Solana Deposits Now Available on Kalshi

Solana (SOL) and USD Coin (USDC) deposits are now accepted on the Kalshi prediction market platform. This new feature allows Solana holders to directly deposit from their SOL-compatible wallets, aiming to attract more crypto traders to the site.

Key Takeaways

Kalshi has introduced support for Solana (SOL) and USD Coin (USDC) deposits.
Users can deposit from SOL-compatible wallets, with tokens converted to U.S. dollars for trading.
SOL is the fourth cryptocurrency integrated into Kalshi, joining USDC, Bitcoin (BTC), Worldcoin (WLD), Ripple USD (RLUSD), and Ripple (XRP).
Currently, Solana’s price is facing a downturn but has recorded a 14% increase this week.
The total value locked in Solana has reached $11.78 billion, marking its highest level this year.

Solana deposits now supported on Kalshi

Main Content

Solana holders can now make deposits in SOL and USDC on the Kalshi prediction markets. Starting today, the platform announced its integration of the SOL chain into its trading system. Kalshi is a regulated financial exchange based in the U.S., launched in July 2021, offering trades on various future events, such as economic indicators, weather patterns, awards, and political or legislative outcomes.

“Deposit natively in USDC or SOL,” stated the platform in a recent post. Along with this announcement, Kalshi shared a link to a prediction market that bets on whether SOL will achieve a new all-time high this year. Currently, the odds stand at 55% in favor, with a trading volume of $2,212.

With this new integration, users can make deposits directly from SOL-compatible wallets, and SOL tokens will be instantly converted into U.S. dollars, allowing for seamless funding of users’ Kalshi accounts. This initiative is part of the company's strategy to attract more cryptocurrency traders and enhance the platform's accessibility. This move also follows the recent appointment of 23-year-old influencer John Wang as Head of Crypto.

SOL becomes the fourth cryptocurrency integrated into Kalshi, following the addition of prominent assets like USD Coin (USDC), Bitcoin (BTC), Worldcoin (WLD), Ripple USD (RLUSD), and Ripple (XRP).

As of the latest update, Solana has experienced a 2.6% decline from a peak of $217, now trading around the $207 mark. The price has dipped below the $210 threshold and is well below the 30-period moving average of $212.64. This downward movement indicates a loss of bullish momentum following a strong rally from August 22 to August 28. Solana's price is currently testing the crucial support level of $205, which is vital for bulls to defend.

Simultaneously, the Relative Strength Index has seen a significant drop to 37.87, indicating bearish momentum and suggesting that sellers currently have the upper hand. If the price continues to decline, it may fall below $205, approaching the psychological level of $200, with further losses potentially targeting the support area between $192 and $194, as noted previously. Conversely, if buyers can defend the $205 mark and push the price back to $212, SOL may stabilize and attempt another retest of the $216 resistance.

Despite the recent dip, the token has recorded a gain of 14% this week. Additionally, Solana's total value locked has recently surged to its highest point since the beginning of the year, now standing at $11.78 billion, according to DeFi Llama.