Will Visa’s Expansion of Stablecoin Settlement to Solana Drive SOL Prices Up?

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  • Solana Network continues to pull in partnerships and development despite the market slowdown.
  • Global payment platform VISA today expanded its stablecoin settlement to Solana.
  • SOL’s price pulling away from its sustained losses following the announcement.

Amid a market slowdown and prolonged bearish conditions, blockchain network Solana has managed to pull in a slew of partnerships in a bid to grow its platform. Today, the global payment platform VISA announced the expansion of its stablecoin settlement to the blockchain network Solana.

This latest partnership has the entire Solana community reeling in excitement. According to the announcement, VISA plans to leverage the Solana chain to increase transaction time and reduce fees.

The latest announcement forms part of a growing list of developments on the Solana blockchain. Despite increased sentiments in the crypto market, Solana has managed to pull partnerships, especially from the traditional world.

Recently, the network reported that it minted 15.6 million NFTs in August. Furthermore, the network in the same August partnered with e-commerce giant Shopify to integrate its Solana Pay on the platform. The integration will enable customers to make payments in cryptocurrency while shopping.

The big question is whether the VISA expansion will drive SOL’s prices up. The prevailing market condition has investors weary about their spending and investments. Thus, developments such as the VISA integration could bolster confidence in the network.

Data from CoinMarketCap show that SOL has picked up performance following the announcement. In the past 24 hours, the token has gained momentum and pushed towards the green region.

At present, the token’s price of $19.61 is a 3% decline in the past 7 days. On the other hand, the token has seen a significant uptick in its trade volume. The trade volume sits at a 20% increase in the past 24 hours, making it the 9th largest cryptocurrency network in the world.