Solana Pay could act as a catalyst to trigger SOL price

Solana Pay could act as a catalyst to trigger SOL price

The launch of Solana Pay is expected to give SOL and other stablecoins an edge in 2022

The price of Solana’s SOL token has increased significantly over the past year, leaving many other cryptocurrencies in the dust. However, Solana has been one of the victims of the ongoing geopolitical war and the flattening economy. Fortunately, the launch of Solana Pay should give Solana’s price an edge in 2022. The new payment method offers merchants and customers a new set of decentralized payment standards and protocols created to enable acceptance of stablecoins during the sales.

The price of Solana reached an all-time high of US$214.36 in September 2021, registering a huge annual growth of 11,800%. The SOL token is often hailed for its incredible underlying blockchain network which has brought many cryptocurrency investors into the Solana circle. According to the company, the Solana network has the capacity to process 710,000 transactions per second with a 1 gigabit per second network connection. The company claimed in a recent press release that Solana Pay will allow merchants to accept and move any volume of Solana blockchain-enabled dollar digital currencies anytime, anywhere in the world, for very low fees. stockings measured in fractions of cents. Although this facility is common across the entire cryptocurrency market, the update is expected to give the SOL token a major boost. According to experts, SOL will register impressive growth in the coming days, thanks to the launch of Solana Pay.

Why Solana Pay Matter to SOL Token?

Currently, the price of Solana is hovering between US$80 and US$82. However, traders are waiting for a breakout in the coming weeks. Although SOL’s price analysis insists on a bearish trend, enthusiasts believe that Solana Pay could create disruption at this point. Besides, Solana platform has also become popular among project developers recently. At the time of writing, it has over 167 active projects in its ecosystem. According to Solana co-founder Anatoly Yakovenko, Solana has over two million monthly active users.

While these factors may contribute to increased usage of the Solana network, buzz around the SOL token is also expected to increase. Solana Pay gives merchants access to their money in real time, which will help manage working capital, liquidity, liability protection and direct access to money in seconds. Interconnecting two blockchain wallet addresses allows merchants to unlock a two-way communication channel with their customers. This will allow them to make quick transactions and send offers and rewards to loyal customers.

How Solana Pay stands out from the rest?

Even though Bitcoin and Ethereum are the two main cryptocurrencies, investors are tired of their slowness and high transaction costs. However, many emerging blockchain networks are providing better services recently, stomping Bitcoin and Ethereum on many deals. One of them is the Solana network which can perform 65,000 transactions per second.

Also, the introduction of Solana Pay has opened the door to many user-friendly features such as using a QR code for online browser plug-ins to pay. These advancements are available for SOL tokens and some other stablecoins.

The slogan that suits Solana Pay’s simple transaction method is “make payments like sending an email”. However, it also ensures that transactions are secure and delivered at the right time. To make this possible, Solana has included standardized destination, currency, amount, transaction IDs and descriptive text fields so that merchants can confirm that a transaction has been completed.

With a handful of amazing benefits and new options, Solana Pay should already compete with fintech platforms like PayPal. On the other hand, it will also strengthen the dominance of the SOL token in the market.

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