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Solana Pay and Phantom on iOS fuel the SOL course

 


Solana has recently suffered from network outages, but was able to make positive headlines again this week. Solana Pay was created in cooperation with the stablecoin provider Circle and the crypto exchange FTX . This is an open framework that allows payments to be accepted via Solana.



This lays the foundation for being able to accept payments via Solana worldwide. The fact that transactions on Solana only average around $0.00025 per transfer in fees suits the plan. Solana is preparing to be able to handle hundreds of thousands of transactions per second in the future. Currently it is between 2,000 and 3,000 TP/s, which is far from the up to 65,000 TP/s that are repeatedly touted in connection with Solana.


Still, Solana's speed and growth is impressive. With its basic properties, Solana brings with it what is otherwise only known from second-layer solutions.


Phantom available on iOS

Phantom is also on board with Solana Pay. The wallet recorded excellent growth last year and, according to its own statements, had around 1.8 million users at the turn of the year. So far, the company has been growing by another hundred thousand users every week, which also represents the growth of Solana to a certain extent.


It also announced the day before yesterday that it had raised approximately $109 million in a funding round led by Paradigm at a valuation of $1.2 billion.


Even more important is the launch of Phantom on iOS, which can now potentially reach 239 million mobile users. In combination with Solana Pay, only enough acceptance points have to be found in order to gain relevance as a payment network.


Solana price breaks $100

In view of this positive development and a shallow recovery in the overall market, the Solana price was able to jump above the 100 US dollar mark. As of press time, SOL is trading at $112, still a long way from the next key resistance.


$125-$130 is an area that would alternate as resistance because it previously served as support in January 2022 and September 2021. Therefore, a breakout above this zone would be considered a bullish signal.


Should the market turn south again, we should see whether the support around the $80 area can hold. This is where the price broke out in August 2021 and started a rally. Since Solana usually shows stronger price fluctuations, it can be expected that the price will react more violently as Bitcoin sets its direction for the coming days.


In addition to the situational circumstances on the market, the fundamental developments are promising for Solana. Should Solana Pay and the iOS release of Phantom succeed in attracting more users, this should also have an impact on the price in the long term.  

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