Solana’s role in the race to capture the token markets has drawn new attention this week when I CIO Bitwise Matthew Hougan called it “New Wall Street”.
Addressing Akshay Rajan of Solana Labs on October 2, Hougan said that global financial leaders are increasingly recognizing the disturbing potential of stablecoins and tokenization.
He noted that the heads of the SEC and the Bank of England, as well as the CEO of Blackrock, have all pointed out that digital assets could reshape payments and securities markets. Hougan added that this story strongly resonates with investors who include the change scale that such technologies could bring.
Hougan said that the public is starting to examine how to acquire an exhibition at the blockchain, the comparisons between the platforms inevitably follow. In this evaluation, he argued, the combination of speed, debit and finality close to Solana makes it “extraordinarily attractive”.
It has cited improvements from 400 microseconds to 150 microseconds at a speed of settlement, describing functionality as intuitive for those accustomed to commercial environments where execution and latency are essential.
Supervising Solana as “the new Wall Street”, Hougan said that the technical advantage of the blockchain resonates with market players. He said the story was “really resonant” and added that “you will see substantial flows”.
Technical analysis of soil price action
According to the Technical Analysis Data model of Coindesk Research, during the 23 p.m. session of October 3 at 3:00 p.m. UTC at October 4 at 2:00 p.m. UTC, Sol exchanged in a close series of $ 8.40 between $ 228.19 and $ 237.04, reflecting a consolidation period.
The summit was set at $ 237.04 around 4:00 p.m. on October 3 before the regular sales pressure brought the price to the area from $ 228 to $ 228, which acted as support.
The commercial activity was the strongest at the start of the session, the volumes culminating at 3.29 million units around 5:00 p.m., but gradually increased to only 42,637 at the end time of the analysis period. This strong reduction in volume suggested weakening participation and a potential break before a greater directional movement.
In the last 60 minutes, from 1:11 p.m. to 2:10 p.m. UTC on October 4, Sol broke below the established support area from $ 228 to $ 229. Prices increased from $ 229.84 to $ 228.94, a drop of 0.39% which confirmed the downward offset.
In this window, the market showed two phases: an early rebound attempt that briefly raised the price at $ 229.78 at 13:38, followed by a renewed sale that lowered the token to $ 228.72.
Above all, this ventilation coincided with a volume wave. The only busiest minute occurred at 2:01 p.m. when 18,011 units exchanged – the highest minute reading of the session.
This model of drop in price in parallel to the increase in volume suggested that the largest sellers were active, which potentially increases the probability that the lower time continues.
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