One of the largest smart contract platforms, Solana, continues to grow. Moreover, it remained strong during the downturn. One of the main reasons is the recent spot SOL ETF applications and the excitement they bring. Although this excitement has been subdued due to BTC losses, the popular altcoin is lingering at a reasonable level of $140. While many cryptocurrencies have reached their annual lows, SOL has remained strong.
PayPal and Solana
PayPal, which launched its own stablecoin, took a big step in the crypto space. In addition, the expansion of the stablecoin to the Solana network benefits both parties. In August 2023, the company partnered with BNB issuer PAXOS to launch its dollar-pegged stablecoin named PYUSD. According to DeFiLlama data, the supply, which reached $230 million by the end of 2023, has since exceeded the half-billion-dollar mark.
Last month, the supply of PYUSD increased by 97%, rising from 270 million on June 26 to over 533 million. With its expansion to the Solana network in May, $134 million, which is 25% of the supply, was moved there within a few months. On the Ethereum network, the supply stands at $399 million. In the future, with the increasing demand for stablecoins on the Solana network, we can better see both the results of PayPal’s integration and its benefits to the Solana network.
Considering the chaos caused by regulatory issues, fraud, and transparency, the strengthening of trustworthy institutions like PayPal in the stablecoin space is a morale-boosting factor for the future of the crypto ecosystem in the long term.
Solana (SOL)
After briefly testing the $121 level, the SOL Coin price jumped back to the $143 threshold. Following this, the price is trying to hold $138 as support. As quickly as it reacts to BTC sales, SOL Coin bulls are also active in rebounds. If we start seeing closures above $150, we could see a return to the $162 and $188 range. This could potentially lead to the reclaiming of the $205 and $256 target range.
At the time of writing, BTC is lingering at $57,300, and SOL Coin is continuing the day in green with a slight rise.
