In the past 24 hours, the price of Solana (SOL) has seen a 4.5% rise, standing currently at $21.72. This appreciation comes as the entire cryptocurrency market shows signs of a moderate recovery following recent drop-offs. SOL, however, exhibits a 6% drop within the past week, notwithstanding its 110% surge since the turn of the year.
Solana’s commendable leads as a network in recent times, coupled with the exciting integration of Solana Pay with Shopify to facilitate Solana-based USDC payments, contribute heavily to this year-to-date progress. Factoring in the 24-hour trading volume for SOL which comfortably hangs over $400 million, a further increase is projected in the days to come.
Current indicators of Solana predict a wholesome future, hinting at an undervalued status with a high probability of imminent rebound. With the relative strength index (purple) going beyond 40 today, it seems the momentum necessary to spark a rally is being gradually summoned. The 30-day moving average (yellow) appears ready to climb after a series of dips, indicating the possible commencement of the rally, with enough room for more token surge before reaching the overbought status.
Undoubtedly, the most significant factor behind SOL’s market outperformance of most cryptocurrencies today is the recent integration with Shopify. This enables merchants using Shopify to consider Solana-based USDC transfers as the preferred payment method, which could, in turn, result in substantial growth for Solana and its network in the long term.
It is therefore expected that the escalating SOL volumes, possibly due to increased whale accumulation, will propel the token value further to about $25 or $30 within a few months, potentially reaching $35 or $40 before the close of the year.
Nevertheless, unconventional tokens offer a possibility of substantial gains in the market. Presale tokens, for example, could see a significant surge upon listing on exchanges. One such prospective token is Sonik Coin (SONIK), an ERC-20 meme token that amassed $400,000 merely a week after its presale began. SONIK is widely decentralized, reducing the chance of significant sell-offs from large holders and promises passive income from staking rewards.
To conclude, the cryptocurrency market appears to gradually step out of recent challenges as forecasted by Solana’s consistent rise. Bearing this in mind, stakeholders are on the watch for significant leaps in the value of beneficial tokens like Solana, and promising tokens like SONIK.
Source: Cryptonews
