Solana, one of the largest smart contract platforms, continues to show growth despite market challenges. The platform remained resilient during the downturn. Recent spot SOL ETF applications and the excitement they bring are key reasons for this strength. Although excitement was subdued due to BTC losses, SOL maintains a reasonable level of $140. While many cryptocurrencies hit their annual lows, SOL stayed strong.
PayPal’s entry into the crypto space has also benefited Solana. The company launched its own stablecoin, PYUSD, in partnership with BNB issuer PAXOS in August 2023. Initially pegged to the dollar, the stablecoin’s supply reached $230 million by the end of 2023. It has since exceeded the half-billion-dollar mark. Last month, PYUSD’s supply grew by 97%, increasing from 270 million to over 533 million. Expansion to the Solana network in May saw $134 million, or 25% of the supply, moved there within months. On the Ethereum network, the supply stands at $399 million. The rising demand for stablecoins on Solana highlights the positive impact of PayPal’s integration.
The involvement of trustworthy institutions like PayPal in the stablecoin space boosts confidence in the crypto ecosystem’s future. Despite regulatory issues, fraud, and transparency concerns, such developments provide morale-boosting factors for the industry.
Solana’s price movements reflect its resilience. After testing the $121 level briefly, the SOL Coin price jumped back to $143. Currently, the price is trying to hold $138 as support. The bulls are active in rebounds. Closures above $150 could lead to a return to the $162 and $188 range. This could potentially reclaim the $205 and $256 target range.
At the time of writing, BTC is lingering at $57,300, while SOL Coin continues the day in green with a slight rise.
