Solana, Ethereum’s Layer-1 competitor, has seen a strong price rally over the last weekend, becoming the seventh largest cryptocurrency by market cap. At press time, SOL is trading 14.95% up at $24.46 with a market cap of $10.1 billion. With this, Solana has extended its 2023 gains to more than 95%.The price of SOL experienced a steady uptrend, surpassing the $23.20 resistance level, demonstrating stronger momentum compared to Bitcoin and Ethereum. This surge resulted in a remarkable 15% gain, with a test of the $24.50 resistance level. A peak was established around $24.47, and currently, the price is in a consolidation phase.Solana has also made key partnerships with Visa and Shopify, which have built major optimism for the asset. Visa and Solana entered a partnership on September 5th, wherein Visa opted to utilize the Solana blockchain for handling USD Coin transactions. Additionally, Solana collaborated with Shopify to integrate Solana Pay for e-commerce vendors. Looking ahead, immediate resistance is around the $24.50 level, with the primary hurdle at $25.00. A decisive breach of the $25 resistance could potentially propel the price toward the $27.20 resistance level. Subsequently, the next significant resistance is near $28.80, and any further advances might steer the price toward the $30 level. If SOL struggles to establish a foothold above the $24.50 and $25.00 levels, it may initiate a corrective movement to the downside. Initial support on the bearish side can be found near the $23.20 level, coupled with the trend line.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | positive |
| Relevance Score | 9 |
| People | Visa, Joe Biden, Solana Pay, None, Shopify |
| Companies | Solana, Visa, Solana Pay, USD Coin, Shopify |
| Currencies | US Dollar, Solana, Ethereum, Bitcoin, shopify. |
| Securities | None |
