Solana’s Price Movement
Solana’s price has dropped significantly in the last two weeks, with a 15% decline in the previous 14 days. The token experienced a quick downtrend after reaching $25 on August 15, as weak buying momentum couldn’t sustain the price. Currently, Solana is struggling with resistance at $21, and breaking past this level could potentially lead to a rally to $25. However, falling below the crucial $19 support level would create a new monthly low below $15.
Solana Shows Bearish Momentum
The price indicators for Solana currently indicate a bearish sentiment. The Relative Strength Index (RSI) is at 38, suggesting increasing selling momentum and a potential drop to the $19 level or below. The Parabolic SAR also tracks the price from above, further indicating a bearish momentum. To see a bullish trend, Solana would need to break past the 50-day Simple Moving Average (SMA) at $23. The 100-day and 200-day SMA levels at $21.01 and $21.36, respectively, also present key resistance levels.
Shopify To Integrate USDC Payments With Solana
Despite the weak price movement, Solana is experiencing bullish developments within its ecosystem. The integration of the Solana Pay plugin with Shopify allows millions of merchants on the platform to accept crypto payments. The first supported crypto asset is the USD Coin (USDC) stablecoin. Solana Pay offers lower transaction costs than credit cards and has already gained interest from crypto projects like Helius, Mad Lads, and MonkeDAO to integrate into their Shopify merchant stores.
Wall Street Memes Presale Outperforms
The Wall Street Memes project has raised over $25 million in a few months and is generating significant interest. The native token, WSM, is trading at a presale price of $0.0337. This project aims to empower retail traders and tokenizes their movement against Wall Street’s monopoly in financial markets. The WSM token will support the growth of the Wall Street Memes community and reward its loyal members.
Hot Take
Solana’s recent price decline and bearish momentum pose challenges for investors. However, the integration of Solana Pay with Shopify and the success of the Wall Street Memes project indicate positive developments within the Solana ecosystem. It will be interesting to see if these bullish factors can outweigh the current market sentiment and drive Solana’s price towards a recovery.