Bonfida price rose slightly as investors bet on a rebound of Solana’s ecosystem. FIDA rose to a high of $0.45, the highest point since November 28. It remains a few points below the November 21 high of $0.98.
Bonfida turns 2 amid a cloud of uncertainty
Bonfida is a blockchain project in Solana’s ecosystem. It provides solutions like the Solana Name Service (SNS) and Jaber. Solana Name Service is similar to Ethereum Name Service. It makes it possible for users to create a human-readable by replacing a decentralized address with a domain name of your choice.
Bonfida also runs Jabber, a mobile application for decentralized and encrypted messaging on Solana.
Most importantly, Bonfida worked with Serum, one of the most important Decentralized Finance (DeFi) platforms in Solana. Until its collapse in November, Serum had millions of dollars in total value locked (TVL).
Serum was created by a team that included FTX. And unlike other decentralized autonomous organizations (DAO), Serum’s private key was not held by the DAO. Instead, it was held by FTX, which is not ideal, following the recent news. Therefore, as FTX collapsed, Serum holders exited, as I wrote in this article.
Now, the Serum community is working to rebuild its platform. The new platform is known as OpenBook and has a TVL of about $2 million.
Bonfida turned two years this week amid concerns about its future. A key shining part of Bonfida is that the volume of domains sold has been rising in the past few days. This explains why FIDA went parabolic this week.
The next key catalyst for the FIDA price will be the upcoming interest rate decision by the Federal Reserve. Economists believe that the Fed will continue hiking interest rates albeit at a slower pace.
Bonfida price prediction
The daily chart shows that the FIDA price remained in a consolidation phase this week. Its daily trading volume has dropped sharply. At the same time, the coin is hovering at the 25-day and 50-day moving averages while the Relative Strength Index (RSI) moved below the neutral point.
The price is also slightly above the important resistance level at $0.27, the lowest point in June this year. Therefore, I suspect that the token will show some volatility after the Fed decision on Wednesday. A bullish breakout will see it rise to about $0.58. A drop below the support at $0.27 will signal that bears have prevailed.
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