The Solana partnership with FTX is raising the SOL price despite the weakness of the crypto market

• The FTX exchange chose Solana to build their new decentralized derivatives exchange called Serum.
• FTX announced a partnership with the Miami HEAT basketball team.
• Solana price has increased 18% in the past 24 hours, outperforming the entire crypto market.

Solana has been in a massive uptrend for months, just hitting a new all-time high of $ 27, despite the fact that the cryptocurrency market has lost more than $ 100 billion in market cap in the past 24 hours.

Solana responds to new FTX partnership

The Miami HEAT team has just partnered with the FTX exchange. The team’s home will now be known as the FTX Arena. Solana was selected as the blockchain for Serum, a new decentralized derivative exchange developed by FTX. Eric Woolworth, President of the HEAT Group’s operations, said:

FTX.us is an exciting young company in an emerging category of financial services industry that continues to grow at lightning speed, and we look forward to welcoming you to Magic City with open arms. This is a groundbreaking, unique partnership in our industry that will attract worldwide attention.

The Solana price hits a new all-time high and tops everything

Solana price hit a new all-time high at $ 27 and is aiming for more as the digital asset is in pricing mode. Using the Fibonacci retracement tool, we can find the next potential target, which is $ 38.12 at a Fibonacci level of 141.4%.

SOL / USD daily chart

On the other hand, most of the indicators are overstretched and the Solana price could see a significant correction. The closest support point is at USD 21.66, which is the 78.6% Fibonacci retracement level and the 26 EMA support level.

Get the 5 Most Predictable Currency Pairs