Jeremy Allaire, CEO and co-founder of Circle Internet, will be one of the keynote speakers at Solana Breakpoint 2024 in Singapore this Friday.
Solana price has been gradually gaining bullish momentum after retesting key support above $122 ahead of the Breakpoint 2024 event in Singapore. The large-cap altcoin, with a deflationary market cap of $77 billion, successfully bounced off its 50-week moving average (MA).
If the price successfully breaks above the resistance level around $150, the price of SOL against the USD will reach an all-time high in the near future. Moreover, the altcoin has recorded the largest accumulation in the past five months, since its value explosion in the fourth quarter of 2023.
However, Solana’s bullish sentiment could be invalidated if the altcoin closes below the key support level around $122 consecutively in the coming weeks.
A bearish scenario could play out if the US Federal Reserve decides to keep its benchmark interest rate unchanged on Wednesday, September 18. Additionally, the crypto market is anticipating that the Fed will follow the lead of the European Central Bank (ECB) and the Bank of Canada in cutting interest rates.
Solana Breakpoint 2024 Predictions
The Solana Breakpoint event in Singapore will kick off on September 19 and conclude on September 21 with multiple speakers set to address thousands of attendees. Additionally, the Solana team announced earlier on Tuesday that online tickets are sold out but there may be some door tickets available during the event.
To facilitate the smooth running of the event, the Solana network has partnered with transportation company Grab, where attendees can pay in USDC and PYUSD.
Over the course of the two-day event, the Solana Foundation brought together crypto leaders, developers, artists, students, and the community at large. Some of the sponsors of Solana Breakpoint 2024 include Circle Internet Financial Ltd., Galaxy, Star Atlas, Wormhole, Sanctum, Auros, and meme coin project Bonk.
This morning, Circle CEO Jeremy Allaire highlighted that he has some exciting surprises to show off during his keynote on Friday at Solana Breakpoint 2024.
Another big event this week in Singapore, I'm excited to be giving a keynote at @solana Breakpoint this Friday afternoon. Some fun surprises to show off… pic.twitter.com/JPzfKxImH7
— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) September 16, 2024
Circle’s USDC currently has over 2.3 million holders on the Solana network, with a market cap of around $3 billion. Meanwhile, the PayPal-backed stablecoin PYUSD has also seen significant growth recently, now with a market cap of around $383 million and a total of 5.5k holders on-chain.
Market Overview
Solana Breakpoint 2024 will have a profound impact on DeFi projects and related meme coins, as the community has the opportunity to directly engage with developers and leaders. The Solana network has reached a total value of approximately $4.7 billion USD and the stablecoin market capitalization is approximately $3.84 billion USD.
Top DeFi projects in the Solana ecosystem include Jito, Jupiter, and Kamino. So it is worth considering their respective tokens in the context of the growing Solana ecosystem.
