Solana Price Prediction as $420 Million Sends SOL Up 4% in 24 Hours – Are Whales Buying?

cryptonews.com:

The Solana price has gained by 4.5% in the past 24 hours, with its move to $21.72 coming as the cryptocurrency market as a whole recovers modestly after recent selloffs.

Despite today's bounce, SOL remains down by 6% in a week and by 10% in the past fortnight, although the altcoin remains up by over 110% since the beginning of the year.

Such a year-to-date gain has been helped by Solana's strong progress as a network in recent months, while yesterday brought the news that Solana Pay has integrated with Shopify in order to provide Solana-based USDC payments.

And with SOL's 24-hour trading volume remaining above $400 million, it's very likely that further gains may be incoming in the next few days.

Solana's indicators are in a good position, insofar as they suggest that the altcoin remains undervalued yet is ready to rebound very soon.

Indeed, with SOL's relative strength index (purple) rising above 40 today, it seems as though it's beginning to regather enough momentum to launch a rally in the very near future.

Given that it has risen by 4.5% in 24 hours, it's likely that such a rally has just begun, as also suggested by the coin's 30-day moving average (yellow), which has stopped falling and now looks as though it will begin rising again.

But seeing as how SOL's price is still below this average, there's plenty of room for the token to surge further before it becomes overbought.

There are a couple of reasons as to why SOL has outperformed most other major cryptocurrencies in the market today, with the aforementioned Solana Pay-Shopify integration being the biggest reason.

This integration will enable merchants who use Shopify to choose Solana-based USDC transfers as a payment option for themselves and their customers, something