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Solana is the best loser within the final 24 hours among the many prime ten cryptocurrencies. SOL is down 4.4% throughout this time.
Solana’s volatility over the previous week has been comparatively low. The worth has traded between $20 and $21 throughout this time.
SOL plunged beneath $20 on August 23 however shortly bounced again as merchants took benefit of the low worth to build up extra tokens.
Presently, SOL is flirting with the $21 stage. It traded at this worth on August 24, however the bearish sentiment throughout the broader market has prevented the value from being sustained.
Solana’s Value Motion
Solana’s worth has considerably dropped within the final two weeks. The token is down by 15% within the earlier 14 days, as promoting strain prevents substantial recoveries.
Top-of-the-line-performing days for Solana this month was August 15, when the value rallied to $25. A fast downtrend adopted when this stage was attained as weak shopping for momentum failed to carry the value.
Solana is presently combating resistance at $21, and if a breakout occurs, a rally to $25 might seemingly be on the way in which. Nonetheless, falling beneath the essential $19 help stage will create a brand new month-to-month low beneath $15.
Solana Exhibits Bearish Momentum
The worth indicators presently painting a bearish sentiment for Solana.
The Relative Energy Index (RSI) is presently at 38, and the motion signifies that the promoting momentum is growing. Subsequently, Solana might seemingly drop to the $19 stage or beneath.
The chart exhibits that the Parabolic SAR additionally tracks the value from above, indicating a bearish momentum.
If the pattern reverses, Solana should break previous the 50-day Easy Transferring Common (SMA) at $23 for a bullish pattern to be at play. The 100-day and 200-day SMA ranges at $21.01 and $21.36 additionally present key resistance ranges.
Shopify To Combine USDC Funds With Solana
Regardless of the weak uptrend, bullish developments are taking place inside the Solana ecosystem. The numerous progress is the combination of the Solana Pay plugin with Shopify.
This integration will permit tens of millions of retailers on Shopify to make use of Solana Pay to simply accept crypto funds. The primary crypto asset this providing helps is the USD Coin (USDC) stablecoin.
1/ 🛍️Shopify 🤝Solana Pay
Right now, Solana Pay integrates with @Shopify, empowering the tens of millions of entrepreneurs and retailers on Shopify to simply accept quick, web3 native funds with no transaction charges by way of the tip of 2023. https://t.co/q63KeBllXB
Be taught extra 👇 pic.twitter.com/QEb1LzqS51
— Solana (@solana) August 23, 2023
A report by TechCrunch famous that Solana Pay was planning so as to add help for extra altcoins sooner or later, together with its native SOL. In accordance with Josh Fried at Solana Labs, Solana Pay gives decrease transaction prices than bank cards.
The providing is already garnering curiosity. Fried says a number of crypto tasks, reminiscent of Helius, Mad Lads, and MonkeDAO, have agreed to combine Solana Pay into their Shopify service provider shops.
Wall Avenue Memes Presale Outperforms
The Wall Avenue Memes presale is garnering a lot curiosity after elevating greater than $25 million in only a few months. The native token for the venture, WSM, is buying and selling at a presale worth of $0.0337.
Wall Avenue Memes is a venture that targets a vibrant group of merchants. The venture has tokenized retail merchants’ motion towards the monopoly Wall Avenue holds towards monetary markets.
WSM token will maintain the expansion of the Wall Avenue Memes group whereas additionally rewarding the loyal members of the group.
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