SOL stays strong as others falter. Is it a good time to buy?

• Solana (SOL) saw a 4.2% increase in 24 hours, reaching $20.21.
• Shopify plans to incorporate Solana Pay for fee-free, Web3-native payments.
• Visa can now settle transactions using USDC on the Solana blockchain.

Solana , a well-known altcoin, demonstrated robustness and potential in the ever-changing landscape of the cryptocurrency market. While Bitcoin garnered attention by exceeding the $26,000 threshold, Solana stood out as the highest earner. It saw a nearly 4.2% increase in 24 hours, climbing from $19.38 to $20.21.

In the past few weeks, the Solana ecosystem has experienced a series of beneficial advancements, attracting the interest of investors and major industry players. A notable announcement was made by Shopify, revealing its intention to incorporate Solana Pay. This tactical decision will provide “millions of entrepreneurs and merchants” with the ability to utilize fee-free, Web3-native payments.

Maker, a significant entity in the decentralized finance (DeFi) sector, is considering expanding its operations to Solana. The company is investigating the potential of developing a new DeFi lending protocol on an appchain utilizing Solana’s Solana Virtual Machine (SVM).

Recently, Visa, the international credit card behemoth, declared its ability to settle transactions using USDC, a widely used U.S. dollar stablecoin, on the Solana blockchain. This advancement has notably influenced the price of SOL, pushing it to around $21 and attracting increased interest to the platform.

Additionally, Solana has recently emerged as the preferred alternative coin for investors. A notable $700,000 was channeled into SOL via multiple cryptocurrency investment platforms in the past week. This uptick in investment underscores the increasing faith in Solana’s potential.

Solana (SOL) 24-Hour Price Analysis

While the news is generally favorable, the present price data indicates potential difficulties for Solana. A daily price review predicted that the $20.00 support area would likely experience a surge in demand. However, the reaction from Solana’s bullish investors has been lackluster compared to the bearish ones, leading to a trading range between $20 and $19.

Currently, Solana is priced at $19.90 and has a market capitalization of $8.15 billion. This positions it as the 9th biggest cryptocurrency, per the data from CoinMarketCap.

Furthermore, the current price of SOL is beneath the 50 and 200 Moving Average (M.A.) intersections, suggesting a possible bearish outlook. It’s important to highlight that Solana’s Relative Strength Index (RSI) is at 42.28, approaching the neutral territory. This implies that the market sentiment for Solana is fluctuating.