Solana (SOL) Returns to $100 on Krafton Partnership

Key Insights:

Solana (SOL) rallied by 7.90% to end Thursday at $102.39.

News of a new deal with PUBG developer Krafton delivered price support.

Technical indicators are bullish, supporting a run at $120 levels.

Solana (SOL) was amongst the front runners on Thursday. Following a 4.89% rally on Wednesday, SOL jumped by 7.90% to end the day at $102.39.

News of a Solana ETP and a new Solana-Krafton deal delivered the upside. Broader crypto market sentiment was also SOL positive.

Krafton Deal with Solana Labs Drives Demand for SOL

Mid-week, news hit the wires of Krafton striking a strategic deal with Solana Labs. Krafton is a billion-dollar gaming developer behind PlayerUnknowns Battlegrounds (PUBG).

Krafton will reportedly collaborate with Solana to build games on blockchain technology to establish a Web3 ecosystem.

This week, there was also news of CoinShares and FTX launching a ‘physically-backed Solana exchange-traded product (ETP).’ The Solana ETP will launch with 1 million SOL in seed capital, with the ETP offering investors 3% staking rewards and reduced management fees.