Solana (SOL), a major cryptocurrency, has been newly listed on Upbit Exchange with the SOL/SGD trading pair, making it more accessible to users in Singapore. While Solana is already widely available across global platforms, this listing may still boost trading activity and draw in new investors. The impact on the broader market is expected to be moderate, but an increase in trading volume could potentially influence Solana’s price.
In this article, we will provide an overview of Upbit Exchange and how the listing will affect Solana’s price, alongside a detailed analysis of its recent price movements. A price chart is included to give further insights into Solana’s short-term performance and predictions, helping readers understand potential future trends.
Increased Accessibility for Solana
Listing of Solana in Upbit Exchange with the SOL/SGD trading pair enhances market accessibility, particularly for users in Singapore who now have direct access to trade SOL in their local currency. This could drive new demand for Solana as more investors are able to participate in trading easily. Accessibility is always an important element in attracting new traders, and listings on established exchanges like Upbit often contribute to increasing a token’s market exposure.
Solana Price Action
Based on the above chart, the Solana shows a bullish rectangle pattern, where the price has been oscillating between a strong support level around $120 and a resistance near $188. This consolidation phase is typically a sign of accumulation, with buyers slowly gaining control, which often leads to a breakout in the direction of the prior trend, which is upward in this case.
Solana has recently bounced off the lower support and is heading toward the upper resistance. If the price breaks above $188, which is the key resistance, it could trigger a significant rally toward the $250 mark, as suggested by the measured move technique, where the height of the rectangle is added to the breakout point.
For confirmation, traders should watch for a spike in volume accompanying the breakout above $188, signalling strong buying pressure and the potential for a major upward move soon.
Upbit’s Role in the Market
Upbit, South Korea’s largest cryptocurrency exchange, plays an important role in expanding the reach of digital assets. Launched in 2017, Upbit offers over 180 cryptocurrencies and more than 300 trading pairs. The exchange is well-regarded for its focus on security and user protection, holding top certifications like ISMS-P and ISO/IEC.
Beyond cryptocurrency trading, Upbit offers various services, including an NFT marketplace and staking options. It also operates independently in regions like Singapore, Indonesia, and Thailand, sharing BTC and USDT liquidity with its platforms in these areas. This interconnected system allows Upbit to remain competitive in the crypto market, making it an important player in the industry.
Solana’s Future on Upbit Exchange
The listing of Solana on Upbit is expected to attract interest from new investors, especially in Singapore, where the SOL/SGD pair makes trading more accessible. Even though Solana is widely available on other platforms, any new listing on a major exchange like Upbit can contribute to an increase in liquidity and trading activity. However, it’s crucial to monitor market sentiment as broader trends can influence the performance of individual tokens.
Conclusion
Solana’s listing on Upbit with the SGD pair marks a positive step for accessibility, especially for Singaporean traders. While the immediate price impact may be limited due to Solana’s established market presence and its latest developments, the listing could still attract new traders and improve liquidity. Upbit’s reputation as a leading exchange ensures that Solana’s listing will be handled securely and efficiently, providing users with a reliable platform for trading.
