The recent downtrend in the crypto market has taken its toll on Solana’s native token, SOL. The past few days saw heavy losses for the coin as it struggled to maintain its value. However, a glimmer of hope emerged yesterday as the token’s price chart showed the formation of a green candlestick after a prolonged period of vivid red ones.
Over the past week, SOL’s price has experienced a decrease of over 7%. But starting from August 23, the coin began an upward trend, as evidenced by its 24-hour price change of 5.75% on August 24. This positive movement in price can be attributed, in part, to the recent news of Shopify’s integration of Solana Pay.
Solana Labs launched its decentralized payment platform, Solana Pay, on the layer-1 blockchain in February 2022. Now, Shopify has made Solana Pay’s plug-in available on its platform, allowing millions of businesses to use the service for payments. This integration has reignited investors’ confidence in SOL, as it opens up new opportunities for the coin’s utility and exposure.
Initially, the first crypto option available for Shopify users will be the second-largest stablecoin in the market, USDC. Given its stability and close value to USD, it was chosen as the first to appear on the platform. However, Shopify’s business development and partnerships head, Josh Fried, revealed that more crypto assets, such as BONK and SOL, will soon be available. This expansion of options further enhances the versatility and appeal of Solana Pay.
Fried also highlighted the affordability of transactions on Solana Pay. He mentioned that credit card processing fees typically range between 1.5% and 3.5% per transaction for businesses. In contrast, using the Solana Pay option is practically “fee-free.” This low-cost advantage makes Solana Pay an attractive crypto app for businesses, prompting Fried to declare that payments are the killer app for crypto. He believes that everyone should be embracing this technological breakthrough.
Shopify is a globally recognized platform that holds a 10% share of the United States’ e-commerce industry. With Solana Pay’s entrance into this e-commerce giant’s hub, the ecosystem’s exposure and utility are set to soar. This integration will bring Solana and its native token, SOL, to the attention of millions of Shopify users, potentially driving up its demand and value.
Solana already boasts over 11 million active accounts and is a prominent player in the NFT sector, with over 21 million assets minted. Additionally, Solana’s transaction costs are impressively low at just $0.00025. These capabilities, combined with the continuous adoption of Solana Pay by major industry players, create a fertile ground for SOL’s price to surge in the coming days.
Despite the recent downturn in the crypto market, Solana’s native token, SOL, has seen a resurgence of interest and optimism. The integration of Solana Pay onto the Shopify platform has breathed new life into the ecosystem, unleashing its potential for widespread adoption and utilization. With exciting developments on the horizon and a growing user base, SOL’s future looks promising indeed.
Featured image from Pixabay and chart from TradingView.com.
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