During Thursday’s early European trading session, the SOL/USD pair failed to stop its previous session’s bearish rally and remained well bud around the $205.00 level.
The Solana coin has been blinking red since the beginning of the day. Its steep drop could be linked to the risk-off mood in the crypto market.
Meanwhile, the SOL/USD pair was also burdened by the US dollar’s strength. As a result of a hawkish stance by Federal Reserve policymakers, backed by positive US data, the dollar traded at its best level in over a year against the euro and close to a five-year high against the yen.
In contrast, Cyclos, a Solana-based concentrated liquid AMM, has announced a partnership with Solatars to create Le Cougar Clique. Le Cougar Clique is a one-of-a-kind NFT drop connected to the CycloSwap DeFi platform.
The SOL/USD pair, on the other hand, benefits from positive progress on the Solana network, which helps to limit additional losses. Today’s Solana price is $206.67 USD, with $2,588,201,984 USD in 24-hour trading volume. In the last 24 hours, Solana has been down 4.73 percent. With a live market cap of $62,810,505,770, this coin is now ranked #5. There are 303,913,354 SOL coins in circulation, with the maximum supply unknown.
As previously stated, one of the critical factors putting pressure on the pair was the buying bias surrounding the broad-based US dollar. The broad-based US dollar extended its early-day bullish run, climbing considerably against its major peers on the day as the Federal Reserve’s hawkish stance, bolstered by robust US data, contrasted with Europe and Japan’s more dovish monetary outlooks.
On the other hand, Stripe co-founder John Collison has hinted that the company may reintroduce cryptocurrency as a payment option after halting Bitcoin support in 2018. At the Fintech Abu Dhabi conference on Tuesday, Collison said that bitcoin payments were not out of the question for the financial services giant. When asked if Stripe might accept cryptocurrencies in the future, he said it’s “not implausible.”
Collison’s recent comments reveal a complete change of attitude. Stripe stopped accepting Bitcoin payments in 2018, citing excessive volatility and inefficiency in day-to-day transactions as reasons. Stripe may now consider cryptocurrency as a feasible payment option due to developing more efficient crypto payment systems.
According to Collison, there have been several recent improvements to make cryptocurrencies better and, in particular, scalable and cost-effective as a payment method. He went on to say that blockchains like Solana, as well as developments like Bitcoin’s Lightning Network, have the potential to serve as scalable, low-cost crypto transactions. Furthermore, the Saber protocol stated on November 23 that Binance Smart Chain (BSC) stablecoins will be added to the Solana network via the Wormhole bridge. These good developments could have a bullish effect on the price of Solana.
Solana Price Prediction – Technical Outlook
Daily Technical Levels
Pivot Point: 201.698