- According to Solana’s latest announcement, Solana Pay’s integration with Shopify will allow traders and entrepreneurs to benefit from WEB3 payments.
- This is a significant milestone for the Solana blockchain as it could signify the beginning of such integrations. If successful, Solana can unlock the benefits of a strong network.
- The integration of Solana Pay with Shopify has the potential to impact market sensitivity. This development brings the potential of real-world use cases.
The integration of Solana Pay, Solana’s payment system, has brought new hope for the price of SOL coin and triggered a rise.
Solana Pay Announces a New Integration
Imagine a future where blockchain and cryptocurrencies facilitate payments during shopping. Solana Pay aims to achieve this and has recently taken a significant step with its integration with Shopify.
According to Solana’s latest announcement, Solana Pay’s integration with Shopify will allow traders and entrepreneurs to benefit from WEB3 payments. This will enable them to bypass transaction fees and third-party payment processing costs.
Keep in mind that WEB2-based third-party payment processors usually add an additional cost to transactions. The use of WEB3-based solutions can be a game-changer for both traders and shoppers.
This is a significant milestone for the Solana blockchain as it could signify the beginning of such integrations. If successful, Solana can unlock the benefits of a strong network. This could increase the likelihood of more demand around SOL.
How will this development affect investor sensitivity?
The integration of Solana Pay with Shopify has the potential to impact market sensitivity. This development brings the potential of real-world use cases. At the time of writing, we observed an increase in Solana’s social dominance in the past 24 hours. This indicates that the market reacted to the news.
Social dominance was still low compared to its highest peaks. However, weighted sensitivity showed a more significant increase in the past three days. In other words, investors experienced an increase in confidence in line with recent market downturns.
Solana’s native cryptocurrency SOL experienced a drop to $20.31 during the trading session on Tuesday (August 22). It has increased by almost 5% in the past 24 hours, indicating a positive reaction to the integration of Solana Pay and Shopify.
Most cryptocurrencies were in a deep oversold state after the recent drop in terms of market capitalization. However, SOL continued to show some relatively strong responses that helped it overcome the oversold region.
Furthermore, we observed that SOL managed to maintain a healthy upward trend compared to the June downturns. In contrast, some top cryptocurrencies like Bitcoin approached their lows in June, and ETH fell below its lowest price in June.
SOL managed to stay relatively strong thanks to the continued healthy demand activity. Since August 21, the volume metric has recorded a clear increase.
Although the volume increase seems to indicate a return of demand in line with recent price movements, the future of SOL remains uncertain. Erosion of low market confidence could lead to another price drop.
