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PayPal Launches PYUSD on Solana: Will SOL Reach $1,000?
Market growth and PayPal's stablecoin PYUSD's introduction on Solana have eased selling pressure, raising the Solana price.
Amid market development, the SOL price rose 1.52% to $169.57 in 24 hours.
In a turnaround from recent days, SOL gained 1.75% weekly and 36.54% monthly.
SOL outperformed BTC and ETH with a 727.06% return last year.
SOL has considerable investor interest due to its great performance.
Additionally, SOL's 24-hour volume has dropped 7.95% to $2,561B, indicating reduced selling pressure.
Will SOL Reach $1,000?
SOL dropped in the previous 24 hours but has subsequently shown indications of recovery and may be ready to break out of consolidation.
Technical analysis of Solana pricing. Source: Binance.
SOL has found strong support around $164.97 but resistance at $173.16 in recent days, leading it to consolidate within the price range (yellow).
SOL may enter an uptrend if it breaks above this zone.
Other signs include the purple Relative Strength Index, which has risen from 40 to 80 in 24 hours. As purchasing pressure exceeds selling pressure, momentum may turn upward.
SOL's 24-hour volume fell 7.95% to $2,561B, supporting this possibility. SOL outflows have decreased, indicating easing selling pressure.
Additionally, SOL's 30-day moving average (orange) is approaching the 200-day (blue).
If it crosses over the 200-day moving average, this short-term bullish momentum may impact the long-term trend upward.
Technical indications predict short-term price gains, but fundamentals will likely drive long-term development.
Given Solana's market valuation of $78.37B, it would need to hit $460B to reach $1000 per token, matching Ethereum.
