Solana’s prize eyes recover; Circle, Ondo Product Launches

Solana price rose over 4% on January 21 as the crypto market showed a tentative recovery from the recent plunge.

The Solana (SOL) token rose to $131, up from this week’s low of $124.90. It remains in a correction after falling 12.7% from this month’s high.

Solana’s network continued to grow this week, a trend that could accelerate after developers launch the Alpenglow upgrade later this quarter. Alpenglow wants to increase network throughput to more than 100,000 transactions per second by overhauling its architecture.

Circle, the maker of USDC, launched the Circle Gateway on Solana. With this feature, developers can now enable chain-abstracted USDC, which is immediately available 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 more than $1 trillion last year.

Meanwhile, Ondo Finance, one of the biggest players in the tokenization industry, launched Ondo Global Markets on Solana. The product was launched in September last year and has become one of the fastest growing platforms for trading in tokenized stocks.

Data collected by DeFi Call Shows that the network has a total value of more than $521 million, up from zero in September. It has already activated more than 200 tokenized stocks and exchange-traded funds. Data collected by TokenTerminal shows that Solana owns more than $1.5 billion in tokenized shares.

Solana has become one of the most important networks in the crypto industry. Data collected by Nansen shows that the network has processed more than $1.9 billion in transactions over the past 30 days, while the number of active addresses has increased by 25% to more than 75 million.

Solana price technical analysis

The 12-hour chart shows that the SOL token price has fallen back in recent days, from a high of $150 to the current price of $131.

This pullback is a sign that the coin is forming the handle portion of the cup-and-handle pattern, a common bullish continuation sign in technical analysis.

Therefore, the most likely scenario is that the stock token recovers and reaches the key resistance level at $150. A move above that level will indicate more gains, possibly at the 50% retracement level at $185.