Solana (SOL) Price: $11 Billion Kalshi Chooses SOL Network for Betting Tokens

TLDR

• Kalshi has launched tokenized betting contracts on the Solana blockchain, allowing users to trade event predictions including elections and sports
• The tokenization provides more anonymity for users and connects billions of dollars in crypto liquidity to Kalshi’s platform
• DeFi protocols Jupiter and DFlow will bridge Kalshi’s offchain orderbook to Solana’s on-chain liquidity
• Kalshi raised $1 billion in November at an $11 billion valuation led by Sequoia Capital and CapitalG
• Solana price has declined below $130, testing support at $123 with resistance forming at $136

Kalshi, a major US predictions platform, has integrated with the Solana blockchain to offer tokenized versions of its betting contracts. The move went live recently and allows users to buy and sell event contracts on-chain.

The platform offers contracts on US elections, sports events, and other outcomes. Users can now trade these predictions as tokens on Solana’s network.

John Wang, Kalshi’s head of crypto, explained the company wants to access crypto’s liquidity. He said power users in cryptocurrency represent billions of dollars that can now flow into Kalshi’s markets.

The tokenization also enables third-party developers to build new interfaces. These front ends can tap into Kalshi’s existing liquidity pools.

DeFi protocols Jupiter and DFlow will connect Kalshi’s traditional orderbook to Solana. This bridge links offchain trading activity with on-chain blockchain transactions.

The integration gives Kalshi users more privacy through blockchain-based trading. This feature could help the platform compete with rivals like Polymarket.

Competition in Prediction Markets

Kalshi saw major growth in 2024 after winning a court case. The ruling allowed the platform to offer political prediction contracts ahead of the US election.

The US Commodity Futures Trading Commission dropped its appeal of that court decision in May. This cleared the way for Kalshi’s expansion.

The platform raised $1 billion in November from investors including Sequoia Capital and CapitalG. The funding round valued Kalshi at $11 billion.

Polymarket received a $2 billion investment from Intercontinental Exchange in October. Other companies like Robinhood and Coinbase are also exploring prediction markets.

Solana Price Movement

Solana’s native token SOL has dropped below key price levels. The cryptocurrency fell beneath $135 and $130 in recent trading.

SOL reached a low of $123 before recovering slightly. The token now faces resistance at $136 where a bearish trend line has formed.

The price sits below its 100-hour simple moving average. Immediate resistance appears at $128 with major resistance at $130.

Support levels exist at $125 and $122. A break below $122 could push SOL toward $120 or lower to $112.

The token would need to break above $136 to start a recovery. That could lead to gains toward $140 and potentially $145.

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