The Phantom wallet, based on Solana, acquires Bitski, a specialist in Web3. The Bitski team will therefore join Phantom to introduce integrated wallets on Solana, facilitating the onboarding process for users and developers.
Let’s see below all the details.
The Bitski team joins Phantom to innovate Solana-based wallets
As anticipated, Phantom, the main cryptocurrency portfolio in the Solana ecosystem, announced today the acquisition of Bitski, the browser extension wallet focused on Web3.
According to what the companies have stated, the team of Bitski will join Phantom to introduce integrated wallets on Solana, as indicated in a press release. However, the financial details of the agreement have not been disclosed.
The recent boom of non-fungible tokens (NFT), supported by Bitski, has expanded the Web3 ecosystem towards mainstream users, while creating usability challenges, especially on mobile devices.
David Wu, responsible for the growth of Phantom, emphasized that embedded wallets solve some of the issues related to adoption. In an interview, Wu stated the following:
“In the future, we believe that embedded wallets are essential for decentralized applications, rather than building custom solutions or using less reliable experimental products. With Bitski’s experience in embedded wallets, onboarding will be significantly simplified. Instead of requiring people to download a separate mobile app and manage a seed phrase, it will be enough to register with an email and start immediately.”
With the growing interest in Solana, Phantom has seen a doubling of its user base in the last three months, reaching 7 million monthly active users.
At the beginning of 2022, Phantom completed a fundraising of $109 million, achieving a valuation of $1.2 billion.
Solana (SOL) challenges key resistances as it aims for new highs
The price of Solana (SOL) has experienced a rapid increase in recent days, pushing towards new peaks and testing the key threshold of $188. This growing performance has sparked great excitement among investors in the world of cryptocurrencies.
Solana has started its upward trend after establishing a solid base around $166, capitalizing on the positive momentum of other major cryptocurrencies like Bitcoin and Ethereum, and has easily surpassed the resistances at $175 and $180.
Currently, SOL is trading above $180, supported by a crucial support level at $175 on the hourly chart, highlighting the strength of the bullish movement.
However, the immediate resistances at $185 and the main one at $188 remain critical levels to monitor carefully.
John Doe, a well-known analyst, observes:
“A close above $188 would mark a new milestone in SOL’s ascent. The next significant obstacle would be at $195, with a potential rally towards $200.”
Technical indicators confirm the strength of Solana, with the hourly MACD firmly anchored in positive territory for the SOL/USD pair and the hourly RSI above the 50 threshold, indicating a solid bullish momentum.
However, it is essential to monitor the support levels in case of retracement, with a first level at $182, followed by possible returns to $178 and to the trendline. On the downside, the crucial supports at $175 and $166 would act as defensive lines.
Jane Smith, an experienced trader, comments:
“Solana shows unparalleled resilience. Despite the resistances, the momentum remains bullish. A healthy consolidation above the supports would strengthen confidence to aim for new highs.”
The rise of Solana is attracting the attention of the crypto community, fueled by strong fundamentals and a robust bullish momentum. If the token manages to overcome key resistances, it could pave the way for new records.
However, experienced investors will carefully observe the crucial supports that outline this bullish path, ready to react in case of a trend reversal.