Solana Price Rebound: New Circle and Ondo Product Launches
The Solana (SOL) token has experienced a significant price increase of over 4% on January 21, marking a cautious recovery in the crypto market after a recent slump. This surge in price is attributed to various factors, including the formation of a cup-and-handle pattern, which is a common sign of bullish continuation in technical analysis.
According to recent data, the Solana network has continued to grow, with a trend that could accelerate after the release of the Alpenglow upgrade later this quarter. The Alpenglow upgrade aims to increase network throughput to over 100,000 transactions per second by revamping its architecture. This upgrade is expected to have a positive impact on the Solana price, making it an attractive investment opportunity for investors.
Circle and Ondo Launch New Products on Solana
Circle, the creator of USDC, has launched the Circle Gateway on Solana, allowing developers to enable chain-abstracted USDC that is instantly available when and where it is needed for decentralized finance, payments, and treasury rebalancing. This launch is significant, as Solana has become one of the most popular USDC stablecoin chains, processing over $1 trillion worth of transactions last year.
Meanwhile, Ondo Finance, a leading player in the tokenization industry, has launched Ondo Global Markets on Solana. This product has become one of the fastest-growing platforms for trading tokenized stocks, with a total value of over $521 million, up from zero in September. The platform has already activated over 200 tokenized stocks and exchange-traded funds, with Solana holding over $1.5 billion worth of tokenized stocks.
Technical Analysis of Solana Price
The 12-hour chart shows that the SOL token price has declined over the past few days, moving from a high of $150 to its current price of $131. However, this pullback is a sign that the coin is forming the handle portion of the cup-and-handle pattern, which is a common sign of bullish continuation in technical analysis.
SOL price chart | Source: crypto.news
According to technical analysis, the most likely scenario is that the stock token rises again and hits the key resistance at $150. A move above this level suggests further gains, possibly to the 50% retracement level at $185. With the launch of new products on Solana and the upcoming Alpenglow upgrade, the Solana price is expected to experience a strong recovery in the near future.
For more information on the Solana price rebound and new product launches, visit https://crypto.news/solana-price-rebound-new-circle-ondo-product-launches/
