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- In the past 24 hours, Solana’s trading volume surged by more than 23.9%.
- Solana has been integrated as one of the verification networks for Mastercard Crypto Credential.
The Ethereum competitor Solana (SOL) has risen to secure its position among the day’s top gainers with a 3% increase in price over the last 24 hours. Notably, this upward movement followed Solana’s collaboration with the prominent payment processor Mastercard.
Following the announcement, SOL reached an intraday peak of $23.50, according to CoinMarketCap. At the time of reporting, the proof-of-stake cryptocurrency was trading at $23.27, boasting a market capitalization exceeding $9.14 billion.
Solana Price Chart – Daily Time Frame (Source: TradingView)
Notably, SOL has started to exhibit trader-favorable trends concerning certain metrics. Among these, a bullish signal was indicated by one technical measure — the EMA crossover. The 20-day moving average (20 EMA) has crossed above the 50-day moving average (50 EMA), establishing a bullish crossover. Conversely, SOL’s average direction index (ADX) at 18.03 indicates the weakness of the current trend.
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As per the chart data, at the time of analysis, the Relative Strength Index (RSI) for Solana (SOL) was noted at 56.13. This suggests that SOL has entered a neutral valuation zone — neither in an oversold nor overbought condition. Nonetheless, buying pressure remains present in the SOL markets.
Solana Experiences an Upward Trend
Since 2020, Solana has frequently been perceived as a blockchain network plagued by network outages. The collapse of FTX in Q4 of 2022 pushed its native token SOL to a bearish low. To improve market sentiment, the Solana Foundation has initiated various network updates and project integrations — ranging from minor to significant.
Two of these updates have garnered community attention. Firstly, the network’s implementation of a real-time carbon emission monitoring dashboard. Secondly, the launch of its ChatGPT-focused plugin has attracted user interest as it allows them to purchase NFTs through OpenAI’s chatbot.
The announcement on Friday regarding the collaboration between Mastercard and Solana, along with other major blockchain networks — Polygon, Avalanche, and Aptos — is one of the factors contributing to the bullish SOL rally. All these recent updates have helped keep Solana in various trending lists, particularly on Twitter.
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