Solana Price Prediction: Can SOL Reach $1,000 With Visa Partnership?

Web Desk

08th Sep, 2023. 12:15 am
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Solana (SOL) has climbed 1% in the last 24 hours to $19.77 after Visa stated that it would expand its stablecoin pilot to include the Solana blockchain.

Despite this excellent news, SOL is down 8% in a week and 14% in the previous 30 days, despite the fact that the altcoin is up 98% since the beginning of the year.

And the Visa news paves the path for additional gains in the coming days and weeks, with SOL’s oversold position indicating that it is due for a significant comeback very soon.

Solana Price Prediction as Excitement Around VISA Partnership Grows!

Solana’s positive Visa-related news comes at an opportune time for SOL’s chart, with its signs indicating that a sustained rebound is on the way.

SOL’s relative strength index (purple) has been hovering just below 40 for the past few weeks, indicating that the coin has been oversold and is currently discounted relative to previous months’ levels.

Furthermore, the coin’s 30-day moving average (yellow) is about to fall below its 200-day moving average, a move that typically indicates that a recent slide has bottomed out and that a certain asset is about to rise again.

This viewpoint is confirmed by the fact that SOL’s support level (green) has risen in recent days, signalling that the coin is unlikely to fall lower in the near future.

Indeed, the Visa news has acted as a catalyst for SOL’s apparent rebound, with the card and payments giant saying yesterday that it will include the Solana blockchain in its stablecoin pilot, as well as collaborating with Worldpay and Nuvei as part of Solana’s participation in the pilot.

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