Solana Price Prediction as Solana Pay Intergrates with Shopify Online Marketplace Platform – Can SOL 10x From Here?
Solana (SOL), the cryptocurrency that powers the high-performance Solana protocol, a layer-1 smart-contract-enabled blockchain known for its fast transaction speeds and high throughout, has been recovering in tandem with the broader market on Wednesday.
SOL was last up around 3.5% and trading in the mid-$21s, with the price hovering between its 100 and 200-day Moving Averages.
Weak US economic data has bolstered the broader market, with other major coins also pushing higher, and Solana bulls are eyeing a retest of resistance-turned-support-turned-resistance again around the $22.20 zone.
News that Solana Pay, a decentralized, open source, peer-to-peer payments protocol built on the Solana blockchain by Solana Labs, is now available to millions of US merchants after an integration with Shopify Inc may also be boosting the price.
As per Solana’s head of commerce, Josh Fried speaking via an announcement made on the official Solana website, “Solana Pay on Shopify opens up millions of merchants to a more dynamic and efficient payment choice, while consumers get the convenience of increased utility of being able to pay to goods and services with digital dollar currencies from the vast network of merchants using Shopify”.
While Solana’s latest rally has taken it up around 10% versus its earlier weekly lows near $19, SOL remains stuck well within its $13-$33 ranges of the last few months.
With the cryptocurrency marooned close to some of its major moving averages and not in any obvious trend right now, price predictions are difficult to make.
Depending on the near-term direction of the broader market, Solana could fall a further 40% back to its mid-June lows around $13 or rally a further 50% back to its yearly highs above $32.
Crypto
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