Solana (SOL) has defied the broader market trend, registering an impressive 88% bullish sentiment and a 7% surge within a 24-hour timeframe, largely attributed to its recent high-profile partnership. As reported by TronWeekly, Solana has formally joined forces with Visa, a renowned global payments industry leader.
This strategic alliance leverages Solana’s exceptionally fast blockchain technology to bolster Visa’s ambitious expansion of its stablecoin settlement pilot program, promising a revolutionary era of swift and efficient cross-border payments.
Currently, SOL is actively trading at $20.50, marking a significant increase in its 24-hour trading volume by 50% and a concurrent uptick in its market capitalization by 4.14%. In the short term, PricePredictions’ machine learning algorithm indicates a bullish trend for SOL, hinting at a potential upswing over the coming hours.
The SOL community is actively participating in the excitement on social media platforms, with many expressing their enthusiasm for the coin’s recent surge. One crypto enthusiast stated, “The SOL response is a good indication of the current market environment.” This sentiment has left many wondering about the potential implications if such enthusiasm were to materialize during a more bullish market.
Solana Price Prediction
SOL is currently demonstrating notable strength in its price movement. It has surged above the $20 mark and comfortably trades above the 100 Simple Moving Average (SMA). Investors and traders are closely monitoring these developments for potential trading opportunities.
On the upside, the immediate resistance for SOL stands near the $21.47 level. However, the first major resistance point to watch out for is situated at approximately $23.65. A decisive breakthrough above this critical resistance level could trigger a significant uptrend, potentially propelling the price toward the next resistance at $27.57.
Conversely, if SOL encounters difficulty surpassing the $23.65 resistance, it may experience a fresh decline in its value. In such a scenario, the first major support level comes into play at approximately $17.55.
A breach below this support level could signal a bearish trend, with the price potentially declining towards the $15.37 support level. Should this materialize, there exists a risk of further downside movement in the SOL market.