VISA’s Stablecoin Payments On Solana Propel SOL To 5% Gain, Bulls Eye Price Breakout
06 Septembre 2023 - 12:00AM
NEWSBTC
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.
Related Reading: Litecoin Price Momentum: Will It Sustain Above The
$63 Mark? 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. 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. Related Reading: Bitcoin
Trade Volumes Beat YTD Average As Inflows Resume: Are Bulls Taking
Over? 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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