Solana is the greatest loser in the last 24 hours among the top ten cryptocurrencies. SOL is down 4.4% during this time.
Solana’s volatility over the past week has been relatively low. The price has traded between $20 and $21 during this time.
SOL plunged below $20 on August 23 but quickly bounced back as traders took advantage of the low price to accumulate more tokens.
Currently, SOL is flirting with the $21 level. It traded at this price on August 24, but the bearish sentiment across the broader market has prevented the price from being sustained.
Solana’s Price Movement
Solana’s price has significantly dropped in the last two weeks. The token is down by 15% in the previous 14 days, as selling pressure prevents substantial recoveries.
One of the best-performing days for Solana this month was August 15, when the price rallied to $25. A quick downtrend followed when this level was attained as weak buying momentum failed to hold the price.
Solana is currently struggling with resistance at $21, and if a breakout happens, a rally to $25 could likely be on the way. However, falling below the crucial $19 support level will create a new monthly low below $15.
Solana Shows Bearish Momentum
The price indicators currently portray a bearish sentiment for Solana.
The Relative Strength Index (RSI) is currently at 38, and the movement indicates that the selling momentum is increasing. Therefore, Solana could likely drop to the $19 level or below.
The chart shows that the Parabolic SAR also tracks the price from above, indicating a bearish momentum.
If the trend reverses, Solana must break past the 50-day Simple Moving Average (SMA) at $23 for a bullish trend to be at play. The 100-day and 200-day SMA levels at $21.01 and $21.36 also show key resistance levels.
Shopify To Integrate USDC Payments With Solana
Despite the weak uptrend, bullish developments are happening within the Solana ecosystem. The significant growth is the integration of the Solana Pay plugin with Shopify.
This integration will allow millions of merchants on Shopify to use Solana Pay to accept crypto payments. The first crypto asset this offering supports is the USD Coin (USDC) stablecoin.
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
A report by TechCrunch noted that Solana Pay was planning to add support for more altcoins in the future, including its native SOL. According to Josh Fried at Solana Labs, Solana Pay offers lower transaction costs than credit cards.
The offering is already garnering interest. Fried says several crypto projects, such as Helius, Mad Lads, and MonkeDAO, have agreed to integrate Solana Pay into their Shopify merchant stores.
Wall Street Memes Presale Outperforms
The Wall Street Memes presale is garnering much interest after raising more than $25 million in just a few months. The native token for the project, WSM, is trading at a presale price of $0.0337.
Wall Street Memes is a project that targets a vibrant community of traders. The project has tokenized retail traders’ movement against the monopoly Wall Street holds against financial markets.
WSM token will sustain the growth of the Wall Street Memes community while also rewarding the loyal members of the community.
Wall Street Memes – Next Big Crypto
- Early Access Presale Live Now
- Established Community of Stocks & Crypto Traders
- Featured on BeInCrypto, Bitcoinist, Yahoo Finance
- Rated Best Crypto to Buy Now In Meme Coin Sector
- Team Behind OpenSea NFT Collection – Wall St Bulls
- Tweets Replied to by Elon Musk