Solana’s native token, SOL, has experienced heavy losses in the past few days amid the recent downtrend in the crypto market. However, there seems to be a glimmer of hope as the token’s price moves on the daily chart showed the formation of a green candlestick yesterday after a series of vivid red ones.
Over the past week, SOL’s price has decreased by over 7%. Nevertheless, from August 23 onwards, the coin initiated an upward trend, which is reflected in its 24-hour price change of 5.75% today, August 24. This recent positive momentum can be attributed to the news of Shopify’s integration of Solana Pay, which has seemingly reignited investors’ confidence in SOL.
Solana Labs launched Solana Pay, its decentralized payment platform, on the layer-1 blockchain in February 2022. Now, the Solana Pay plug-in is available on Shopify, offering millions of businesses using the e-commerce giant the opportunity to utilize the service for payments.
The first crypto option available for Shopify users through Solana Pay is USDC, the second-largest stablecoin in the market. USDC was chosen due to its stability and close value to the USD. However, according to Josh Fried, Shopify’s business development and partnerships head, more crypto assets such as BONK and SOL will soon be available on the platform.
Fried shared in an interview that transactions on Solana Pay are extremely affordable due to the low charges within the ecosystem. In comparison to credit card processing fees, which cost businesses between 1.5% and 3.5% per transaction, using Solana Pay is practically “fee-free.” Fried also emphasized the value of Solana Pay as a killer app for crypto, stating that payments are the true game-changer in the industry.
Shopify is a globally recognized platform with a 10% share of the United States’ e-commerce industry. The integration of Solana Pay within this e-commerce giant’s hub is expected to significantly boost the exposure and utility of the Solana ecosystem. Currently, there are over 11 million active accounts on Solana, and the ecosystem has also made strides in the NFT sector, with over 21 million assets minted. Additionally, Solana offers the advantage of low transaction costs at just $0.00025.
The continual adoption of Solana by top industry players and its integration with Shopify are likely to push SOL’s price upwards in the coming days. The renewed confidence from investors, combined with the increased utility of Solana Pay, positions SOL for potential growth and greater prominence in the crypto market.
Solana’s SOL has experienced a recent uptick in price following the integration of Solana Pay on Shopify. This development has provided a boost of confidence for investors and increased the potential utility of SOL within the e-commerce industry. With its affordable transactions and growing ecosystem, Solana is well-positioned for future growth and adoption.