Did Solana Bulls Respond to Mastercard Collab Announcement?

• In the last 24 hours, the trading volume of Solana increased by over 23.9%.
• Solana integrates as one of the verification networks for Mastercard Crypto Credential.

The Ethereum Killer Solana (SOL) climbed up to claim its spot among the top gainers of the day with a 3% price spike in the past 24 hours. Significantly, this bullish rally occurred after Solana’s partnership with the giant payment processor Mastercard.

Post the announcement, SOL hit an intraday high of $23.50, as per CoinMarketCap. At press time, the PoS-based cryptocurrency traded at $23.27 with a market cap of over $9.14 billion.

Solana Price Chart – Daily Time Frame (Source: TradingView)

Markedly, SOL has begun displaying trader-positive trends with respect to specific metrics. Out of those, a bullish hint was given by one technical metric — the EMA crossover. The 20-day moving average (20 EMA) line has crossed above the 50-day moving average (50 EMA) and established a bullish crossover. On the contrary, SOL’s average direction index (ADX) at 18.03 highlights the weakness of the ongoing trend.

According to the chart data, at the time of analysis, the Relative Strength Index (RSI) of Solana (SOL) was recorded at 56.13. Hence, it signifies the entry of SOL into a neutral valuation zone — neither oversold nor overbought state. However, buying pressure still lingers in the SOL markets.

Solana Rises in Trend

Ever since 2020, Solana is often viewed as the blockchain network bound to the curse of network outages. The FTX implosion in the Q4 of 2022 dragged its native token SOL to a bearish bottom. To fix the market sentiment, the Solana Foundation set on introducing various network updates and project integrations — minor to major.

Two of those updates caught the attention of the community. Firstly, the network’s inclusion of a real-time carbon emission monitoring dashboard. Secondly, the release of its ChatGPT-centric plugin swayed the user’s interest as it enables them to purchase NFT via OpenAI’s chatbot.

The Friday announcement on the collaboration of Mastercard with Solana and other major blockchain networks – Polygon, Avalanche, and Aptos – is one of the drivers of the bullish SOL rally. All these recent updates managed to sustain Solana in various trending lists, especially on Twitter.

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