Solana Shakes Off 12-Month Lows, Gaining Momentum for a $130 Rally

Monicah W

Solana plunged to a 12-month low of $95.23 on April 7, marking a sharp decline amid broader market turbulence. 

However, as the market embarked on a recovery this week, SOL has witnessed a rebound, with its price climbing as demand surges.

SOL Rebounds 17%, Eyes Further Gains

Since SOL began its current rally, its value has soared by 17%. At press time, the altcoin trades at $124.58, resting atop an ascending trend line.

Solana Ascending Trend Line.
SOL Ascending Trend Line. Source: TradingView

This pattern emerges when the price of an asset consistently makes higher lows over a period of time. It represents an uptrend, indicating that SOL demand is gradually increasing, driving its prices higher. It suggests that the coin buyers are willing to pay more, and it serves as a support level during price corrections.

SOL’s recovery is further supported by its rising Relative Strength Index (RSI), indicating increasing buying interest. This momentum indicator is at 49.58 at press time, poised to break above the 50-neutral line. 

SOL RSI
SOL RSI. Source: TradingView

The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100. Values above 70 suggest that the asset is overbought and due for a price decline, while values under 30 indicate that the asset is oversold and may witness a rebound.

At 49.50 and climbing, SOL’s RSI signals a steady shift in momentum from bearish to bullish. A rise above 50 would confirm increasing buying pressure and a potential for a sustained upward price movement. 

Solana Bulls Eye $138

SOL’s ascending trend line forms a solid support floor below its price at $120.74. If demand soars and the bullish presence with the SOL spot markets strengthens, the coin could continue its rally and climb to $138.41.

SOL Price Analysis
SOL Price Analysis. Source: TradingView

However, if profit-taking commences, the support at $120.74 would be breached, and the SOL’s price could revisit $95.23.

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What is Binance’s LDUSDT Token? Everything You Need to Know

Binance Futures is launching LDUSDT, a reward-bearing margin asset based on Tether’s popular stablecoin. This product will focus on offering flexibility to the user, who can trade LDUSDT while reaping APR rewards.

This is the second product of this nature that Binance Futures has offered following its BFUSD launch last November. LDUSDT is scheduled to launch this month, and its success may encourage similar margin offerings in the future.

Binance Futures To Launch LDUSDT

Binance, the world’s largest crypto exchange, continues to expand its product offerings. It dominates crypto trading and the vast majority of staking rewards, but it also offers several margin assets.

Binance Futures added another such asset today: LDUSDT, a reward-bearing margin asset that lets users earn APR rewards from Simple Earn USDT Flexible Products.

“After the launch of our first reward-bearing margin asset BFUSD was positively received by users, we are pleased to introduce yet another product to bring more utility to our users. LDUSDT increases capital efficiency for users and lets users put their assets to work for them,” Jeff Li, VP of Product at Binance, said in an exclusive press release shared with BeInCrypto.

Binance’s new asset is based on Tether’s USDT, the world’s leading stablecoin, but LDUSDT is a totally different asset. Its main focus is on giving Binance users more flexibility, as they can trade this asset while continuing to reap passive income from APR.

This option is available to all users that have USDT on Binance Earn’s Simple Earn Flexible Products. LDUSDT is Binance’s second reward-bearing non-stablecoin margin asset, following BFUSD, which was launched last November.

Although the firm recently delisted USDT from its European operations due to regulatory concerns, this product is centered around the popular stablecoin.

According to the announcement, the exchange will launch LDUSDT “soon” without a specific release date. The exclusive press release claimed that the asset will be released sometime this April.

The company did not indicate whether it would offer more margin assets like this in the future. However, LDUSDT gives Binance Futures’ users a huge level of flexibility, which will hopefully encourage users to experiment.

A success here could encourage the firm to follow this up with similar products in the future.

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SEC Crypto Task Force Explores Cross-Border Regulation With El Salvador

Yesterday, El Salvador’s National Commission of Digital Assets (CNAD) met with staff members from the SEC’s Crypto Task Force. They sketched out plans for a cross-border “regulatory sandbox” for crypto.

This plan involves two pilot programs, each costing less than $10,000, where a US-based broker would partner with a Salvadoran tokenization firm. The plan is tailored to give data on the Task Force’s top regulatory priorities.

Will El Salvador Partner with The SEC?

The SEC’s meeting with CNAD discussed plans for El Salvador, as recorded in a log on the Commission’s site. In the meeting, the parties explicitly discussed priorities in line with Commissioner Hester Peirce’s initial statement announcing the Crypto Task Force.

Of four stated goals, the notion of a “cross-border sandbox” was listed first.

“This initiative offers the SEC Crypto Task Force a live, real-world case study to evaluate streamlined regulatory approaches for digital assets—an opportunity to observe and refine frameworks that could enhance US market innovation. A key lesson from El Salvador’s experience is the transformative potential of tokenization, particularly in real estate,” it claimed.

This sandbox will take the form of a pilot program with two scenarios, each costing $10,000 or less.

In Scenario 1, a US-based real estate broker will partner with a Salvadoran tokenization firm. They will enable investors to purchase tokenized shares of a piece of property.

Scenario 2 tests these firms’ ability to raise capital by selling tokenized shares, using this capital to actually launch a project. It doesn’t specify the project in question, but this scenario doesn’t mention real estate in any capacity.

Both these endeavors will give the SEC valuable data on joint business ventures in El Salvador.

Representatives from El Salvador and the SEC were joined by Erica Perkin, a lawyer specializing in digital asset consulting, and Heather Shemilt, a former partner at Goldman Sachs.

According to the document, participants discussed these proposals, but it doesn’t seem like they actually reached a binding agreement.

The Task Force only sent some of its staff to this meeting, no Commissioners were actually present. Still, this partnership with El Salvador could give the SEC a lot of useful insights.

This plan offers a low-cost way to gather hard data on half of the Task Force’s highest priorities, which seems like a valuable opportunity.

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