• The SOL price has witnessed a significant 19.73% gain in the last 30 days.
  • The overall crypto market has rebounded with Bitcoin up 3.51%, trading at $27,780.

To take advantage of the Web3 potential in Dubai, Solana Foundation, the non-profit behind the layer-1 blockchain Solana, has become an ecosystem partner with the Dubai Multi Commodities Centre (DMCC), the biggest free trade zone in the United Arab Emirates.

According to the announcement, Solana will be able to provide technical and commercial development assistance to the DMCC crypto community in Dubai as a result of the partnership. Over five hundred crypto startups call the DMCC Crypto Centre home, making it the biggest ecosystem of crypto and blockchain companies in the area.

According to Solana block explorer SolanaFM, 5.5 million SOL tokens, with an estimated worth of $122 million, were staked from one of the key wallet addresses on the Solana blockchain recently. This account is held by the FTX trustee. Prior to this update, SOL investors were concerned that the FTX trustee would sell SOL tokens in a way that would have a negative effect on the price of the cryptocurrency.

Crypto Market Rebounds

The overall crypto market has rebounded with Bitcoin up 3.51%, trading at $27,780. At the time of writing, SOL is trading at $23.14, up 5.92% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 119.72%. The SOL price has witnessed a significant 19.73% gain in the last 30 days.

If the bulls could drive the price above the $23.9 support area then a strong rally towards $26 is on the cards. Moreover, breaching this level will likely see price testing $36.9 level. However, if the price falls below the $21.2 mark then it will likely test the $20.5 level.