Solana price rose by more than 4% on January 21 as the crypto market staged a cautious recovery after the recent dive.
Summary
- Solana price could be on the verge of a strong rebound after forming a cup-and-handle pattern.
- Circle launched its Gateway platform on Solana.
- Ondo launched its tokenized stocks and ETF trading platforms on Solana.
Solana (SOL) token rose to $131, up from this week’s low of $124.90. It remains in a correction after falling by 12.7% from its highest level this month.
Solana’s network continued to grow this week, a trend that may accelerate after developers launch the Alpenglow upgrade later this quarter. Alpenglow aims to boost network throughput to over 100,000 transactions per second by overhauling its architecture.
Circle, the creator of USDC launched the Circle Gateway on Solana. This feature now allows developers to enable chain-abstracted USDC that is instantly when and where it is needed for decentralized finance, payments, and treasury rebalancing.
Solana has become one of the most popular chains for the USDC stablecoin as it handled transactions worth over $1 trillion last year.
Meanwhile, Ondo Finance, one of the biggest players in the tokenization industry, launched Ondo Global Markets on Solana. Launched in September last year, the product has become one of the fastest-growing platforms for tokenized stocks trading.
Data compiled by DeFi Llama shows that the network has a total value locked of over $521 million, up from zero in September. It has already activated over 200 tokenized stocks and exchange-traded funds. Data compiled by TokenTerminal shows that Solana holds over $1.5 billion in tokenized stocks.
Solana has become one of the most important network in the crypto industry. Data compiled by Nansen shows that the network handled over $1.9 billion in transactions in the last 30 days, while the number of active addresses jumped by 25% to over 75 million.
Solana price technical analysis
The 12-hour chart shows that the SOL token price has pulled back over the past few days, moving from a high of $150 to its current price of $131.
This retreat is a sign that the coin is forming the handle section of the cup-and-handle pattern, a common bullish continuation sign in technical analysis.
Therefore, the most likely scenario is where the stock token rebounds and hits the key resistance level at $150. A move above that level will point to more gains, potentially to the 50% retracement level at $185.
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