Solana price continues to hold above an important support level as its ecosystem moves beyond trading and towards making real-world transactions possible.
The Solana price continues to remain above an important support level, and a fresh update from Solana makes MoneyGram and cross-border payments via stablecoins central to its narrative. At present, Solana is trading at $103.70, down 0.10% over the past 24 hours
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MoneyGram Becomes a Catalyst for Solana Price
The latest Solana update introduces Anthony Soohoo, CEO of MoneyGram, who will speak at the Breakpoint event about how his company uses the low transaction fees and near-instant settlement offered by Solana to rethink the future of cross-border payments.
Solana highlighted the phrase “The killer app is stablecoin“, adding a fresh angle to the current SOL narrative.
With stablecoins considered a “killer app,” an important factor is added to the narrative of SOL right now, as the Solana blockchain network is becoming increasingly associated with payments in addition to trading.
This development is significant as increased utility within the ecosystem can lead to an even stronger narrative for Solana, especially with stablecoin payments becoming increasingly popular within the network.
MoneyGram has already expanded its Ramps service to Solana, allowing users to move between cash and digital assets through its payment network.
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SOL Retains Support After Breaking Out
According to TradingView, the Solana price has been hovering around the $103.70 mark after its recent movement when it reached a high above $110 briefly.
The price seems to be holding the key support level of $94.67, with the 50-day and 200-day moving averages at $82.68 and $85.51, respectively.
The RSI currently stands at 62.55, signifying bullish pressure without entering overbought conditions. This means that the currency could move higher if buyers can push the price back above the $105 area.
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CoinGlass Statistics Show Strong Market Involvement
In addition, the open interest graph provided by CoinGlass is a positive sign. Open interest for Solana has climbed to around $6.6 billion, which is significantly higher than the numbers seen during most of July and the beginning of August.
The volume graph shows interesting trends as well, with activity picking up during the August rally of SOL and reaching its highest level at nearly $18 billion. Such a trend suggests that the last price move occurred in conditions of high market activity.
Is It Possible for SOL to Reach $110?
In the upcoming sessions, the important downside level is expected to be at $94.67, whereas the level of upside will be between $105 and $110.
The possibility that SOL holds above its support and the ongoing positive development in the ecosystem strengthens the payments story, which means that it could try to reach $110 again.
Also Read: Solana Price Targets $110 as Bulls Test Key Resistance Zone
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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