Solana (SOL) captured renewed market attention on Friday, February 13, as traders responded to increased buying activity. The crypto analyst Ali Charts reported that this would likely propel SOL to test resistance levels, indicating increased market interest.
The fact that SOL has managed to maintain its levels above support zones has encouraged analysts to predict bullish sentiments in the near future.
Source: Ali Charts X Post
The price level of $82 is currently being watched by market participants, and this price level is seen as a potential level to affect the price movement in the short term for Solana.
A breakout above this could potentially lead the price towards the level of $88, which is seen as a psychological target. Despite the improving market sentiment, analysts have warned that cryptocurrency markets remain very sensitive.
Also Read: Solana Treasuries Bleeding: $1.5B Losses Hit as Buying Halts
Solana (SOL) Technicals Point Stabilizing Momentum
As per TradingView, as of Friday, February 13, the four-hour SOL chart still reflects the overall downtrend due to the recent sharp sell-off.
Although there was a recent rise in the price, it was a lower high, which sustained the downtrend. Since then, there has been consolidation in the price of SOL. The recent candles are showing buying pressure, but price remains below key swing highs.
Source: TradingView
The momentum indicators are consistent with a neutral to weak outlook. The RSI is currently sitting in the low 40s, indicating weak price strength.
The MACD seems to have flattened out after an extended bearish trend, indicating that the bearish pressure is easing off.
The overall picture from the momentum indicators is that the market is consolidating, and SOL may need a breakout or an increase in volatility before direction is established.
PayPal’s Solana Integration Hints at Broader Adoption
Apart from this price movement, PayPal has also quietly integrated Solana as the default network for its blockchain integrations as of Thursday, February 12.
This is, in itself, an important, albeit subtle, change in its crypto strategy. It is an important milestone in the increasing footprint of Solana in traditional financial systems, offering lower transaction fees, speed, and scalability in global payments and cryptocurrency transactions.
The change represents an increasing trust in Solana’s quick and inexpensive architecture, which has been seen as a model for payments-oriented apps for some time.
For PayPal, improved efficiency could translate into a better end-user experience and reduce operational hassles.
From a broader perspective, the transaction reinforces the narrative of traditional financial players moving closer to high-performance blockchain networks.
Also Read: Solana Processes 10x More Transactions Than Base As Stablecoin Supply Jumps 6%