Solana (SOL) Continues to Shine as Others Struggle—Time to Buy?

• Solana (SOL) price surged over 4.2% and reached $20.21 in the last 24 hours.
• Solana’s recent surge was driven by key partnerships with Shopify, Maker, and Visa.

The popular altcoin Solana (SOL) stole the spotlight, revealing strength and promise in a constantly evolving crypto market. While Bitcoin (BTC) made headlines by surging past the $26,000 mark, Solana emerged as the top gainer, experiencing a 24-hour leap of nearly 4.2%, rising from $19.38 to $20.21.

In recent weeks, the Solana ecosystem has seen a string of positive developments, captivating the attention of both investors and industry giants alike. One of the most significant announcements came from Shopify, which unveiled plans to integrate with Solana Pay. This strategic move will enable “millions of entrepreneurs and merchants” to access no-fee, Web3-native payments. 

Maker, a prominent player in the decentralized finance (DeFi) space, has also set its sights on Solana. They are exploring the possibility of building a new DeFi lending protocol on an appchain using Solana’s Solana Virtual Machine (SVM).

Most recently, global credit card giant Visa announced its capability to settle transactions in USDC, a popular U.S. dollar stablecoin, on the Solana blockchain. This development has had a significant impact on SOL’s price, propelling it into the $21 range and drawing more attention to the platform.

Further, Solana has become the most loved altcoin among investors in recent times. An impressive $700,000 was invested in SOL through various cryptocurrency investment providers in just the last week alone. This surge in investment activity highlights the growing confidence in Solana’s potential.

Solana (SOL) 24-H Price Analysis

Despite the positive news, current price data suggests some challenges for Solana. A daily price analysis indicated that the $20.00 support zone was expected to see increased demand, but the response from Solana bulls has been apathetic compared to the bears, resulting in a trading range between $20 and $19.

At the time of writing, Solana is trading at $19.90 with a market cap of $8.15 billion. Securing its place as the 9th largest cryptocurrency according to CoinMarketCap.

Additionally, SOL’s price is currently below the 50 and 200 Moving Average (MA) crosses, indicating potential bearish sentiment. However, it’s worth noting that Solana’s Relative Strength Index (RSI) stands at 42.28, nearing the neutral zone. This suggests that the market sentiment around Solana is in a state of flux.