Solana (SOL) is a blockchain platform that aims to improve on Ethereum’s scalability and security issues. It uses a “proof-of-history” consensus mechanism that utilizes timestamps to order transactions.
SOL price saw massive growth in 2021, reaching an all-time high of nearly $260 during the crypto bull market. Since then, prices have declined sharply. Recently, SOL stabilized around the $20-30 range.
Visa announced plans to use the Solana blockchain and SOL’s native token for USDC stablecoin settlements. This drove a 7% price increase for SOL. It also led to a sharp rise in Total Value Locked (TVL) on Solana, suggesting growing interest and potential buying pressure.
Analysts are watching to see if SOL can break key resistance levels around $25 and $27, which would be bullish. Support seems to be around $18. Trading SOL on platforms like MultiHODL provides opportunities in both bullish and bearish conditions.
Overall, the Visa announcement brings mainstream validation to Solana. But it remains to be seen whether this will drive a sustained reversal of SOL’s downward price trend over the past year. The coming days and weeks will indicate if bullish momentum can push SOL out of its recent trading range.
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