Solana News Today: Kalshi Bets on Solana to Fuel On-Chain Trading Revolution

Kalshi, a U.S.-based regulated prediction market platform, has announced the integration of Solana (SOL) and USDC as deposit methods, expanding its support for on-chain crypto transactions. The platform now allows users to fund their accounts directly from Solana-compatible wallets, with SOL instantly converted into U.S. dollars. This move marks a strategic step to attract more crypto traders and improve on-chain accessibility [1].

The integration is part of Kalshi’s broader efforts to diversify its supported crypto assets, which now include four major cryptocurrencies: Solana, Bitcoin (BTC), Worldcoin (WLD), and Ripple (XRP), along with stablecoins such as USD Coin (USDC) and Ripple USD (RLUSD). By incorporating Solana into its trading system, Kalshi aligns with the growing interest in high-performance blockchains that offer faster and cheaper transactions [1].

To highlight the significance of this integration, Kalshi has also launched a prediction market asking whether Solana will reach a new all-time high this year. As of now, the market shows 55% odds in favor of that outcome, with a total trading volume of $2,212. This reflects market sentiment on the token’s potential despite recent price volatility [1].

Meanwhile, Solana’s price has seen a 2.6% decline, bringing its value to around $207 at the time of the report. This dip has pushed the token below the 30-period moving average of $212.64 and closer to the $205 support level. A further decline could test the $200 psychological threshold and potentially extend losses toward the $192 to $194 range. Conversely, if the price stabilizes above $205, it could retest $212 and attempt a new push toward $216 [1].

Despite the recent dip, Solana has posted a 14% gain over the past week. Additionally, the total value locked in Solana-based applications has surged to $11.78 billion, the highest level since the start of the year. This increase in TVL indicates growing adoption and usage of the Solana ecosystem, even amid market fluctuations [1].

Kalshi’s decision to support Solana deposits underscores the platform’s commitment to expanding its crypto capabilities. The platform, which launched in July 2021, allows users to trade outcomes of various future events, ranging from economic indicators to political and legislative developments. The addition of Solana as a supported asset aligns with the broader trend of prediction markets incorporating blockchain-based financial tools [1].

Source:

[1] Solana deposits now supported on Kalshi (https://crypto.news/solana-deposits-now-supported-on-kalshi/)