Solana Price Up By 16.71% – Time to Buy SOL Coin?

• Solana Pay launches alongside Circle, makers of USDC, pushing investors to buy SOL
• The world’s first decentralised social graph protocol for Web 3 social connections CyberConnect launches on the high-performance network
• Derivative protocol 01 Exchange now on Mainnet following an integration on the Solana blockchain

The growing fundamentals surrounding Solana have seen investors buy SOL in a frenzy to make returns as the digital asset records huge gains in the market.

The crypto market has not kicked off to a great start this year. So far, the digital asset ecosystem saw over 8% of its recorded value dropping, pushing the nascent industry well below the $2 trillion mark. However, the crypto market is recovering most of its gains back, and Solana has rallied astronomically as well.

Solana has had a tumultuous three months following repeated downtimes and enormous transactions flowing into its blockchain protocol. However, this points to growing adoption and use cases, lending its more credibility while making now a good time to buy SOL.

Solana Pay Launches With Circle Backing

Seamless and low-cost online transactions have remained a daydream to several merchants. Despite the proliferation of blockchain protocols offering fast-paced fiat-backed stablecoins, users have still been hurdled with slow transaction time and the high cost of using these digital assets.

Solana Pay is out to the rescue. Launched alongside the world’s second most popular stablecoin maker Circle, Solana Pay aims to provide seamless, and cost-efficient transactions.

Users will easily make payments through the deployment of peer-to-peer (P2P) communication channels between the merchant and the consumer. The best thing about this is it will be done using stablecoins and will cost less than a cent in fees.

The first fiat-based digital asset will be Circle’s USDC which currently has over $4 billion in circulation. Merchants who accept this payment option would instantly settle and store USDC in their Circle account, where they can easily convert back to cash amidst other benefits.

Also, businesses will be able to use the Circle Yield to get fixed-rate crypto investment for their stored USDC assets.

Own Social Connections with CyberConnect

Adding to an already impressive portfolio of decentralised applications (dApps) onboard its protocol, Solana has also been tapped by the world’s first decentralised social graph platform CyberConnect.

CyberConnect lets users own their social media connections on the fast-rising blockchain ecosystem or Web 3.0. This way, users easily import and migrate their social connections to any platform they want to without re-establishing their identity, profile, and connections in the new platform.

All users need to do is connect their wallets to the CyberConnect platform and integrate with their social connections through Web3.

01 Exchange Derivatives Taps Solana

Derivatives trading in the decentralised finance (DeFi) ecosystem is gradually picking up with a host of offers on the Ethereum network. Solana is currently building a strong following and recently integrated with a derivatives trading protocol 01 Exchange.

Recently launched on the Solana mainnet, investors will trade perpetuals and borrow crypto assets easily and for a low cost.

Solana Technical Analysis – Pushing The Bears Back

At press time, Solana’s native token SOL is trading at $105.95, up an impressive 16.71% in the last 24 hours. Weekly gains are also interesting as the Ethereum competitor has racked up 14.27% in the past seven days.

The 20-day moving average (MA) indicator price of $114.83 shows that SOL is eyeing a bullish run. Turning to the 50-day simple moving average (SMA) indicator price of $148.99 shows that SOL is still far below its support price.

The 14-day relative strength index (RSI) figure of 43.97 shows that SOL is trading in the underbought region as the moving average convergence and divergence (MACD) stands in the neutral zone.

With the crypto market now pushing back to the $2 trillion mark, this might be a good time to buy SOL for a bargain.

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