According to a community, ETHNews, on the Coinmarketcap website, on September 29th, 2023, Shopify, the leading e-commerce platform, announced a partnership with Solana Labs, the company behind the fast and scalable Solana blockchain. The partnership will integrate Solana Pay, a decentralized payment protocol, into Shopify’s platform, allowing millions of businesses to accept blockchain payments.
Solana Pay will offer merchants and consumers a revolutionary payment experience, with lower fees, faster settlement, and fewer chargebacks. It will also enable them to access the exciting opportunities of Web3 commerce, such as token-based deals, global payments, and NFT loyalty programs.
The first payment option available on Solana Pay will be the USDC stable coin, which is pegged to the US Dollar and has a market cap of nearly $26 Billion. Josh Fried, the Head of Commerce Business Development at the Solana Foundation, said that USDC was chosen because of its familiarity and stability among merchants who are new to crypto.
Solana Labs also said that it has improved its infrastructure and capacity after resolving some technical issues earlier this year. It claimed that Solana has been running reliably for six months without any downtime.
SOL Coin Price Technical Analysis in the 1-Day Timeframe
The SOL price took support from the exponential moving averages (EMAs) and was trading at $20.3306 price with an intraday gain of 0.09%. At the time of publishing, Solana (BITSTAMP: SOL) is trading above the 20, and 50-day EMAs (exponential moving averages) which are supporting the SOL price trend.
The MACD line at 0.0515 and the signal line at 0.2471 are both under the zero line and they are crossed each other and a bullish crossover is observed showing positivity on charts.
The RSI value is 56.15 points and the 14-day SMA is 48.89 points, which is above the middle line, and the curve took support on 14 SMA showing positivity in SOL price.
Solana’s (SOL) open interest is $321.13 Million, as per Coinglass, which is a crypto analysis website, it rose by 2.37% in the previous session. The long versus short ratio for 24 hours is 0.965. The total number of short positions added in the last 24 hours is $534.18K against longs of $304.30K.
Solana crypto rose by 0.21% in market value and fell by 33.57% in trading volume in the last 24 hours, per Coinmarketcap which is a crypto data and info website. Its market value is $8,388,361,468 and its trading volume is $170,446,328. There are 412,842,997 SOLs in circulation.
Moreover, Solana (BITSTAMP: SOL) has not shown any good performance this month, as it fell by 2.37% and by 0.27% in the past six months, showing underperformance.
On the upside, the SOL price could meet the nearest resistance levels at $22 and $24.
On the other hand, the SOL price could resume its downtrend and reach the nearest support levels at $18 and $16 if it fails to hold the current level.
Conclusion
The SOL price shows the positive outlook and expectations of the investors and traders about the SOL in the daily chart. Solana price movement shows a bullish trend at the time of writing. Furthermore, the technical indicators of the Solana price suggest that the uptrend may continue in the daily chart. Important reliable indicators MACD, RSI, and EMA, give positive signals about the SOL price.
Technical Levels:
- Support levels: $22 and $24.
- Resistance levels: $18 and $16.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/09/30/solana-can-sol-price-boost-upward-for-reclaiming-32-level/