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Solana (SOL) is struggling to reach $100. It hasn't hit that level since early February. Even with Bitcoin and Ethereum prices rising, Solana's price remains stagnant. But this price doesn't reflect the true situation. There is a major issue with Western Union, but will it be enough to push Solana's price to $100? Western Union unveils the Solana stablecoin plan
CoinGape reported that Western Union will use the Solana platform to obtain a stablecoin. And not only that, but stablecoins could serve as a strong marketing advantage for Solana given what is happening with Clarity. After lengthy negotiations with banks unwilling to pay yields on stablecoins, a compromise was reached. The stablecoin yield deal could be the second catalyst for Solana's price increase, while Clarity forms the third.
But there is a fourth matter underway. Earlier this week, Shinhan, South Korea's leading card issuer, announced it will use the Solana platform. It will use it to provide its stable digital currency to 28 million cardholders.
But it seems all these developments are still not enough to move traders even slightly. The open trading volume is now $1.45 billion per Coinglass platform. Even so, it is at its lowest level in nearly two weeks.
Leverage absence might be more beneficial than harmful. Because if things start to heat up, SOL's price could see a significant rise, and there will be no fear of pressure halting the momentum.
SOL Price Outlook Amid Weak Buying Pressure
It's no secret that SOL's price isn't experiencing a noticeable increase in buying activity. That's why it hasn't even attempted to reach psychological levels like $100. In fact, $90 seems to be a major barrier to SOL's price rise.
Solana's price reaching $100 depends on two factors. But the presence of buyers is essential for long-term bullish expectations for Solana's price. The Relative Strength Index (RSI) shows this clearly, indicating an oversold region at level 18. However, it has started rising again, and surpassing the 50 level would be a significant signal indicating the possibility of reaching $100.
Weak demand isn't limited to Solana's futures contracts but extends to the Average Directional Index (ADX), which is moving straight, indicating a weak overall trend. There is no way for Solana's price to rise ❤️❤️❤️💯💫💫💫