Solana Registers Surprise 10% Jump Toppling Dogecoin, Next SOL Price Target $32?

Ethereum’s Layer-1 competitor Solana (SOL) has made a surprise 10% jump over the last 24 hours with its price shooting to $21.50 levels. With this price surge, Solana has unseated Dogecoin (DOGE) for the eighth spot in the top ten crypto list.

With this move, Solana has extended its weekly gains to more than 9%. Also, since mid-September, the Ethereum rival has registered a strong rally with more than 25% gains.

On the technical chart, the SOL Price is already trading above the 20-day and the 50-day moving averages. The MACD indicator reveals a bullish crossover with the MACD line at 0.0515 and the signal line at 0.2471 both situated below the zero line, indicating positive sentiment in the charts.

Furthermore, the Relative Strength Index (RSI) registers at 56.15 points, while the 14-day Simple Moving Average (SMA) stands at 48.89 points, positioned above the midline. This alignment with the 14 SMA indicates favorable conditions for SOL price, as it has found support on the 14 SMA, emphasizing a positive outlook.

Solana (SOL) currently boasts an open interest of $321.13 million, according to data from Coinglass, a cryptocurrency analysis website. This figure marks a 2.37% increase from the previous session. Over the past 24 hours, the long versus short ratio stands at 0.965, with short positions totaling $534.18K, contrasting longs at $304.30K.

Looking ahead, the SOL price may find potential resistance levels at $22 and $24. If it gives a breakout above these levels, it can further surge to $32. However, if it falters to maintain its current position, a downtrend could resume, leading to possible support levels at $18 and $16.

Key Solana Developments

The SOL price momentum comes on the backdrop of some key developments taking place within the Solana ecosystem. Back in August 2023, Solana announced its integration with global e-commerce leader Shopify.

The collaboration will integrate Solana Pay, a decentralized payment protocol, directly into Shopify’s platform, opening the door for millions of businesses to seamlessly accept blockchain payments.

Solana Pay promises to deliver a groundbreaking payment experience for both merchants and consumers, characterized by reduced fees, faster settlement times, and a decrease in chargeback incidents. Additionally, it will provide access to the exciting possibilities of Web3 commerce, including token-based promotions, global payment capabilities, and NFT-driven loyalty programs.

Solana Pay’s initial payment option will be the USDC stablecoin, valued at nearly $26 billion and pegged to the US Dollar. Josh Fried, Head of Commerce Business Development at the Solana Foundation, stated that USDC was selected for its familiarity and reliability, especially among merchants new to cryptocurrency.