Solana Labs CEO Anatoly Yakovenko has apologized after a controversial advertisement that drew much criticism. Despite the commotion, the price of Solana ($SOL) is recovering strongly and the graph shows signs of a possible breakout rally. With important resistance levels around $150 and $188, the question arises: will Solana continue its recovery today?
Solana Labs CEO Anatoly Yakovenko breaks silence about controversial advertisement
Solana Labs CEO Anatoly Yakovenko has spoken out about a controversial advertisement that the company released earlier this week.
In an X-post on March 19, Yakovenko addressed the advertisement in question and stated that it was “bad” and “still gnaws at him.” “I am ashamed that I downplayed it instead of just calling it what it is – mean and condescending to a marginalized group,” he added.
The two-and-a-half-minute advertisement, intended to promote the Solana Accelerate conference, showed a man acting as an American in a therapy session. The man told the therapist that he had thoughts ‘about innovation,’ such as crypto and blockchain technology.
The therapist then responded and advised the man to ‘do something more productive, like inventing a new gender.’ The therapist then told the man that he would be better off focusing on pronouns.
The man then hit back and said he “wants to invent technologies, not genders.”
Members of the Solana ecosystem, including non-binary and transgender developers, as evidenced by a 2017 GitHub survey, were outraged by the ad and expressed their anger towards the project and the team, calling the ad a ”mess.”
Solana rises despite controversy
Despite the controversy, the price of Solana rose by more than 6% in the past 24 hours, according to data from CoinMarketCap. This coincided with a broader revival of the crypto market after the Federal Open Market Committee (FOMC) decided to keep interest rates stable.
If we look at Solana’s technical picture, we see that the general trend in the 4-hour chart is bearish. However, the recent recovery from the $112 swing low points to a high chance of an outbreak rally.
The ongoing decline has led to a bearish expanding channel that has been in progress since mid-January. However, the recent recovery of Solana is challenging the upper trend line around $135.
With a series of bullish candles, the current struggle close to the resistance trend line indicates a high chance of a breakout. Moreover, with the recent recovery, the MACD and signal lines have once again entered the positive area after a recent crossover.
This results in a new wave of bullish histograms, which supports the chances of a bullish breakout. As a result, the momentum indicator points to a possible extended rally in the $SOL price trend. But what does this mean for the Solana price forecast?
Will a breakout rally push $SOL to $200?
Based on horizontal levels, the bullish breakout will probably challenge the previous resistance around $188. These levels extend the price targets to $222 and $267.
In the short term, the next target is the psychological level of $150, which coincides with the R2 resistance pivot level.
At the bottom, the crucial support for Solana remains around $117, followed by the psychological level of $100, which coincides with the S2 pivot support. If the bulls manage to regain power, Solaxy ($SOLX) could also benefit considerably.
For example, this project is the world’s first layer 2 solution on the Solana blockchain. When Solana rises, this will also have a positive influence on Solaxy. The project will address various problems Solana currently faces: it will ensure no congestion, no failed transactions, increased scalability and cheaper transactions. The hype surrounding the project is clear, with more than $27.1 million already raised in the presale.
