Price Outlook
If the price manages to go past the recent high of $20.32, then it will likely test $22 level.
The SOL price has recently breached the $20 mark.
Regulatory Perspective
Co-founder of Solana Anatoly Yakovenko talks about how the United States is discouraging innovation in Web3 by imposing too many regulations on the sector. As per the co-founder, blockchain technology presents a significant opportunity for several developers keen on developing Web3.
However, problems arose due to murky regulations. In addition, he thinks that the only way to get over this obstacle was for authorities to set up a solid regulatory structure that would guarantee conformity.
Partnership with OKX
Moreover, OKX, a cryptocurrency exchange, has teamed up with Solana Mobile. Through this partnership, OKX’s app will join a handful of other exchange apps on Solana’s Web3 smartphone, Saga.
By integrating OKX’s array of contemporary products into Saga, the alliance hopes to increase the accessibility of decentralized apps and services.
Also, Visa, a major financial services provider, had recently announced that it would use the Solana blockchain to power its new stablecoin settlement options.
Market Analysis
Bulls in Control: At the time of writing, Solana (SOL) is trading at $20.09, down 0.59% in the last 24 hours as per data from CMC. The SOL price has recently breached the $20 mark. However, it was followed by a short correction. If the price manages to go past the recent high of $20.32, then it will likely test the $22 resistance level.
Bears on Watch: Contrarily, if the bears take over and the price falls below the $19.10 support level, then it will likely test the $17.5 support level. Both the conventional financial industry and the cryptocurrency industry are on the edge of their seats as today the Fed is to announce its interest rate decision.
