In a significant development, Solana owners can now make deposits in SOL and USDC on the Kalshi forecast platform. As of today, the platform has announced that it supports the SOL chain, allowing users to create deposits directly from SOL-compatible wallets.
Introduction to Kalshi and Solana Integration
Kalshi is a regulated market platform for financial exchange and prediction based in the USA. The platform, introduced in July 2021, offers trading for various future events, including economic indicators, weather patterns, awards, as well as political and legislative results. The recent integration of Solana (SOL) into its trading system marks a notable expansion of the platform’s scope in cryptocurrency.
The new announcement allows users to make deposits in USDC or SOL, with the Sol-token being immediately converted into US dollars to finance the user’s Kalshi account. This development is part of the company’s strategy to cater to more crypto retailers and increase its accessibility.
Implications of Solana Integration
With the integration of Solana, users can now access a predictive market that will reach a new all-time high this year. The current chances stand at 55% with yes, accompanied by a trading volume of $2,212. The move is expected to enhance the platform’s appeal to a broader audience, including crypto enthusiasts and traders.
Solana becomes the fourth crypto asset to be integrated into Kalshi, following other prominent cryptocurrencies such as USD Coin (USDC), Bitcoin (BTC), Worldcoin (WLD), Ripplle USD (RLUSD), and Ripple (XRP). This development underscores the platform’s commitment to providing a diverse range of trading options for its users.
Solana Price Analysis
At the time of writing, Solana has recently withdrawn by 2.6% compared to its top value of $217 and is now hovering around the $207 mark. The token’s price continues to fall from the threshold of $21 and has dropped significantly below the sliding 30-day moving average of $212.64.
This recent price movement indicates a loss of bullish dynamics after the strong rally from August 22nd to August 28th. Solana’s price is currently testing the support level of $205, which has become an important line in the sand for the defense of bulls. The relative strength index has fallen strongly to 37.87, indicating a bearish impulse and suggesting that sellers are currently dominating the market.
Despite the current downtrend, the token has made significant gains this week, rising by 14%. Furthermore, the total value of Solana has recently reached its highest level since the beginning of the year, standing at $11.78 billion, according to Defi Lama data.
For more information on Solana deposits on Kalshi, please visit https://crypto.news/solana-deposits-now-supported-on-kalshi/
