Convergence

Rally

Solana

Divergence

Solana price forecast: SOL has seen a slight dip over the last 24 hours, continuing a bearish trend. The competitive smart contracts token hovered below $170 amid a market correction after recent gains. The <a href="https://coingape.com/price/solana/">Solana price</a> now stands at $169.48, reflecting a 0.86% decrease within the last day. 
The market cap has increased slightly by 1.44%, now at $77.87 billion, indicating a strong market position despite the price decline. The 24-hour trading volume also saw a modest rise of 1.56%, reaching $3.166 million, which shows consistent trading activity among investors. 
<h2 id="span-style-font-weight-400-solana-price-forecast-potential-downward-pressure-span">Solana Price Forecast: Potential Downward Pressure</h2> 
Over the past week, the Solana price has decreased more than 5%, indicating a potential bearish trend in the market. The SOL has been trading in a range of $160 to $168, reflecting increased volatility and cautious sentiment among investors. 
<figure id="attachment_199471" aria-describedby="caption-attachment-199471" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-199471" src="https://coingape.com/wp-content/uploads/2024/05/SOLUSD_2024-05-29_17-02-42-e1716991790186.png" alt="Solana Price Forecast As PayPal Expands PYUSD, Can SOL Reach $200 Amid Corrections?" width="1200" height="679">
 <figcaption id="caption-attachment-199471" class="wp-caption-text">
 Solana Price Forecast
 </figcaption>
</figure> 
With <a href="https://coingape.com/education/ethereum-etf-approved-everything-you-need-to-know/">Ethereum ETF</a> approval hype and a slight market crash, <a href="https://coingape.com/markets/solana-price-prediction-can-a-solana-etf-boost-sol-to-1000/">Solana</a> surged by 23% last month, showcasing its resilience in a volatile market. The Solana price has been trading bullish, breaking through resistance levels and maintaining strong support despite slight corrections, indicating investor confidence and robust underlying network performance. 
The online payments giant <a rel="nofollow" href="https://newsroom.paypal-corp.com/2024-05-29-PayPal-USD-Stablecoin-Now-Available-on-Solana-Blockchain,-Providing-Faster,-Cheaper-Transactions-for-Consumers">PayPal</a> has expanded its stablecoin, PYUSD, to the Solana network. Initially launched on the Ethereum blockchain, this expansion signifies a major step for Solana’s adoption. By integrating PYUSD, Solana gains significant credibility in the payments processing industry.&nbsp; 
The collaboration between PayPal and Solana announced on Wednesday, 29th May 2024, aims to boost Solana’s presence among PayPal’s millions of users. This strategic move highlights the growing importance of blockchain technology in mainstream financial services. 
<h2 id="span-style-font-weight-400-potential-price-movements-and-technical-indicators-span">Potential Price Movements and Technical Indicators</h2> 
With the current market fluctuations, Solana (SOL) faces potential downward pressure. If the bearish trend strengthens, the <a href="https://coingape.com/price-predictions/solana-sol-price-prediction/">price of SOL</a> could fall toward the $160 support level. Continuation of this trend might lead to a dip to $150, indicating a significant shift in market sentiment. 
Conversely, if bullish momentum returns, <a href="https://coingape.com/blog/will-solana-sol-price-hit-200-in-june/">SOL</a> could rise to the $170 level. With increased buying pressure, the price might surge above $180, reaching $200 in the next bullish run. This potential movement underscores Solana’s market performance’s volatility and dynamic nature. 
The daily technical indicators for the Solana market show a mixed outlook. The Relative Strength Index (RSI) is currently at 54.63, hovering above the neutral 50 mark, indicating neither overbought nor oversold conditions. This suggests a potential consolidation phase, with the market preparing for its next directional move.&nbsp; 
The Bollinger Bands on the daily chart for Solana indicate a period of moderate volatility. The upper Bollinger Band is 189, while the lower Bollinger Band stands at 138. 
<figure id="attachment_199469" aria-describedby="caption-attachment-199469" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-199469" src="https://coingape.com/wp-content/uploads/2024/05/SOLUSD_2024-05-29_17-00-15-e1716991632540.png" alt="Solana Price Forecast As PayPal Expands PYUSD, Can SOL Reach $200 Amid Corrections?" width="1200" height="696">
 <figcaption id="caption-attachment-199469" class="wp-caption-text">
 Solana Price Forecast| Source: <a rel="nofollow" href="https://www.tradingview.com/x/CajnS5wF/">Tradingview</a>
 </figcaption>
</figure> 
The Moving Average Convergence Divergence (MACD) histogram shows a slight bullish divergence, with the MACD line above the signal line by a small margin. Although the difference is minimal, this suggests some upward momentum, indicating cautious optimism among traders. 
The post <a href="https://coingape.com/markets/solana-price-forecast-as-paypal-expands-pyusd-host-blockchains-sol-rally-in-the-offing/">Solana Price Forecast As PayPal Expands PYUSD Host Blockchains, SOL Rally In The Offing?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Solana Price Forecast As PayPal Expands PYUSD Host Blockchains, SOL Rally In The Offing?

Table of Contents

Coingape News Media

Other articles published on May 29, 2024

Memecoins Surge: WIF, BOME, and FLOKI Lead Crypto Rally

SEC Ordered to Pay $1.8M After Debt Box Lawsuit Dismissed

Goodbye CZ: Binance France changes hands to survive against the AMF!

Is the Rumoured Arrival of MoonBag on Coinbase a Bad Omen for Shiba Inu and Floki Inu?

Dogeverse Faces Scalability Issues as NEAR Struggles to Secure Partnerships: Is MoonBag the Best ...

Former FTX Exec Sentenced to 7.5 Years in Prison for Role in FTX Folly

Join our free newsletter for daily crypto updates!