Shopify, a major force in the e-commerce industry, recently announced that Solana Pay had been added to its selection of payment alternatives. This thoughtful combination may enable a wide range of platform shops to easily accept cryptocurrency sales.
Shopify will initially only support the trusted USD Coin (USDC) for payments. However, there are high hopes that this development could pave the way for the wider adoption of other cryptocurrencies in the coming time period, including Solana’s own digital currency SOL.
Solana Pay has the ability to significantly reduce transaction costs as compared to the costs associated with processing bank cards, which is one of its most appealing features. While bank card transactions often have fees ranging from 1.5% to 3.5%, Solana’s neighborhood has a median fee of just $0.00025 for each transaction.
Given its dominant position within the e-commerce industry, Shopify’s strategic decision is extremely noteworthy. The company estimates that its platform facilitates 10% of all American e-commerce transactions, which amounts to $444 billion in global e-commerce.
Shopify has slowly integrated Web3 choices into its platform over time, integrating a variety of blockchain commerce tools designed specifically for Web3-focused stores. Additionally, the company has introduced settings that make it easier for cryptocurrency wallets to join.
Technically speaking, the SOL daily chart showed a symmetrical triangle chart sample, which pointed to an impending crucial value motion for the altcoin. The resistance level around $25.80 may turn into support if the price of the cryptocurrency breaks out in a bullish fashion.
This might cause a continued rise that would eventually reach a peak of $34.60 during the following 14 days. It will be crucial for SOL’s value to close above $22.10 for 2 consecutive daily candles over the course of the following 72 hours in order to support this bullish thesis. On the other hand, if SOL is rejected by the resistance at $22.10, the value of the altcoin might fall below $17.10.
Buyers and sellers must pay close attention to the potential for a significant technical bear flag formation on the daily chart of SOL. The 20-day EMA line is about to cross below the 50-day EMA line as of this second.