Solana Price Prediction: SOL Pioneers $20.50 – Is This the New Gold Standard?

Following the general market decline, Solana SOL has been trading in the $20 price range while trying to build momentum to move past this level.

At 8:20 EST on August 28, SOL is down by a slight 0.55 and is trading at $20.58. Also, there has been a significant increase of 30% in its trading volume over the last 24 hours.

Price Trends of Solana Suggest Possible Rebound

After reaching its lowest price value of 12.94 in June, Solana recorded a robust price movement, hitting the $32 mark with an over 150% increase.

However, this rally lasted briefly as SOL lost about 65%, slipping off the $32 mark. Following this price trend, SOL is down by 6% in the last seven days and 18% in the previous 30 days.

However, with the significant rise in trading activity, market observers are optimistic about a positive price trajectory for the asset in the coming week. 

Technical Indicators on Solana Price Action

As shown on the chart, SOL is trading below the 50-day and 200-day simple moving averages, which suggests a long and short-term bearish price movement for SOL.

The 200-day SMA also acts as a resistance to the price of SOL, and an impulsive move above it will signify a temporary bullish momentum for the asset.

Also, the Moving Average Convergence/Divergence is below the signal line with red histogram bars, which indicates bearish price momentum.

However, the faded histogram bars might denote a decrease in selling activities. Additionally, the relative strength index of 37.62 shows the price of SOL is approaching the oversold zone, and a trend reversal could occur if the price reaches this level.

The combination of the following technical indicators points towards a short-term bearish price movement for SOL but an overall long-term bullish price movement for the asset.

However, investors should consider other tools and not rely only on technical indicators before making investment decisions, as the crypto market is always prone to volatility and price fluctuations.

SOL Bulls Pushing for Price Rally on Daily Chart

As illustrated in the chart, SOL is consolidating on the $20.28 support zone with no clear direction for its next price direction.

But a breach above this level could propel SOL to overcome the $32 resistance level. However, failure to break past this zone could signify the start of a short bearish price movement for the asset.

Solana pay and Shopify Partnership could be bullish for SOL

Solana Pay, an open-source, decentralized peer-to-peer payment protocol developed on the Solana blockchain, has partnered with Shopify. The alliance allows Shopify users to embrace swift, web3-centric payments without transaction charges until the conclusion of 2023.

1/ 🛍️Shopify 🤝Solana Pay

Today, Solana Pay integrates with @Shopify, empowering the millions of entrepreneurs and merchants on Shopify to accept fast, web3 native payments with no transaction fees through the end of 2023. https://t.co/q63KeBllXB

Learn more 👇 pic.twitter.com/QEb1LzqS51

— Solana (@solana) August 23, 2023

Solana Pay revolutionizes payments by ensuring accessibility, speed, and seamless transactions and, removing intermediaries, eradicating bank charges, eliminating chargebacks, and minimizing waiting periods. 

This innovation empowers instant and direct settlement with Solana-based USD-pegged stablecoins, enhancing the overall payment experience.

Integrating Solana Pay with Shopify payments opens up the possibility for web3-enabled shopping encounters. This allows both merchants and customers to leverage the following benefits:

Exclusive Token-locked Deals: Merchants and shoppers utilizing Solana Pay through Shopify can access special offers gated by tokens.

Effortless International Transactions: The partnership facilitates uncomplicated cross-border payments, streamlining the shopping experience across different regions.

Innovative Loyalty Programs with NFTs: NFT-based loyalty initiatives can be established, creating unique and engaging customer loyalty programs.

SOL buying demand could skyrocket as more merchants and consumers adopt Solana Pay for token-gated offers, cross-border payments, and NFT-based loyalty programs, potentially boosting the token’s price.

$WSM Next Big Meme Crypto

Wall Street Memes has created a buzz in the crypto community due to its ongoing 30-stage presale, attracting global investors. 

This presale’s final phases are underway, allowing potential investors to purchase WSM tokens at a reduced rate of $0.0337 before the tokens are officially listed on exchanges.

Zach Humphries, a crypto analyst with over 113,000 subscribers on YouTube, recently released a video breakdown of Wall Street Memes – highlighting his belief that it could be “the next big meme coin.” Popular YouTuber Michael Wrubel, who has an audience of 310,000, also posted a video about WSM, discussing his bullish stance on the token.

Wall Street Memes has developed a clever tokenomics model that goes beyond the initial presale excitement, setting a robust foundation for the future. They have a strategic, long-term approach in mind.

A substantial 20% of the total supply of $WSM tokens has been designated for liquidity purposes on decentralized (DEX) and centralized (CEX) exchanges. 

This well-executed strategy ensures seamless transaction processing and mitigates the impact of price volatility during trading.

Passive Income for the Community

The team behind Wall Street Memes has introduced a fresh staking protocol, enabling holders of $WSM tokens to secure yields reaching up to 134% by participating in token staking.

This initiative is experiencing rapid growth, with Wall Street Memes’ staking dashboard reporting an impressive lock-up of nearly 150 million $WSM tokens. 

The adoption of staking holds immense importance for Wall Street Memes, as it encourages the retention of $WSM tokens to generate passive income. This initiative is poised to maintain price stability, as it is a deterrent against widespread selling.

Significantly, Wall Street Memes’ staking rewards are anticipated to hover around an impressive 100% annual percentage yield (APY), a distinguishing factor compared to other projects offering lower rates.

Notably, the incorporation of this staking protocol has been met with enthusiasm by holders of $WSM tokens, who had been eager for the development team to introduce a meaningful purpose for the token.

With the staking utility, $WSM stands apart from the numerous meme coins needing more genuine functionality or practicality.

The Wall Street meme team has raised over $25m in its presale round as the token counts down to its official exchange listing in September. Interested users can join the token sale by visiting this website.

Read More:

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• Next Cryptocurrency To Explode 2023
• Sonik Coin Poised for 10x Gains – A Chance to Get in Early on the Next Big Meme Coin

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