V - Up 95% for the Year Could Solana Soar Even Higher?
2023-10-01 09:20:00 ET
Solana (CRYPTO: SOL) is one of just a handful of large-market-cap cryptos that have outperformed Bitcoin this year. Solana is up 95% for the year, compared to 60% for Bitcoin. However, much of Solana's head-spinning performance came in the early part of the year. Since July 15, when it hit an intra-year high of $32, Solana is actually down 40%, as investors have increasingly soured on the crypto's future prospects.
So which way forward will it be for Solana ? Will it continue its downward trajectory of the past 60 days, or will it find a way to soar even higher? There are two major factors to consider.
Let's start with the big partnership agreement that investors have been talking about ever since they returned from summer vacation. On Sept. 5, Visa (NYSE: V) inked a partnership deal with Solana, in which the credit card giant will use the Solana blockchain for processing transactions involving USD Coin , the second-largest stablecoin in the world. This stablecoin is pegged 1:1 to the U.S. dollar , making it possible for customers to pay with crypto instead of fiat currency at merchants that accept USD Coin.
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Up 95% for the Year, Could Solana Soar Even Higher?