{"id":2696,"date":"2023-11-18T23:05:16","date_gmt":"2023-11-18T23:05:16","guid":{"rendered":"https:\/\/solanacrypto.news\/2023\/11\/18\/solana-sol-token-plunges-despite-visa-hype\/"},"modified":"2023-11-18T23:05:16","modified_gmt":"2023-11-18T23:05:16","slug":"solana-sol-token-plunges-despite-visa-hype","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2023\/11\/18\/solana-sol-token-plunges-despite-visa-hype\/","title":{"rendered":"Solana (SOL) Token Plunges Despite Visa Hype"},"content":{"rendered":"

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Just days after a promising partnership announcement with Visa, Solana\u2019s native token, SOL, has\u00a0experienced<\/u><\/a> a sharp decline in price.
Currently trading at $18.40, down 5.5% against Bitcoin, the main Ethereum competitor has a market cap of $7.56 billion and a 24-hour trading volume of $338 million.
This dramatic drop comes despite initial gains following Visa\u2019s announcement to use the Solana blockchain for settling transactions in USDC stablecoin.
Earlier this week, Visa\u00a0unveiled<\/u><\/a> its latest venture into the crypto space, choosing Solana as its blockchain platform to facilitate faster payments in USDC, a leading stablecoin.
The global payments giant confirmed its plans to help merchants move millions in\u00a0USDC<\/u><\/a> transactions. Initially, this revelation spurred a 4% price gain for SOL.<\/p>\n

The partnership was seen as a ringing endorsement of Solana as a legitimate Ethereum alternative, especially prized for its speedy and cost-effective transactions.
The downtrend is not confined to\u00a0Solana<\/u><\/a>; the altcoin market at large is also weathering a storm.
According to\u00a0CoinGecko data<\/u><\/a>, major players like Bitcoin and Ethereum have been mostly flat, while other noteworthy altcoins like Cardano and Dogecoin have reported declines of 2.3% and 2.4%, respectively, in the past week.
Litecoin and meme coin\u00a0Shiba Inu<\/u><\/a> are also down 4.4% and 5% over the past 24 hours, according to CoinGecko data.
However, the fact that SOL is underperforming the main altcoins despite the Visa hype is pretty damning for the key Ethereum rival.
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry \u2014 from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He\u2019s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.
Disclaimer: The opinions expressed here are not investment advice; they are provided for informational purposes only. The opinions expressed by our writers are their own and do not represent the views of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. We do not recommend investing money you cannot afford to lose.<\/p>\n

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