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Investing.com – A booming cryptocurrency has revealed a new partnership with Google, smartphones and Breakpoint’s Web3 store
He has released a series of launch announcements as he prepares to take off into the mainstream, which include smartphone launches, DApp stores, and a partnership with Google Cloud, among others.
The Solana Breakpoint Conference, scheduled for four days from November 4 to November 7, attracted 13,000 people in just one of the four venues where it is being held at any one time.
Prices may be reversed
Analysts say the SOL price has been in a downtrend for three months, but the flow of news and recent events may lead to a reversal.
It is necessary to highlight that Solana currently has a market capitalization of 11.5 billion at the nominal price level of $32, making it the seventh largest cryptocurrency when stablecoins are excluded.
Despite its size, SOL’s performance to date reflects a lackluster 82% decline, while its broader global market capitalization is down 56%.
It has been in a steady downtrend for the past three months, but some traders believe that it may have bottomed at $26.80 on October 21.
Recently, there has been a lot of speculation about the reasons for the poor performance and some analysts are pointing to competition from Aptos Network.
The downtrend accelerated on October 11 after a leading decentralized finance app on the Solana network suffered a $116 million hack.
A potential promising partnership was announced on November 2 after Instagram integrated support for Solana-based Non-Foldable Tokens (NFTs).
Allowing users to create, sell and display their favorite digital arts and collectibles. SOL immediately reacted to the 5.7% pump at 15 minutes but recovered all movement within the next hour.
excessive optimism
The index futures premium (the base rate) should run between 4% to 8% to compensate traders for “locking in” funds until the contract expires.
Thus, levels below 2% are bearish, while numbers above 10% indicate excessive optimism.
Data from Laevitas shows that Solana futures have been trading down over the past 30 days, which means the futures price is lower than regular spot exchanges.
Solana now
The Solana currency rises during trading today, Sunday, within the range of 5%, while it jumps by 15% within a week, reaching levels above 36 dollars for the symbol, while it rises by 10% in thirty days.
However, Solana, which has a market capitalization of $13 billion, is declining by 80% since the beginning of the year, rising by 20% in sixty days, and declining by 15% in ninety days.
more details
Vibhu Norby, CEO and founder of Solana Spaces, unveiled the Solana Store in Miami, showing a walkthrough video of people checking out the store.
“Now anyone, anywhere can create their own Solana store,” said Solana Spaces’ CEO and founder.
While explaining the process of building the Solana store, Norby announced the launch of GeoNFTs – a non-fungible token (NFT) application – which allows users to geo-tag an area in their city.
“If you have GeoNFT, you can exchange it 1 for 1 with exclusive rights to open a Solana store in that area,” Norby said.
With GeoNFTs, Solana aims to empower single entrepreneurs who want to get into business.
Smart phones
They are for people, the Solana mobile team said while announcing the launch of its upcoming smartphones, however, the company has not yet announced an official date for its availability.
One of the distinguishing features of the Solana phone is its ability to securely store the private keys of wallets.
The Solana smartphone will be powered by Qualcomm’s chipset that has an arm-based SoC, allowing for higher throughput.
Web3
In preparation for the Web3 disruption, Solana announced the launch of the Solana App Store. During the conference, a Solana spokesperson highlighted the need for a good user experience in Web3.
In support of this issue, Solana’s DApp store promises to eliminate fees, revenue and fees, moreover, the company has confirmed with interested participants that orders will open in January 2023.
According to the news, Google Cloud will soon become a Solana nodes validation tool, and Google Cloud is building a Solana validator to produce blocks for network participation and validation.
Google Cloud’s Blockchain Node Engine, which was first announced on October 27, will be featured on the Solana Chain from 2023, and the integration will allow users to launch a custom Solana node in the cloud.
In addition, Google Cloud will index Solana’s data and bring it to BigQuery – a fully managed, serverless data repository – by next year, making it easier for Solana developers to access historical data.