Solana Price Prediction as PayPal Launches PYUSD on Solana – Will SOL Surge to $1,000?
The Solana price is up today as selling pressure eases, boosted by overall market growth and the news that PayPal’s stablecoin PYUSD will launch on Solana.
The SOL price has experienced a 1.52% increase over the past 24 hours, increasing its price to $169.57, amidst broader market growth.
In a reversal from the last few days, SOL has posted a weekly gain of 1.75%, extending its monthly rise of 36.54%.
Over the past year, SOL has yielded a remarkable return of 727.06%, outperforming major cryptocurrencies like BTC and ETH.
This robust performance indicates strong and widespread investor interest in SOL.
Additionally, SOL’s 24-hour volume has dipped 7.95% to $2,561B, suggesting eased selling pressure.
In the last 24 hours, SOL experienced a dip but has since displayed signs of recovery and is potentially poised to break out from its consolidation phase.
SOL has formed strong support at $164.97 but faces resistance at $173.16 over the past few days, causing it to consolidate as it trends sideways within the price range (yellow).
If the SOL price can decisively break above this zone, it may signal a shift toward an uptrend.
Other indicators support this possibility, such as the Relative Strength Index (purple), which has surged from 40 to 80 in the past 24 hours. This could indicate a shift in momentum towards the upside, as buying pressure overwhelms selling pressure.
This prospect is supported by SOL’s 24-hour volume, declining 7.95% to $2,561B. This confirms that selling pressure has eased as SOL sees lower outflows.
Additionally, SOL’s 30-day moving average (orange) is trending toward the 200-day moving average (blue).
If it crosses above the 200-day moving average, it could suggest that this short-term positive momentum is strong
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