Kalshi, a prediction market platform, has now extended its services to include support for the Solana (SOL) blockchain. This development allows users to make deposits in USDC and SOL through SOL-native wallets, expanding the platform’s offerings in the cryptocurrency space.
Founded in July 2021, Kalshi is a regulated financial exchange and prediction market platform based in the United States. It enables users to trade on various future events such as economic indicators, weather patterns, awards, and political outcomes. With the integration of the Solana chain, users can now deposit funds directly from SOL-compatible wallets, with SOL tokens being converted into U.S. dollars to fund their Kalshi accounts seamlessly.
One of the latest additions to the platform is a prediction market betting on whether SOL will reach a new all-time high this year. Currently, the odds stand at 55% for YES, with a trading volume of $2,212. This new offering aims to attract more crypto traders to the platform and enhance accessibility on-chain.
The integration of SOL support comes as part of Kalshi’s broader strategy to cater to the growing demand for cryptocurrency trading. The platform recently appointed influencer John Wang as head of crypto to spearhead its crypto initiatives.
SOL now joins other major cryptocurrencies like USD Coin (USDC), Bitcoin (BTC), Worldcoin (WLD), Ripple USD (RLUSD), and Ripple (XRP) on Kalshi’s list of supported assets. This move reflects the platform’s commitment to providing a diverse range of trading options for its users.
In terms of price analysis, Solana recently experienced a 2.6% dip from its peak of $217, currently trading around $207. The price movement suggests a loss of bullish momentum after a strong rally in late August. The token is testing the $205 support level, with the Relative Strength Index indicating bearish momentum.
Despite the recent dip, Solana has seen gains of 14% this week. Additionally, the total value locked in Solana’s ecosystem has reached $11.78 billion, marking a significant milestone for the blockchain.
Overall, Kalshi’s integration of SOL support and Solana’s price analysis point to a growing interest in the cryptocurrency space and the platform’s efforts to cater to this demand. With a diverse range of trading options and a focus on user accessibility, Kalshi continues to position itself as a leading player in the prediction market and cryptocurrency trading industry.