Since its inception, Solana (SOL) has been gaining recognition and catching the attention of industry experts. Former Goldman Sachs executive, Raoul Pal, recently named Solana as one of his standout altcoin choices and highlighted its potential to challenge Ethereum’s dominance. With its unique strengths and impressive speed and performance, Solana has even managed to attract the interest of global payment giant Visa.
Solana’s remarkable speed and exceptional performance have positioned it as a strong contender in the cryptocurrency market. These qualities have prompted companies like Visa to choose Solana as their preferred platform. Pal considers Solana to be one of the most promising projects outside of Ethereum, praising its ability to stand out and potentially connect with other blockchain ecosystems.
Visa’s recent announcement of its partnership with Solana to explore stablecoin settlement capabilities further solidifies Solana’s credibility within the industry. This collaboration showcases the growing recognition of Solana’s potential and its ability to revolutionize the financial landscape. With such high-profile partnerships, Solana is gaining traction and establishing itself as a force to be reckoned with.
Despite the positive sentiment surrounding Solana, the charts tell a different story. On August 5th, SOL experienced a bearish market structure, with its price dropping below the crucial $22.73 support level. In mid-August, the cryptocurrency witnessed a significant decline, experiencing a staggering 23.8% drop from its recent peak. As of now, Solana remains in a downtrend, with no clear signs of a reversal.
Analysts suggest that a pivotal level of support for the bulls lies at the 78.6% retracement level at $16.94. If Solana tests and holds this support level, it could present a viable buying opportunity. In such a scenario, the cryptocurrency could target local highs at $25.5, $29, and even reach an ambitious target of $32. However, if Solana drops below the $15.5 mark, any hopes of a bullish reversal at the 78.6% retracement level would be invalidated.
At the time of reporting, Solana was trading at $19.84 on CoinGecko, indicating a 3.7% gain in the past 24 hours. Over the previous seven days, SOL witnessed a commendable rally of 12.5%. In comparison, Ethereum (ETH) was priced at $1,637.25 with a modest 0.3% increase within the same 24-hour period. ETH had recorded gains of 5.5% over the past seven days.
Solana’s rise has caught the attention of industry experts and investors alike. With its impressive speed and performance, it has positioned itself as a potential contender to Ethereum’s dominance. Pal’s endorsement and Visa’s partnership further solidify Solana’s credibility. However, the current bearish market structure and the need for a clear buying opportunity make it essential for investors to exercise caution. As always, investing in cryptocurrencies involves risk, and thorough research should be conducted before making any investment decisions.