- Shopify announced over the past few days that it will be integrating with Solana Pay.
- Initially, merchants will only be able to accept payments in USD Coin (USDC).
- A symmetrical triangle chart pattern had formed on SOL’s daily chart which suggested a breakout may soon ensue.
Over the past few days, Shopify, a dominant force in the e-commerce sector, revealed its incorporation of Solana Pay into its array of payment alternatives. This calculated fusion could empower a countless number of merchants on the platform to accept cryptocurrency transactions.
Initially, Shopify will only endorse the well-established USD Coin (USDC) for payments. However, anticipations are high that this progress will set the stage for the broader acceptance of other cryptocurrencies in the upcoming period, encompassing Solana’s inherent digital currency SOL as well.
An especially captivating facet of Solana Pay lies in its potential to significantly slash transaction expenses in comparison to the traditional credit card processing charges. While credit card dealings commonly involve fees ranging from 1.5% to 3.5%, Solana’s network touts an average cost of merely $0.00025 for each transaction.
Shopify’s strategic action is especially remarkable given its commanding stance in the realm of e-commerce. The company approximates that a staggering 10% of all e-commerce transactions in the United States, which equates to $444 billion in global e-commerce, takes place through its platform.
As time has progressed, Shopify has gradually welcomed Web3 solutions into its fold, intertwining an array of blockchain commerce tools tailored for Web3-centric stores. Additionally, the company has introduced features that facilitate the connectivity of cryptocurrency wallets.
From a technical perspective, the daily chart for SOL displayed a symmetrical triangle chart pattern, indicating an imminent significant price movement for the altcoin. If the value of the cryptocurrency breaks out in a bullish manner, there’s a possibility that it will flip the resistance level at $25.80 into support.
This could lead to a subsequent ascent towards a peak of $34.60 over the next 14 days. To validate this bullish thesis, it will be essential for SOL’s price to close above $22.10 for two consecutive daily candles within the next 72 hours. Conversely, if SOL is rejected by the resistance at $22.10, the altcoin’s price will be at risk of dropping to $17.10.
Traders and investors should be attentive to the impending potential of a significant bearish technical flag formation on SOL’s daily chart. As of the current moment, the 20-day EMA line is on the verge of crossing below the 50-day EMA line. Should these two crucial technical indicators intersect, it will signify a shift in momentum favoring the bears in the medium term.
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