Following the latest downtrend within the crypto market, Solana’s native token, SOL, recorded heavy losses prior to now few days. However now the token’s value strikes on the each day chart confirmed the formation of a inexperienced candlestick yesterday after many days of posting vivid crimson ones. 

In response to present stats, SOL’s value has decreased by over 7% prior to now week. However from August 23, the coin began an uptrend mirrored in its 24-hour value change of 5.75% as we speak, August 24. Notably, the latest information about Shopify’s integration of Solana Pay seemingly reignites traders’ confidence in SOL.  

Hundreds of thousands Of Companies On Shopify Can Now Use Solana Pay

Solana Labs launched its decentralized cost platform, Solana Pay, on the layer-1 blockchain in February 2022 and now, Solana Pay’s plug-in is now accessible on Shopify. This enables thousands and thousands of companies utilizing the e-commerce large to make use of the service for funds. 

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In response to the reviews, the primary crypto possibility for customers would be the second-largest stablecoin available in the market, USDC. Given its stability and shut worth to USD, it was chosen as the primary to seem on the platform. 

Nevertheless, Shopify’s enterprise growth and partnerships head, Josh Fried, revealed that extra crypto belongings akin to BONK and SOL will quickly be accessible. 

Fried additionally shared with a web-based information web site, TechCrunch, that transactions on Solana Pay are very reasonably priced, given how low the ecosystem prices.

Fried mentioned:

Bank card processing charges normally value a enterprise between 1.5% and three.5% per transaction, however utilizing the Solana Pay possibility is virtually “fee-free.

Additionally, he applauded Solana Pay as a crypto app price utilizing, saying, “Some individuals argue the killer app for crypto hasn’t arrived, but it surely has: it’s funds. [Everyone] ought to be doubling down on this.”

Will SOL’s Present Uptrend Proceed?

Shopify is a globally acknowledged platform with a 10% share of the US’ e-commerce business. So Solana Pay’s entrance into the e-commerce large’s hub is anticipated to spice up the ecosystem’s publicity and utility. 

Already, there are greater than 11 million lively accounts on Solana and the ecosystem can also be a participant within the NFT sector, with over 21 million belongings minted. It additionally presents low transaction prices at $0.00025. 

These capabilities and continuous adoption by prime giants in various industries will probably push SOL’s value upwards within the coming days.