Is Solana Poised for a Rally with PayPal's PYUSD Expansion?

PayPal has expanded its stablecoin, PYUSD, to Solana network

• #Solana saw a 23% surge last month amid Ethereum ETF approval anticipation and a minor market downturn.

• Its bullish trend, breaking resistance, and maintaining support signify investor confidence and robust network performance.

• Currently, Solana is trading within a symmetric triangle on the Daily timeframe.

• SOL is also within an ascending parallel channel, hinting at potential downward movement towards the lower trendline in May.

• Price fluctuations between $160 and $173 highlight heightened volatility and cautious investor sentiment.

• Analysis of the 4-hour SOL/USDT chart indicates a sideways pattern with a mixed outlook.

• According to Coingabbar analysis, A break below $160 could extend the decline towards the $150 zone.

• Conversely, increased buying pressure may propel the price above $170, triggering an upward rally towards $185 and $200.

KEY LEVELS :

RESISTANCE LEVEL : $170-$176

SUPPORT LEVEL : $160-$153

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.