The Solana price is up today as selling pressure eases, boosted by overall market growth and the news that PayPal’s stablecoin PYUSD will launch on Solana.
The SOL price has experienced a 1.52% increase over the past 24 hours, increasing its price to $169.57, amidst broader market growth.
In a reversal from the last few days, SOL has posted a weekly gain of 1.75%, extending its monthly rise of 36.54%.
Over the past year, SOL has yielded a remarkable return of 727.06%, outperforming major cryptocurrencies like BTC and ETH.
This robust performance indicates strong and widespread investor interest in SOL.
Additionally, SOL’s 24-hour volume has dipped 7.95% to $2,561B, suggesting eased selling pressure.
Will SOL Surge to $1,000?
In the last 24 hours, SOL experienced a dip but has since displayed signs of recovery and is potentially poised to break out from its consolidation phase.
SOL has formed strong support at $164.97 but faces resistance at $173.16 over the past few days, causing it to consolidate as it trends sideways within the price range (yellow).
If the SOL price can decisively break above this zone, it may signal a shift toward an uptrend.
Other indicators support this possibility, such as the Relative Strength Index (purple), which has surged from 40 to 80 in the past 24 hours. This could indicate a shift in momentum towards the upside, as buying pressure overwhelms selling pressure.
This prospect is supported by SOL’s 24-hour volume, declining 7.95% to $2,561B. This confirms that selling pressure has eased as SOL sees lower outflows.
Additionally, SOL’s 30-day moving average (orange) is trending toward the 200-day moving average (blue).
If it crosses above the 200-day moving average, it could suggest that this short-term positive momentum is strong enough to influence the long-term trend toward the upside.
While technical indicators suggest positive short-term price movements, sustainable long-term growth will likely hinge on fundamental factors.
Given that Solana has already established a market cap of $78.37B, it would have to exceed a market cap of $460B to achieve a price of $1000 per token, placing it on par with Ethereum.
Can PYUSD Push Prices?
One potential catalyst price action is PayPal’s May 29th announcement to expand its stablecoin PayPal USD (PYUSD) to the Solana Blockchain.
PayPal USD has launched on @Solana!
Solana, 2nd blockchain to support PYUSD after Ethereum, boasts rapid transactions & low costs, ideal for commerce. Seamlessly connect PayPal accounts for fiat-to-crypto ease.
Learn more: https://t.co/dXpfOxWnNC pic.twitter.com/eTcq4imDso
— PayPal (@PayPal) May 29, 2024
This move could positively impact the Solana price due to increased utility, demand, and confidence in the network.
As the native token of the Solana network, SOL powers transaction fees and various other network activities. The introduction of a major stablecoin like PayPal’s on Solana is likely to drive increased network activity, thereby boosting demand for SOL.
PayPal, a well-known and trusted financial services company, deciding to use Solana would enhance the network’s credibility. This could potentially attract greater adoption as developers, projects, and users actively join the ecosystem.
This adoption is crucial for future Solana price action, as a thriving ecosystem is fundamental to the growth and sustainability of a blockchain network.
Solana’s next big meme token, Sealana
Sealana is at the forefront of a new wave of Solana meme coins that are helping the Solana network challenge Ethereum’s dominance as the go-to blockchain for viral meme coins.
This comes off the back of wildly successful predecessors DogWifHat ($WIF), Bonk ($BONK), Book of Meme ($BOME), and Popcat ($POPCAT), all of which quickly rose to become top ten meme coins by market capitalization.
Sealana has already captured the attention of meme fans, degens, and crypto enthusiasts, with some speculating it to have 100x potential as one of the next meme coins primed to explode.
In its final presale phase, Sealana has already raised over $3 million, signaling strong interest from investors and whales.
Although SEAL is built on Solana, it can be purchased with SOL, ETH, or BNB at a presale price of $0.022 per token, which is the final fixed price before launch.
This means that when the coin hits the open market through exchanges, there’s a very real chance it won’t ever be this low again.
#Sealana and his closest bros are stormin’ the Capitol to defend all #Crypto patriots, Sealana and his $SEAL troops are fightin’ for our right to Lambos , Gains , and FREEDOM!!
Stand with Sealana! Join the #Presale, and restore the former glory of #Memecoins! pic.twitter.com/Sv1fGVm8ry
— Sealana (@Sealana_Token) May 20, 2024
For the latest developments in Sealana, follow their X account.
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