Solana may rise to $160 as officials debate dissolving the Solana Foundation
Solana Breakpoint crypto conference includes Solana Executive Director and VC company CEO discuss Foundation future.
Solana hits $160 as gains reach 9%.
Sunday morning SOL trades at $146.90.
As traders absorb the Breakpoint crypto conference CEO argument, Solana (SOL) remains above $146 on Sunday. This year, two CEOs argued for the Solana Foundation's dissolution and preservation at the annual event since 2021.
Technical factors suggest Solana price growth.
The Solana Foundation dispute may boost Solana prices.
Dan Albert, executive director of Solana Foundation, urged dissolution during the Solana Breakpoint crypto conference. The CEO argued that the Foundation's capabilities are shared throughout the ecosystem. Increasing SOL token value and Foundation growth might make it “an inefficient, bureaucratic monstrosity,” says Albert.
Venture financing company RockawayX CEO Viktor Fischer opposed Albert's viewpoint. Fischer said dissolving the foundation would hurt the project since it guides the network's strategy. Fischer says hackathons foster camaraderie and progress in Solana.
There would be no organization to safeguard SOL holders against censorship, prejudice, and subversion without the foundation.
SOL expects $160 rally
Solana rises for months. SOL began its March 2024 rise in October 2023. Altcoin revised to $146.88. The Ethereum rival may surge to $160, the 50% Fibonacci retracement of the $210 March 2024 high to $110 August 2024 low.
SOL struggles in the unbalance zone between $149.30 and $155.53.
SOL price momentum is favorable according to the MACD indicator.
Solana may find support between $134.45 and $141.18 on the daily chart. Looking down, Solana relies on this unbalance zone.