four suggested tracks: API frameworks, non-web Blinks clients and mobile builds, safety, and security infrastructure, as well as social proof and identity tools.
Suggested Solana Funds Tracks
The API frameworks track focuses on building Actions such as HeavyDutyBuild’s ZNAP framework and APIs that simplify and standardize Action creation. The non-web Blinks clients and mobile builds track includes implementations for platforms like Telegram, Discord, and Reddit and novel mobile applications for Blinks.
The Solana Foundation seeks to fund innovative, large-scale projects for Solana Actions & blinks, with four suggested tracks:
1️⃣API Frameworks
– Building Actions (e.g. @HeavyDutyBuild’s ZNAP framework)
– APIs that simplify & standardize Action creation https://t.co/EA4j6So1Oe— Solana Foundation (@SolanaFndn) July 18, 2024
The safety and security infrastructure track involves developing stricter transaction standards to reduce scam risks, building delegate wallet systems to improve security, and creating automated security auditing tools for developers. The social proof and identity tools track encompass systems to show NFTs from users interacting with Actions and Blinks, pioneering reputation or gamification systems within the Actions ecosystem, and evidence of interaction mechanisms.
These tracks aim to spark new ideas and innovations rather than being exhaustive. This initiative is significant as it could drive long-term growth in the Solana price by encouraging development and enhancing its ecosystem.
Bitcoin’s Potential Rally Could Boost Solana’s Price
Bitcoin shows signs of a potential rally to $70,000 after a 48-hour breather. If Bitcoin continues its upward trajectory, Solana’s price could also see a rally. Recently, when Bitcoin rallied through $60,000 to its current price of $67,000, Solana followed suit. From a technical perspective, Solana is trading in a bullish channel and making higher lows, indicating that every slight dip is being bought quickly.
Technical Analysis and Future Outlook
Over the last two days, Solana has dipped to a low of $173.53. If internal factors and broader market conditions push Solana higher, the critical level to watch would be $186.49, a multi-month resistance level. If bulls push Solana’s price through this resistance, it could reach the March 18 high of $210.11 in the short term.
Conversely, if bears take control and push Solana’s price below the $173.53 daily low, a critical support level, Solana could test the $162.66 multi-week support. However, with the introduction of Ethereum ETFs likely to boost broader market momentum, the odds are higher that Solana could reach the $210.11 mark soon.
A Recap on Solana Price
Despite a minor dip in the last 24 hours, Solana’s recent initiatives and the overall market trends suggest a strong potential for growth. The $400,000 grant for builders aims to drive innovation within the Solana ecosystem, potentially increasing its long-term value.
With a bullish broader market outlook, Solana’s technical indicators point towards a possible rally. That’s especially the case now that Ethereum ETFs could drive a new wave of investments across the cryptocurrency market.