Solana Remains Strong with PayPal Stablecoin Expansion

Solana Sol
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Despite the broader market downturns, Solana continues to show strength. The expansion of PayPal’s stablecoin, which operates on the Solana blockchain, benefits both PayPal and Solana.

This development underscores Solana’s potential for significant price increases, as the growing use of its blockchain is likely to drive demand and enhance the value of SOL Coin.

Solana Thrives with PayPal Stablecoin Integration Amid Market Challenges

Solana, one of the largest smart contract platforms, continues to grow and show resilience, particularly during market downturns. This strength is partly due to the recent excitement surrounding spot SOL ETF applications, even though this enthusiasm has been tempered by Bitcoin losses. Despite many cryptocurrencies hitting annual lows, SOL has maintained a stable level around $140.

PayPal has significantly advanced in the crypto space with the launch of its stablecoin, PYUSD. In August 2023, PayPal partnered with BNB issuer PAXOS to introduce this dollar-pegged stablecoin. By the end of 2023, the supply of PYUSD reached $230 million, and it has since surpassed $500 million. Last month, PYUSD’s supply surged by 97%, from $270 million on June 26 to over $533 million.

The expansion of PYUSD to the Solana network in May saw $134 million, or 25% of the supply, transferred there within a few months. On Ethereum, the supply remains at $399 million. The growing demand for stablecoins on Solana will likely highlight the benefits of PayPal’s integration with the network.

Amidst regulatory issues, fraud, and transparency challenges, the strengthening presence of reputable institutions like PayPal is a positive sign for the long-term future of the crypto ecosystem.

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SOL Coin Price Action: Testing Support and Potential for Further Gains

After briefly dropping to $121, the price of SOL Coin rebounded to $143 and is now attempting to hold $138 as support. The coin reacts quickly to Bitcoin sales, and SOL Coin bulls are also active in driving rebounds. If SOL Coin manages to close above $150, it could potentially revisit the $162 and $188 range, with further gains possibly leading to targets of $205 and $256.

At the time of writing, Bitcoin is trading around $57,300, while SOL Coin is showing a slight rise and continuing the day in positive territory.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.


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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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