Solana (SOL) has partnered with Samsung Electronics to launch a global stablecoin remittance service. However, Solana's price continues to decline amid a broader weakness in the cryptocurrency market.

■ Overall Market Weakness... Solana Falls 3.35% in 24 Hours

According to overseas crypto media outlet CoinGape on the 8th (local time), Solana's price fell 3.35% over the past 24 hours to $113.76. During the same period, the total cryptocurrency market cap shrank 1.45% to $2.8 trillion.

The reversal of institutional investors' buying flows into exchange-traded funds (ETFs) has increased downward pressure across the market. Bitcoin (BTC) dropped below $83,000, while Ripple (XRP) fell under $1.40. Ethereum (ETH) was recorded at $2,533.

■ USDC International Remittances Coming to Samsung Wallet... Targeting 82 Million Galaxy Devices in the U.S.

According to CoinGape, Samsung Electronics plans to partner with Solana to introduce an international remittance feature using the stablecoin USDC in Samsung Wallet. The service will be available starting the last week of October (local time) to eligible Galaxy users in the United States.

According to the two companies' announcement, the service targets approximately 82 million compatible Galaxy devices in the U.S. Users will be able to send funds through Samsung Wallet without downloading a separate cryptocurrency app.

CoinGape reported that the service allows funds to be sent to bank accounts in more than 60 countries. Recipients can receive funds in their local currency, and future expansion of the service to other markets will depend on regulatory requirements in each country.

■ $115 Support Lost... RSI of 25.63 Enters Oversold Territory

Despite news of the partnership with Samsung Electronics, Solana's price remains weak. According to CoinGape, Solana lost its $115 support level on the 8th (local time), falling to around $113. This follows the price being pushed down from the $120 range where it traded in early October (local time). Previously, Solana rebounded from below $100 in September (local time), rising to approximately $124.

The continued decline is also showing bearish signals in technical indicators. Solana's relative strength index (RSI), as analyzed by CoinGape, was recorded at 25.63. Generally, an RSI below 30 is classified as oversold territory, and Solana has now entered that zone. The Chaikin Money Flow (CMF) was recorded at -0.21. CoinGape explained that the negative value of this indicator shows that selling pressure dominated during the analysis period.

■ $112 or $115... Key Points to Watch Going Forward

The $112 support level is expected to be a crucial benchmark for future price movements. CoinGape analyzed that if Solana clearly closes below $112 on the 4-hour chart, bearish forecasts could gain momentum. In that case, the psychological support level of $110 could become the next downside target, and if further weakness occurs, the decline could extend to the $108 range where prices previously consolidated.

Conversely, analysts say that for a price recovery, Solana must reclaim $115 and hold above that level. CoinGape projected that if Solana recovers $115, the next upside target of $120 could emerge as a major resistance level.

■ $4.8 Million Net Outflow from Solana ETFs in One Day

Outflows were also seen in the spot Solana ETF market. According to data from SoSoValue cited by CoinGape, the Solana ETF market saw a total net outflow of $4.8 million on the 7th (local time). The entire outflow came from Bitwise's Solana ETF, BSOL, while the other listed funds recorded no net inflows or outflows.

The total net assets of Solana ETFs stand at $1.85 billion, accounting for 2.71% of Solana's total market capitalization. Total trading volume was $84.65 million, and cumulative net inflows since the ETFs' launch have reached $1.59 billion. Of this, Bitwise's BSOL, at $1.29 billion, is the largest among the listed Solana ETFs.

[This article is by no means investment advice. The content may be merely opinion, so please do not use it as a reference or material for investment. All investments are made at each individual's own judgment, and the final responsibility lies with the investor. This publication assumes no responsibility whatsoever.]