Solana (SOL) continues to struggle as the last week of February starts on a bearish note. This decline has prompted veteran investors to search for safe haven projects to mitigate risk and potentially lock in greater returns.
Rollblock (RBLK), a GameFi platform currently in its initial coin offering (ICO) phase, has been attracting attention and has reportedly raised over $10 million during its ongoing ICO.
This article will examine the recent performance of Solana and explore the features of Rollblock to understand the factors driving investor interest.
Rollblock Platform Attracts User Base in the Gaming Sector
Rollblock is a community-backed GameFi platform designed to address all of the inefficiencies that have been driving users away from legacy gaming providers.
Rollblock addresses the typical issues of transparency and security by adopting the Ethereum blockchain as its base operative layer. This is intended to facilitate faster transaction processing and increased data integrity through blockchain’s immutable record-keeping capabilities.
The platform states it offers a library of approximately 7,000 games, including established casino-style games and newer AI-driven gaming experiences developed for the Rollblock community.
Furthermore, a sports betting platform has been recently introduced as well, allowing enthusiasts to bet on the most popular tournaments and events across all major leagues, including UEFA, NFL, and NASCAR.
Gaming aside, Rollblock boasts an innovative revenue-sharing model powered by the native RBLK token. This will enable investors to earn passive income while playing their favourite games. As part of this initiative, up to 30% of the platform’s revenue is reinvested to buy back RBLK tokens from the open market.
40% of these tokens are then redistributed as recurring staking rewards, incentivizing long-term holding. The remaining 60% is removed from circulation through an automated burn mechanism. This system not only encourages investor engagement but also primes RBLK for sustainable, deflation-driven price growth.
Solana Dips Below Critical Support Level, What’s Next?
Solana (SOL) has fallen below $160 after an 11% decline that took place over the weekend. This Solana correction led to a barrage of liquidations, with over $26 million in long positions being wiped out in the span of a day.
This brings the total amount of liquidations to a substantial $110 million over the week, severely impacting the sentiment of Solana investors. Solana’s funding rate is still in the negative at -0.0023%, indicating the continuation of the bearish trend, as analysts are now anticipating further declines as the short-term price structure breaks down.
Solana’s price has been in a five-week downtrend since hitting its peak of $295 on January 19. Technical indicators like the daily RSI entering oversold territory and MACD below 0 suggest that the bottom might be in for Solana, but only if buying activity picks up again. If Solana keeps on falling, it could potentially target the $120 support before reversing.
Additional bearish pressure comes from concerns over the Solana-based LIBRA memecoin’s alleged political ties and market impact. The fiasco has forced Solana investors to take a step back from SOL memes, which have been driving massive amounts of revenue into the ecosystem.
Furthermore, FTX’s ongoing token redistribution has sparked fears of another major sell-off event, with $2.06 billion worth of SOL set for release on March 1.
Conclusion
Despite the turbulence, Solana’s long-term prospects remain bullish and the $300 milestone is still in play, although for now, uncertainty is prevailing. On the other hand, Rollblock could vastly outpace SOL in terms of gains due to its significantly lower market cap which grants much greater room for growth.
Rollblock’s RBLK token presale is currently in its Stage 10, with tokens priced at $0.6. Demand is rising exponentially as early bidders are rushing to secure their RBLK position before the mainstream launch.
