PayPal Integrates Its Cryptocurrency (PYUSD) with the Solana Blockchain

Despite this positive development, Solana enthusiasts faced a setback with recent news from an article published by “Bitcoin.com.”

Solana price analysis reveals a bearish trend on Monday as the crypto price underwent a sharp decline after recent gains. The crypto price dropped by 3.7% to reach a trading price of $146.0 at press time. This bearish trend follows a surge in Solana price on Friday after news of PayPal’s stablecoin integration with the Solana blockchain.

Solana price chart by Tradingview

Solana price analysis on Monday shows a bearish trend after a recent surge in crypto price. SOL price decreased by 3.7% in the last 24 hours and reached a trading price of $146.0 at press time.

However, despite the bearish trend, SOL crypto price showed support at several levels. The immediate support level for SOL crypto is at $141.0. After this, the next support levels are at $130.0 and $119.0.

On the other hand, the immediate resistance level for SOL crypto is at $154.0. After this, the next resistance levels are at $170.0 and $180.0.

Solana price analysis: Recent developments

Solana price surged on Friday after news of PayPal’s stablecoin integration with the Solana blockchain. This integration aims to enable users to convert their crypto holdings into fiat currencies for payments at online merchants.

Solana price also reacted to news from JP Morgan, which stated that the SEC is unlikely to approve ETFs for several cryptocurrencies, including Solana and XRP. This news brought disappointment to crypto enthusiasts who were anticipating the approval of Solana ETFs.

Solana price technical analysis

Technical analysis of Solana price chart on Monday shows a positive overall trend, with several support points and a dynamic trendline on the lower side.

Crypto price is further seen breaking above a crucial resistance and traders can expect a further surge to higher levels in crypto if the most recent swing high is taken out.

Despite this, the most recent price action shows profit booking in crypto.

SOL/USD Chart by TradingView

Technical indicators on the daily chart of SOL crypto further showed strength in the trading price of the crypto.

The 50-day and the 200-day EMAs are both seen trading in a golden crossover, and the price has also advanced above the following EMAs.

However, the MACD showed uncertainty in the price as its metrics overlap each other.

RSI, on the other hand, has sustained above the 50 level and is currently trading below the 14-day SMA, showing temporary volatility in the price of the crypto.