PayPal Stablecoin Login Solana
On May 29, 2024, online payment giant PayPal announced the expansion of its stablecoin $PYUSD to the Solana network. The stablecoin was initially expanded on the Ethereum blockchain and now extends its tentacles to Solana. This news is undoubtedly Solana brings huge benefits.
Experts pointed out that the presence of a reputable payment giant means that the performance of Solana blockchain is recognized in the payment processing industry, which is expected to increase Solana's influence among PayPal's millions of users and may also attract more investors. ecosystem, further driving up the price of Solana.
Can PYUSD bring benefits?
However, judging from the market situation, the entry of PayPal's stablecoin $PYUSD has not had a significant impact on the price of Solana ($SOL). In the past 24 hours, $SOL has only increased 0.6%, and is currently quoted at $170.16. In the past week, It fell more than 4.2%.
Experts pointed out that the fluctuations of $SOL during this period were mainly affected by the hype surrounding the approval of the Ethereum spot ETF and the slight correction in the market. Although the price has been adjusted slightly in the past week, Solana's price still showed a bullish trend and successfully broke through resistance and holds strong support.
It remains to be seen whether the entry of PayPal’s stablecoin $PYUSD can bring subsequent upward momentum to $SOL.
Analyst: The key to the big surge lies in "this point"
As for what’s next for $SOL? Looking at technical indicators, $SOL’s daily technical indicators show a mixed outlook, with the relative strength index (RSI) currently at 54.63, hovering above the neutral 50 level, indicating neither overbought nor oversold. , which indicates that the market may enter a consolidation phase to prepare for the next move.
While the Bollinger Bands on the daily chart show a period of mild volatility, with the upper band at $189 and the lower band at $138, the Moving Average Convergence Divergence (MACD) shows a slight bullish divergence, just above the signal line, indicating that there is Certain upward momentum.
Analysts point out that Solana ($SOL)’s current key support lies near $160, and if it falls below it is likely to face downward pressure. If the bearish trend strengthens, $SOL’s price may fall towards $150.
Conversely, if the bullish trend returns, $SOL would have to break through the key $170 level to see buying pressure increase and push the price towards $180-$200.
With the launch of PayPal's stablecoin $PYUSD, Solana's market prospects have become even more exciting. This move may not only bring more trading activities, but also increase Solana's market recognition and influence.
However, investors still need to be cautious about the market. When deciding on investment strategies, they should fully consider the volatility and potential risks of the market and do a good job in risk management and asset allocation.
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
