Solana might retest $20 soon as new partnerships ignite interest among $SOL whales

The price of Solana has experienced a sharp swing today, rising to a 24-hour high of $19.52 before falling to $19.43 in recent hours. The current price reflects a 0.2% decrease over the previous day, but SOL has also decreased by 2.24% during the past week and has decreased by 4.39% over the past 30 days.

However, the $SOL token has also increased significantly in the past quarter (up by 19.68% in the past 90 days), it still has the kind of medium-term momentum that will enable it to quickly bounce back from the present turmoil.

In recent days, SOL’s relative strength index (purple) has increased to 50, signalling an increase in momentum that has plenty of room to continue before the alternative currency becomes overbought.

SOL’s 30-day moving average has levelled off after deviating below its 200-day average, indicating that investors may be enticed to purchase the currency now that it is on sale.

Solana 5-day price chart. Source: Trading View

SOL may test the $20 price level once more in the coming days as per many experts. Analysts predict that the altcoin is also predicted to reach $25 in the coming weeks and $35 before the end of the year.

Solana ecosystem has come up with some strong partnerships. Solana is now included in Visa’s stablecoin settlement networks. A wide range of merchants can now enable card acceptance for USDC thanks to partnerships with Worldpay and Nuvei. This has been years in the making; Visa has been testing how USDC could be utilised in treasury operations since 2021.

As per @SolanaDaily, “The Solana DEX have surpassed 8 consecutive months with more than $1B trading volume.” 

Rune Kek, the founder of MakerDAO, is considering putting the whole Maker protocol on a brand-new, standalone blockchain (NewChain). Solana is the front-runner in this contest. Solana’s technical excellence and its already-existing successful forks are cited as justifications.

Solana Pay has also entered into a partnership with Shopify that will allow millions of merchants to accept USDC. Along with the value addition of cheap transaction fees compared to 1.5–3.5% credit card processing fees, this might also make it simple for businesses to set up loyalty programs.

Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

Author: Puskar Pande

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