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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

VISA’s Stablecoin Payments On Solana Propel SOL To 5% Gain, Bulls Eye Price Breakout

Ronaldo Marquez
Ronaldo Marquez
1 year ago
3 mins read
Solana

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Payment giant VISA has significantly moved in the digital currency space by expanding its stablecoin settlement services to the Solana (SOL) blockchain. 

According to recent announcements, the company aims to enhance the capabilities of traditional payment systems through this pilot program, which is currently in the testing phase. 

This initiative is expected to improve cross-border settlement speeds and offer a modern option for clients to send and receive funds through Visa’s treasury. 

In collaboration with merchant acquirers Worldpay and Nuvei, this expansion reinforces Visa’s commitment to staying at the forefront of digital currency and blockchain innovation, according to VISA’s head of Crypto, Cuy Sheffield. 

VISA Expands Stablecoin Settlement Services To Solana

Solana, a blockchain platform known for its scalability, has been chosen by VISA to extend its stablecoin settlement capabilities. With Solana’s existing support for Ethereum (ETH), VISA is leveraging the strengths of both platforms to facilitate efficient and secure transactions. 

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Per the announcements, VISA aims to enhance cross-border settlement efficiency by leveraging stablecoins such as USDC (USD Coin) and utilizing the global blockchain networks of Solana and Ethereum. 

This integration allows users to benefit from the advantages of Solana’s blockchain, such as fast transaction speeds and low fees. 

Furthermore, integrating VISA’s stablecoin settlement services with Solana provides increased utility and credibility to the platform and its native cryptocurrency, contributing to the SOL value surge.

Overall, VISA’s decision to expand its stablecoin settlement services to the Solana blockchain signifies the company’s recognition of the potential offered by blockchain technology and digital currencies. 

VISA’s selection of Solana as a partner underscores its reputation as a scalable and efficient blockchain platform. The positive market response, as evidenced by the surge in SOL’s price, highlights the growing confidence in the potential of both Solana and stablecoin solutions. 

As VISA continues to explore and embrace digital currency innovations, it reinforces the ongoing transformation of the global financial landscape.

Bullish Momentum For SOL

The recent announcement of VISA’s expansion into the Solana blockchain has notably impacted the price of SOL, Solana’s native cryptocurrency. 

Since the news broke, SOL has surged by 5.2% in the past 24 hours, currently trading at $20.46. This surge reflects the market’s positive response to VISA embracing Solana’s capabilities.

Solana
SOL’s % surge in the daily chart. Source: SOLUSDT on TradingView.com

In the immediate term, bullish investors will face a key resistance level of $20.82, which was lost on August 30 after a consolidation period of 15 days following a sharp decline influenced by the overall market trend.

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Should bulls successfully overcome this resistance level, the next hurdle to watch out for would be the 50-day Moving Average (MA) at the $21.89 level. This moving average could act as a further resistance level for the token.

On the downside, if any of these possibilities don’t play out, SOL bulls will need to defend the $19.15 level and strive to consolidate above this crucial point.

Conversely, Solana’s circulating market capitalization currently stands at $8.25 billion. However, over the past 30 days, it has declined 12.47%.

Featured image from iStock, chart from TradingView.com 

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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