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Western Union has done something that has caught the attention of the crypto market and increased expectations Cut the price.
The global currency is planning to launch its own stable currency, the US Dollar Payment Token, based on the Solana blockchain network.
The project is being developed in collaboration with the infrastructure company Crossmint, which will manage wallets, business application programming interfaces (APIs), and backend systems to issue tokens and exchanges.
Western Union gives Solana a wide network, since the company operates in more than 200 countries, and it plans to allow for recharging. stablecoin Through more than 360,000 financial locations worldwide.
Apparently, Solana was chosen because of his speed and low purchase price. If the implementation is widely accepted, it could push millions of users to Solana-based products.
This sector also helps to increase the level of competition in Stablecoin marketThe Western Union token will face competitors such as Ripple (RLUSD), as well as major currencies USDT and USDC.
Solana Price Forecast: What does this mean for SOL?
A Western Union stablecoin will greatly increase the number of transactions on the Solana network.
This could strengthen the case for the long-term adoption of SOL as a payment-oriented blockchain.
From a technical perspective, Solana is now testing the top of the uptrend that has guided the price over the past few weeks. The move pushed the SOL price up to $90 to $95 before the level declined.
This type of cost resistance is common during integration; It does not break the broad bullish system, but it shows that the momentum is still not strong enough to emerge successfully.
If the buyers come back and push the price of SOL above this line, the next targets will be near $106, and maybe $120 if the interest rate is higher.
If the resistance continues, attention will shift back to the support levels, where the first level is around $80. If this level is lost, the price may drop to the key area of ​​$75, which has been declining.
Meanwhile, Solana is still maintaining her larger-than-life appearance. As long as the level of $80 is still there, the technical setup leaves the opportunity to try to break the top of the channel again.
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A note Solana Price Forecast: Western Union chooses Solana to launch its new stablecoin, is SOL price about to explode? appeared for the first time Cryptonews Arabic.
