Solana (SOL) holds above key support at $94.67 as the network shifts focus from trading to real-world payments. MoneyGram CEO Anthony Soohoo will speak at the Solana Breakpoint event about using Solana’s low fees and near-instant settlement for cross-border stablecoin payments. Solana highlighted the phrase “The killer app is stablecoin.” Open interest has climbed to around $6.6 billion, with volume peaking near $18 billion. The Relative Strength Index stands at 62.55, indicating bullish pressure without overbought conditions. SOL trades at $103.70, with the 50-day and 200-day moving averages at $82.68 and $85.51, respectively.
Solana continues to trade above the $94.67 support level, currently at $103.70 after briefly reaching above $110. The 50-day and 200-day moving averages sit at $82.68 and $85.51, respectively. The Relative Strength Index at 62.55 signals bullish pressure without entering overbought territory.
The network’s utility expands beyond trading. MoneyGram CEO Anthony Soohoo is scheduled to speak at the Solana Breakpoint event about using Solana’s low transaction fees and near-instant settlement to rethink cross-border payments. Solana highlighted the phrase “The killer app is stablecoin”, adding a fresh angle to the SOL narrative.
MoneyGram has already expanded its Ramps service to Solana, enabling users to move between cash and digital assets through its payment network. Open interest data from CoinGlass shows open interest climbing to around $6.6 billion, significantly higher than levels seen during most of July and early August. Volume also picked up during the August rally, reaching nearly $18 billion, indicating high market activity.
According to TradingView, the important downside level remains at $94.67, while the upside resistance is between $105 and $110. SOL holding above support, combined with ongoing ecosystem development strengthening the payments narrative, suggests the possibility of retesting $110.
