Solana has added a new one to the shower of news in recent days. Analysts are confident that these affiliates will explode the SOL price.
Solana announces partnership with Circle
Crypto payments company Circle has announced that it will launch a Euro-backed stablecoin in Solana in the first half of 2023. News of this emerged during a speech by Circle engineering manager Marcus Boorstin during the Solana Breakpoint conference in Lisbon, Portugal. Boorstin announced that FTX will support deposits and withdrawals of Euro Coin on Solana at launch. Additionally, Solana-based DeFi protocols Radium and Solend have announced that they will support it.
Boorstin summarizes what awaits the ecosystem in their statement on the Solana and Circle collaboration:
With these use cases, including “ 24/7 instant FX on Blockchain”, “We are excited about the use cases Euro Coin will unlock on Solana’s ultra-fast, ultra-low cost network. Trouble-free payments will be made in Euros with Solana Share.
Analyst thinks these news will explode SOL price
Koindeks.com We have discussed the latest developments from the Solana ecosystem in this article. Many analysts now predict that the SOL price will recover due to valuable collaborations such as Google Cloud. One of them was the well-known Twitter analyst Cantering Clark. In his current analysis, Clark says, Solana is in a position to truly recover on purpose after building a multi-moon base and taking on cross-resistance:
Solana has five months to support the declines and therefore the checkpoint has slipped to the lowest level. It’s credible to say that enough people are determined to stay lower or on the sidelines, in form that we can easily see for $40 if we retrace last month’s highs ($34.50).
Another mystery analyst, Inmortal, is also bullish on Solana. The analyst with 180,000 Twitter followers shared the chart below suggesting that SOL is likely ready to hit its target around $50.
The third crypto analyst, Altcoin Sherpa, also says that Solana is on track for a decent rally in the coming weeks. The analyst expressed his bull expectations on Twitter today as follows:
I still believe we will see $40 in the coming weeks.
Solana’s weekly chart points to higher highs
Technically speaking, Solana’s weekly chart shows a double bottom pattern. This bullish pattern is often known for trend change. In other words, it offers the opportunity for long positions to interested investors. Therefore, a break from the $38.65 resistance will weigh down the bullish momentum for a rally to $47.5.
The $47.5 level stands as a neckline resistance for the top formation. In addition, it has a great growth potential upon breaking. On the contrary, a daily candle closing below the $34.5 reinforcement will weaken the bullish argument. Analyst Brian Bollinger says the SOL chart is set to break above $38.6.