Solana (SOL) has attracted the attention of former Goldman Sachs executive RaoulPal, who recently announced that it is one of his outstanding competitive currency choices and a potential competitor to Ethereum's dominant position.In a new interview, Pal emphasized Solana's unique advantages, emphasizing its unparalleled speed and performance, which even prompted payment giant Visa to choose it as its preferred platform
Solana (SOL) has attracted the attention of former Goldman Sachs executive RaoulPal, who recently announced that it is one of his outstanding competitive currency choices and a potential competitor to Ethereum's dominant position.
In a new interview, Pal emphasized Solana's unique advantages, emphasizing its unparalleled speed and performance, which even prompted payment giant Visa to choose it as its preferred platform.
Pal expressed his passion for SOL, calling it one of his most important competitive currency choices and a contender for the most promising project outside of Ethereum. This cryptocurrency celebrity also revealed the growing influence of Solana co founder Anatoly Yakovenko (commonly known as Toly) in the cryptocurrency field.
Pal's optimistic stance on Solana stems from its speed and excellent performance, which have even attracted the attention of giants such as Visa.
Parr said:
So, why does Visa use Solana? Because it's fast. It's fast and the results are great
This viewpoint represents the uniqueness of Solana compared to Ethereum and implies the potential for interconnectivity between these blockchain ecosystems. Visa recently announced its entry into Solana's stable currency settlement function, further enhancing its reputation in the industry.
Solana: Recent Market Performance and Prospects
Although Pal's prospects are optimistic, the chart tells a different story of Solana. On August 5th, SOL experienced a bearish market structure, with its price plummeting below the key support level of $22.73. Subsequently, in mid August, cryptocurrencies experienced a significant decline, down 23.8% from their recent peak.
General bearish momentum
As of now, Solana is still in a downward trend, and its market structure has not shown any signs of reversal. The relative strength index (RSI) hovers below the critical 50 point level, highlighting the widespread bearish trend. The key line of defense for bulls is 78.6% retracement to $16.94.
Analysts say testing this support level may provide feasible buying opportunities, with targets for local highs of $25.5, $29, and an ambitious $32. However, breaking below the $15.5 mark will disappoint hopes of 78.6% pullback bullish reversal.
Market Statistics
As of the report release, SOL's trading price at CoinGecko was $19.84, which has increased by 3.7% in the past 24 hours. In the past 7 days, SOL has shown a commendable 12.5% increase.
In contrast, the price of Ethereum (ETH) is $1637.25, which has slightly increased by 0.3% in the past 24 hours. During the same 7-day period, ETH increased by 5.5%.
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