Solana holders can now make deposit in SOL and USDC on the Kalshi prediction markets. Starting today, the platform announced that it will add support for the SOL chain.
Summary
- Kalshi has added support for the Solana chain, enabling users to make deposits in USDC and SOL through SOL-native wallets.
- Solana recently experienced a 2.6% dip in its token price.
Prediction market platform Kalshi has expanded its scope into cryptocurrency by integrating Solana (SOL) into its trading system.
Kalshi is a U.S.-based regulated financial exchange and prediction market platform. Launched in July 2021, the platform offers trades on various future events, including economic indicators, weather patterns, awards, as well as political and legislative outcomes.
“Deposit natively in USDC or SOL,” wrote the platform on its recent post.
The new announcement is accompanied by a link to a prediction market betting on whether SOL will reach a new all-time high this year. So far, the odds are 55% on YES, with a trading volume of $2,212.
The integration of support for the Solana chain means users can make deposits directly from SOL-compatible wallets, with SOL tokens instantly being converted into U.S. dollars to fund the user’s Kalshi account.
The move is part of the company’s strategy to appeal to more crypto traders and enhance its accessibility on-chain. It also follows the company’s recent appointment of 23-year-old influencer John Wang as head of crypto.
SOL becomes the fourth crypto asset to be integrated into Kalshi, following the addition of other major cryptocurrencies including USD Coin (USDC), Bitcoin (BTC), Worldcoin (WLD), Ripple USD (RLUSD) and Ripple (XRP).
Solana price analysis
At press time, Solana has recently retreated by 2.6% from a peak of $217 and is now trading around the $207 mark. It has fallen even further from the $210 threshold and dipped well below the 30-period moving average which sits at $212.64.
This recent price movement suggests a loss of bullish momentum after the strong rally from August 22 until August 28. Solana price is currently testing the $205 support level, which has become an important line in the sand for bulls to defend.
At the same time, the Relative Strength Index dropped sharply to 37.87, indicating bearish momentum and suggesting that sellers are currently dominating.
If the price continues to weaken, it could drop below $205 and head towards the $200 psychological level, and deeper losses might target the $192 to $194 support area, as seen earlier in the trend. On the other hand, if buyers manage to defend $205 and push the price back to $212, SOL could stabilize and attempt another retest of $216 resistance.
Despite the current dip, the token has experienced more gains this week as it has increased by 14%.
In addition, Solana’s total value locked recently hit the highest level since the beginning of the year, rising to $11.78 billion according to data from DeFi Llama.
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