Stablecoin issuer Circle takes a significant step by introducing its EURC stablecoin directly on the Solana blockchain.
Users now have access to more economical Euro transactions, circumventing the high "gas" fees associated with Ethereum.
The 4-hour chart of the SOL/USD pair reveals a notable development – a breakthrough above a key bearish trend line with resistance around $76.00.
According to Coingabbar Price Analysis,Solana initiates a new upward trend starting from the $67.00 zone against the US Dollar.
Similar to Bitcoin, Solana's price maintains a position above $76.00 against the US Dollar, setting the stage for potential strength.
SOL could witness substantial growth if it successfully surpasses the $80.00 resistance level.
The lower trendline of the wedge pattern serves as a safety net during the ongoing robust recovery.
Anticipation builds for a bullish breakout from the wedge pattern, intensifying buying interest from the market.
SOL experienced a notable 15% upswing on December 18th, triggered by a reversal from the lower trendline, reaching the current trading price of $77.00.
The main query persists: Will Solana successfully breach the $80 hurdle, or is there a possibility of a downturn once again?
KEY LEVELS :
RESISTANCE LEVEL : $80.00-$83.00
SUPPORT LEVEL : $75.00-$72.00
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
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