Solana Tapped for Visa Settlement
On September 5th, Solana announced a significant partnership with Visa, extending its stablecoin settlement pilot program. Visa initially experimented with blockchain technology using Ethereum for payment settlements with USDC. This expansion to Solana marked a significant achievement for the network, which had faced scrutiny due to its association with FTX and past downtime issues.
- Visa’s extension of its stablecoin settlement pilot program to Solana.
- Introduction of Solana Pay to Shopify.
- Discussion of Solana becoming the blockchain platform for the Maker New chain.
SOL on a Daily Timeframe
By the end of trading on September 5th, SOL had experienced a modest increase of approximately 3.7%, closing at around $20.2. This indicated a generally positive response to the news, though not as significant as expected. However, it’s important to note that some of these gains have since been eroded.
As of the latest update, on a daily timeframe chart, SOL was trading at approximately $19.7, reflecting a decline in value of over 2%. Additionally, its Relative Strength Index (RSI) line displayed bearish signals, positioned at 40, signifying a bearish trend in the market.
Impact on Other Solana Metrics
According to data from DefiLlama, there appeared to be no significant reaction in Solana’s Total Value Locked (TVL) and stablecoins market capitalization. The TVL remained at approximately $310 million, and there were no apparent signs of a major uptrend on the chart. Similarly, there was no notable uptrend in the stablecoins market capitalization, which was approximately $1.5 billion as of the latest update.
However, increased activity was observed in transactions. The chart indicated a spike in transactions on the network towards the end of August, continuing until September 2nd. Transaction volumes surged from around the $20 million range to over $300 million. Nevertheless, as of the latest update, transaction volumes have returned to similar levels as before the spike.
Bet on a Solana Price Rise
Despite the price retracement observed in the previous trading session, traders displayed confidence in Solana’s potential for an upward movement. According to the funding rate on Coinglass, Solana had a positive funding rate. This marked a notable shift from the negative funding rate it registered on September 5th. The positive funding rate indicated that traders were optimistic about a price increase, likely influenced by the recent developments and announcements in the Solana ecosystem.
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