SOL Surges 17% After Coinbase Lists Two Solana Ecosystem Tokens

The crypto exchange listed the tokens of two major projects building on the Solana network for the first time.

Feb 1, 2022 at 6:25 a.m. UTC
Updated Feb 1, 2022 at 4:39 p.m. UTC

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

Solana’s SOL token jumped 17% in the past 24 hours to regain the $100 and above level after Coinbase listed two other tokens of the Solana ecosystem.

The crypto exchange said on Monday it would list ORCA and FIDA, tokens of Solana-based decentralized exchanges Orca and Bonfida respectively, as reported.

The move marked the first time non-Ethereum assets were listed on Coinbase. It previously listed only tokens built atop the Ethereum blockchain or the native tokens of blockchains, such as Avalanche (AVAX) and Solana.

SOL prices surged to over $106 during Asian morning hours on Tuesday from $90 on Monday morning. SOL traded at over $175 at the start of January, but fell to $82 last week amid a broader market decline.

Prices bounced from the $88-$90 support level, which acted as a major area for buyers last week. SOL previously failed to break the $100 resistance level in January.

Relative strength index (RSI) readings, however, reached overbought levels of over 70, indicating a brief correction could soon occur. RSI is a price-chart indicator that determines the magnitude of price changes over a time period.

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SOL broke above the $100 level on Monday night. (TradingView)

Another catalyst supporting the price move was an investment announcement by Phantom, Solana’s most used and well-known blockchain wallet. On Monday, Phantom closed a $109 million funding round led by crypto investment firm Paradigm and launched its iOS application, indicating growth ahead for the broader Solana ecosystem.

Meanwhile, ORCA continued its run from Monday. In the past 24 hours, prices of ORCA jumped 36% to over $4 in Asian trading hours, despite a brief sell-off from the $3.50 level on Monday. FIDA investors didn't see gains, however, as prices were up just 0.7% in the past 24 hours, according to data from analytics tool CoinGecko.

FIDA traded at the $2 level before their Coinbase listing and rose to over $2.77 during Asian trading hours before falling more than 50 cents at the time of writing.

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Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

CoinDesk - Unknown

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

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