Key Notes
- GoMining’s innovative approach combines Bitcoin mining hashrate tokenization with Solana’s high-performance DEX ecosystem, potentially reaching a broader audience through SOL’s $24.51 billion trading volume.
- The platform’s expansion includes a strategic NFT launch on Magic Eden marketplace, which has seen a 44% surge in trading volume, positioning GoMining for enhanced market presence.
- Technical analysis shows mixed signals with an RSI of 54.35 and potential bearish MACD divergence, suggesting critical price action ahead for the GOMINING token.
Prominent Bitcoin mining firm GoMining has announced its expansion to the Solana
BTC
$96 247
24h volatility:
5.4%
Market cap:
$1.90 T
Vol. 24h:
$60.48 B
blockchain, while the native token of the firm (GOMINING) is struggling to break above the $0.5 price level, trading at $0.4974 at the time of writing, down 0.16% in the past 24 hours. However, additional details regarding the new initiative will be unveiled on Wednesday, which could send the token on a bullish path.
According to a post on X (previously Twitter), GoMining claims that the new development will be “MASSIVE,” possibly hinting at new services and products as a new year for the crypto market begins.
Solana Tops DEX Volume, While GoMining Tokenizes BTC Mining
The decision to expand to the Solana blockchain comes ahead of the debut of the GoMining non-fungible tokens (NFTs) on Magic Eden, the largest NFT marketplace on the Solana network. As per DappRadar data, the 24-hour trading volume of the marketplace stands at around $900,000, a 44% surge.
GoMining CEO Mark Zalan told TheBlock in a statement that Bitcoin, being the largest digital asset protocol, should be accessible to every crypto market participant as part of their crypto exposure, no matter what blockchain they choose.
GOMINING Token to Break $0.5?
The Solana expansion will list the GOMINING token on the network’s DEXs, broadening access to the altcoin. Currently, ranked 325th on CoinMarketCap with a $205.6 million market cap, GOMINING’s trading volume jumped 15% to $10 million in 24 hours.
The GOMINING daily chart below looks bullish with the Relative Strength Index (RSI) reading a value of 54.35, but the gradient of the line suggests that back-and-forth movement is likely in the short term.
The MACD indicator shows that the MACD line (blue) is very close to the signal line (red), which confirms the possibility of a bearish divergence. The bulls need to take over the token’s price action to prevent this bearish scenario.
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