Solana Price Eyes Rebound After Circle Gateway and Ondo Global Markets Launch

Source: CryptoNewsNet Original Title: Solana price eyes a rebound after new Circle and Ondo Finance product launches Original Link: 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.

Network Growth and Upcoming Upgrades

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 Gateway Launch

Circle, the creator of USDC, launched the Circle Gateway on Solana. This feature now allows developers to enable chain-abstracted USDC that is instantly 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 over $1 trillion last year.

Ondo Finance Expansion

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.

Network Performance Metrics

Solana has become one of the most important networks 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.

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 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.