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Investing.com – The takeover bid for Twitter (NYSE:) by Tesla (NASDAQ:) CEO Elon Musk has been a hot topic this year. Although Twitter’s management approved the transaction, it ultimately fell through, resulting in legal proceedings.
Recently released documents show that FTX founder Sam Bankman-Fried also wanted to participate in the $5 billion deal. He wanted to induce Musk to transfer the network to a blockchain ().
Musk didn’t want to hear about it, however. From his perspective, it wouldn’t be possible to run Twitter on a blockchain, as blockchains currently don’t have the bandwidth or latency to do so. It should be a huge peer-to-peer network, which however should not be decentralized, according to him.
Solana technical course markers
Solana is currently at $34.06 a gain of 0.85 percent, while the weekly gain stands at 5.64 percent.
The 78.6% Fibo retracement at $30.75 has proven to be strong support over the past few weeks. This is reinforced by the proximity of the psychological threshold of $30.00.
The resistance of the 61.8% Fibo retracement at $34.51 has certainly been tested several times, but it could not be exceeded durably since September 24th. Only if the bulls manage to break this level on the day’s close will an extension of gains towards the 50 percent Fibo retracement of $37.51 and the September 13 high of $38.91 be possible. .
Otherwise, expect a retest of the 78.6 percent Fibo retracement support. Below that, focus would shift to the psychological threshold of $30.00 and the cycle low of $25.96.
By Marco Oehrl