All about Solana’s fall below $83 as market weakness overshadows new privacy upgrade
By default, balances, counterparties, and transactions are public. The new protocol makes privacy a spectrum on Solana.
Infrastructure provider Helius has announced the launch of Solana [SOL] Privacy Rings. It is a permissionless privacy protocol with execution and settlement on Solana that gives developers a way to add privacy features to new and existing applications through APIs.
Privacy as the final scaling frontier
According to Solana, this update will lay the foundation for private payments, private DeFi, and compliant privacy for businesses.
By default, balances, counterparties, and transactions are public. The Privacy Rings are aimed at making the network private, making privacy programmable and scalable, without deteriorating the user experience.
The protocol uses programmable shielded pools. Native Solana execution is used with encrypted on-chain balances.
CEO of Helius, Mert Mumtaz, said,
The final scaling frontier in crypto is privacy. Without privacy, no serious institution or individual will feel comfortable having their entire financial identity exposed to the public in perpetuity.
SOL’s muted price reaction amid lukewarm market sentiment
In the last 24 hours, SOL has shed 4.03% of its value, with the same trading at $82.70 at press time. The popular altcoin was down 11.2% over the past week, following the steady downtrend Bitcoin [BTC] and the rest of the market has been on.
Towards the end of September, Solana bulls appeared likely to breach the $125-resistance zone and drive the uptrend higher.
In just over 7 weeks, bears have achieved a 33.95% price correction from the local highs.
At the time of writing, SOL had pulled back into the imbalance (white) from $77.41-$84.01. This fair value gap was left during the explosive August rally.
Though the daily market structure was bearish, the OBV has remained resolutely above a local support. The Awesome Oscillator signaled strong downward momentum too.
SOL bulls now have yet another chance to stage a comeback. The risk-to-reward seemed to be high here for long-term investors. A daily session close below $77.4 would invalidate the idea.
Final Summary
- Helius launched Solana Privacy Rings, allowing institutions and businesses to keep payroll, treasury, or trading positions confidential.
- SOL has seen nearly 34% in drawdowns since the late September highs of around $125.
