Solana price has been trading inside a huge uptrend for months now and just hit a new all-time high at a price of $27, despite the cryptocurrency market losing quite $100 billion in market capitalization in the past 24 hours.

Solana reacts to new FTX partnership

The Miami HEAT development team has just partnered with the FTX exchange. the house of the team will now be referred to as the FTX Arena. Solana project was chosen to be the blockchain for Serum, a new decentralized derivatives exchange built by FTX. Eric Woolworth, President of the heat Group's Business Operations said:

FTX.us is an exciting, young company in an emerging category of the financial services industry that continues to grow at very lightning speed, and that we are ecstatic to welcome them with open arms to the Magic City. this is often a ground-breaking, first-of-its-kind Solano partnership in our industry which will draw global attention.



Solana's price hit a new all-time high at a price of $27 and aims for more as the Solano is in price discovery mode. Using the Fibonacci Retracement tool, we will determine following potential target, which is at $38.12 at the 141.4% Fibonacci level.

On the opposite hand, most price indicators are overextended and Solana SOL price could see a big correction. the closest support point is found at $21.66, which is the 78.6% Fibonacci Retracement level and the 26-EMA support level.

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