Solana’s Native Token, SOL, Shows Signs of Recovery After Recent Losses
The recent downtrend in the crypto market had a negative impact on Solana’s native token, SOL, causing heavy losses. However, there are now signs of a potential recovery as the token’s price chart showed the formation of a green candlestick after several days of red ones.
Key Points:
- SOL’s price has decreased by over 7% in the past week.
- From August 23, SOL started an uptrend, with a 24-hour price change of 5.75% on August 24.
- Shopify’s integration of Solana Pay has boosted investor confidence in SOL.
- Solana Pay, a decentralized payment platform, is now available on Shopify, allowing millions of businesses to use it for payments.
- The first crypto option on Solana Pay is USDC, the second-largest stablecoin in the market.
According to Josh Fried, Shopify’s business development and partnerships head, more crypto assets like BONK and SOL will soon be available on the platform. Fried also mentioned that transactions on Solana Pay are very affordable, making it a fee-free option compared to credit card processing fees.
Will SOL’s Current Uptrend Continue?
Solana Pay’s integration with Shopify, a leading e-commerce platform, is expected to increase the exposure and utility of the Solana ecosystem. With over 11 million active accounts on Solana and its presence in the NFT sector, SOL’s price is likely to continue its upward trend in the coming days. The ecosystem’s low transaction costs and partnerships with top industry giants further support this positive outlook.
Hot Take:
The integration of Solana Pay with Shopify is a significant development for SOL and the Solana ecosystem. With the potential for increased adoption and utility, SOL’s price is expected to benefit from this partnership. Investors should keep a close eye on SOL as it continues its recovery and potentially gains further momentum.
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