Analyzing Solana Price Under PayPal PYUSD Influence

Solana is among the top five cryptocurrencies of the market with a history of high gains, which is eventually maintaining its hype despite its long

Paypal PYUSD, a stablecoin pegged to the US dollar and largely used in the Solana network, has crossed the $1 billion market cap threshold, making it the fifth-largest stablecoin overall. However, despite the hype surrounding this achievement, the token price seems to be heading in the opposite direction.

Solana is currently ranked among the top five cryptocurrencies in the market, thanks to its high gains over the years. Despite its long-term average performance, Solana manages to maintain its hype in the crypto space. After a 4.27% decrease in the last 24 hours, SOL is now trading at $154.10. This price movement also impacted the market cap, which now stands at $71,701,311,951. But on the brighter side, a 22% increase in trading activity suggests a positive influence from Paypal PYUSD.

Earlier, PayPal PYUSD introduced an interest reward, which played a crucial role in boosting its market cap growth. However, considering that Solana-based PYUSD holds a 64% market share, the impact on SOL's price was not as expected. The best performance to date occurred almost three years ago, driving the Solana price up to $260.06. But since then, Solana has not managed to come close to those levels again.

Apart from its all-time high, Solana's best performance was in April 2024, when the token reached $202.87 before dropping due to market conditions. Now, all eyes are on the upcoming bull run to propel altcoin prices, including Solana's, to new heights.

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