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Solana (SOL) has experienced a 4.5% increase over the last 24 hours, reaching $21.88. This uptick corresponds with a moderate recovery across the cryptocurrency market following recent sell-offs.
Bitcoin is up 2.25%, while Ethereum has risen 1.87% over the last 24 hours. The overall value of the crypto industry has increased by 2% over the same period to bring the global market capitalization to $1.07 trillion.
Despite today’s upward movement, Solana has witnessed a 4% decline over the past week and a 10% dip in the past two weeks. However, it’s worth noting that the altcoin has managed to maintain a year-to-date growth of about 119%.
The impressive surge since January 1 can be attributed to Solana’s noteworthy advancements as a network in recent months. The latest integration of Solana Pay with Shopify was announced on August 23, facilitating Solana-based USDC payments.
2/ Solana Pay, a decentralized, open-source, peer-to-peer payments protocol built on Solana by Solana Labs, is now available to millions of businesses as an approved app integration with Shopify, the leading global ecommerce company. https://t.co/opiA8taKNu
— Solana (@solana) August 23, 2023
This groundbreaking partnership ushers in a new era of crypto payments in which users may harness the power of USD Coin (USDC) to carry out fast and secure transactions. With this integration, possibilities are endless for Solana-centric crypto wallets like Phantom or Slope as they are set to become the channels for on-chain USDC merchant payment settlements.
When remarking about this integration to Coindesk, Josh Fried, the head of commerce business development at the Solana Foundation, said:
“When thinking about this integration, we chose a stablecoin because merchants and consumers ‘think in dollars. It creates a much simpler entry point when pricing is in a currency consumers and merchants naturally understand.”
Representing a significant shift in the e-commerce landscape, the collaboration between Solana Pay and Shopify introduces a groundbreaking feature – near-instant settlement. In contrast to the lengthy processing times often associated with credit card payments, transactions conducted using USDC will achieve almost immediate resolution. This not only streamlines the payment procedure but also enhances the overall efficiency of e-commerce activities.
Launched in early 2022 to facilitate the acceptance of cryptocurrency payments, Solana Pay has secured substantial support from prominent players in the industry, including Checkout.com, Circle, and Citcon. These endorsements testify to its growing significance within cryptocurrencies’ dynamic and ever-changing world.
The price of Solana’s native token, SOL, jumped 8% following the news on Wednesday from $20.58 to a high of $21.81. Its daily trading volume has also surged to surpass the $400 million mark, with a high potential for more gains soon.
Institutional Investors Could Propel Solana to $27.5
SOL has suffered since the furor around FTX began unfolding in early November 2022. The Layer 1 token has been struggling with recovery as the $30 level remains elusive. A sustained recovery could be achieved if demand from institutional investors propels SOL higher.
Technical indicators show that the intelligent contracts token is in a good position, suggesting that the altcoin remains undervalued yet is ready to rebound very soon.
SOL/USD Daily Chart
The upward-facing Relative Strength Index (RSI) supported this positive outlook for Solana. Its position at 40, up from 34 on Tuesday, shows buyers are returning to the market as the crypto begins to gather momentum for a recovery. Solana’s upward trajectory will gain traction once the RSI crosses the midline into the positive region.
Solana also trades above crucial support areas, likely providing the buying pressure required to push the price higher. These are areas defined by the 200-day SMA at $21 and the $20.58 support wall.
As such, a daily candlestick close above these levels would see SOL climb first toward the 50-day SMA at $23 and later the $100-day SMA at $23.67. In highly ambitious cases, the altcoin may rise to tag the significant resistance at $27.5, representing a 25% uptick from the current price.
On the downside, a daily candlestick close below the 200-day SMA or $20.5 may spell doom for Solana, bringing around $14 into the picture.
The “Ethereum killer” has now arguably restored its place as one of the strongest altcoins in the market. Yet, it is not the only digital asset currently offering the potential for significant gains. Several new cryptocurrencies in presale are also promising, with several potentially in line to rally big once they are listed on exchanges.
SOL Alternatives
Sonik Coin (SONIK), an ERC-20 meme token, has successfully raised more than $410,000 within just over a week since the commencement of its presale.
Zoomy zoomey much fast! 🚀
$400K raised and we're just warming up!buy now: https://t.co/s1fTdXDQCK pic.twitter.com/QdrEpiM6BL
— SONIK COIN (@Sonikcoin) August 24, 2023
True to its name, SONIK draws inspiration from Sonic the Hedgehog, infusing its memes with an edgy and bold sense of humor.
With a total supply of 299,792,458,000 (symbolic of the speed of light in mm/s), SONIK is determined to emulate its namesake’s velocity and become the fastest cryptocurrency to attain a $100 million market cap upon its listing on trading platforms.
🚀 Welcome to the world of $SONIK! 🦔💨
Get ready to experience the fastest #Crypto meme coin in action! 🔥
🌐 Join our #Presale now and be part of #MemeCoin history!
👉https://t.co/NkNhQrZ41q #Sonik #AltGem #Altcoin pic.twitter.com/BsnUlKCZfZ
— SONIK COIN (@Sonikcoin) August 3, 2023
Half its maximum supply has been designated for sale, while another 40% is set aside for staking rewards. This configuration establishes SONIK as a decentralized meme token, mitigating the risk of significant dumps and sell-offs from more oversized holders.
Simultaneously, the staking option offers holders a passive income stream and contributes to controlling the coin’s circulating supply, thereby bolstering its price.
SONIK stands out as one of the more promising presale tokens currently available. Prospective investors can participate by visiting the Sonik official website here, where 1 $SONIK is priced at $0.000014.
https://www.youtube.com/watch?v=UbdOXiYfaRY
Interested investors can buy $SONIK using ETH or USDT.
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