Solana has seemingly benefited from the news of a recent PayPal integration as SOL has been driven to $170 today. Indeed, the digital payment giant announced its PYUSD stablecoin would be expanding to the Solana network. The news could be the catalyst for an impending SOL rally to start in June.
Over the last month, Solana has enjoyed a 27% surge, according to CoinMarketCap. That magnified today, as the asset has briefly secured a spot at $170, and has maintained a position at $169.67, increasing more than 1% over the last 24 hours. The movement could be a sign of things to come for the next month.
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Solana (SOL) Could Be Set for June Rally Amid Positive Sentiment
Just five months into the year, Solana has been one of the major talking points in the digital asset sector. It was home to some of the fastest-rising meme coins during MArch’s surge in the market. Moreover, it has surpassed Ethereum in DEX volume on several occasions amid that industry rush.
Now, Solana could be poised for even more gains as the recently announced PayPal integration has driven SOL to $170. Additionally, that development could become one of the primary reasons why Solana is set to enjoy a continued rally heading into the coming month.
Solana has showcased its resilience this month while maintaining a value surge amid a slight market-wide crash brought on by the Ethereum ETF decision situation. Subsequently, it has been showcasing a bullish trajectory that was fast-tracked by the PayPal news.
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The development showed the digital payment company opts to expand the blockchain networks that support its native stablecoin. Specifically, it included Solana to present trade with faster and more affordable transaction options. In that feat, the company also highlighted the tremendous capabilities and use case successes that Solana has enjoyed.
There is reason to think that Solana will maintain its positive position. Although there may be some downward pressure, it should benefit from a transition in overall market sentiment. When Ethereum begins trading, how SOL reacts will be very telling for its prospects.
It has proven to be a main ETH competitor, but when the Spot Ethereum ETF goes live, it should set off a positive market reaction. If SOL can take advantage, it should enjoy a pronounced June surge.