After the announcement of Solana Foundation signing a memorandum of understanding with Dubai's Virtual Asset Regulatory Authority (VARA), the price of Solana (SOL) showed a rise. After the SOL price fell more than 10% in the previous week, the altcoin appreciated by 4% on the back of the latest news.
As part of the signed agreement, the two sides intend to support talent development, share economic information, and arrange regulatory seminars. It is also planned to create an economic zone in Dubai centered around Solana.
As the experts of the CoinMarketCap portal pointed out, the agreement helped to strengthen cooperation between regulators and blockchain developers.
Recently, the digital asset industry has been increasingly focused on gaining recognition from major global regulators. A clearer legal framework for the industry allows financial market participants to have more confidence in crypto-assets.
According to analyst Satoshi Flipper, there is a possibility of Solana's price rising to $200. Based on his analysis, the price of SOL is now at a key support level within an ascending channel.