[Solana price prediction, SOL rally coming as PayPal expands PYUSD custody blockchain? 】
Solana (SOL) Price Prediction: SOL has declined slightly over the past 24 hours, continuing the bearish trend. After the recent market correction, SOL price is hovering below $170 and currently stands at $169.48, down 0.86% over the past day.
Despite the price drop, market capitalization increased slightly by 1.44% to $77.87 billion, showing that its market position remains strong. 24-hour trading volume also rose 1.56% to $31.66 million, showing steady trading activity among investors.
Solana’s price has fallen by more than 5% over the past week, indicating a possible bearish trend in the market. SOL traded in a range between $160 and $168, reflecting investor caution and increased volatility.
Despite the market decline, Solana is still up 23% in the last month, demonstrating its resilience in volatile markets. SOL price broke through multiple resistance levels and held strong support, indicating investor confidence and underlying network performance.
PayPal is extending its stablecoin PYUSD to the Solana network, a move that represents an important step in Solana adoption. The partnership, announced on May 29, 2024, aims to increase Solana’s presence among PayPal’s millions of users and highlight the growing role of blockchain technology in mainstream financial services.
Solana (SOL) is facing potential downside pressure amid the current market volatility. If the bearish trend intensifies, SOL could drop to the $160 support and even further to $150, indicating a significant change in market sentiment.
Conversely, if bullish momentum returns, SOL could rise towards the $170 level. With increasing buying pressure, the price could break above $180 and reach $200 in the next bull run. This potential move highlights the volatile and dynamic nature of Solana's market performance.
Daily technical indicators for the Solana market show a mixed outlook. The Relative Strength Index (RSI) currently stands at 54.63, just above the neutral 50 level, indicating that it is neither overbought nor oversold and that the market may be in a consolidation phase and ready to make the next directional move.
The Bollinger Bands on Solana’s daily chart show a period of moderate volatility, with the Upper Bollinger Band at $189 and the Lower Bollinger Band at $138.
The Moving Average Convergence Divergence Indicator (MACD) histogram shows a slight bullish divergence, with the MACD line slightly above the signal line. While the difference is small, it suggests there is some upward momentum, indicating cautious optimism among traders.
