Solana price movement: how will the introduction of Solana Pay impact the price of the SOL token?

Solana SOL/USD is a web-scale blockchain that is intended to provide quick, secure, scalable as well as decentralized applications as well as marketplaces.

It’s developed to be extremely scalable and quick, and Solana has a theoretical capacity of 65,000 TPS.

Solana’s payment feature addition and Phantom’s $109M funding round as catalysts for growth

Through an official announcement on Twitter, On February 1, 2022, Solana made an announcement about Solana Pay, which is intended to be a decentralized, secure, and open-source payments protocol.

The main promise behind Solana Pay is that the payment and underlying technology goes from being a necessary service utility to a true peer-to-peer communication channel between a merchant as well as a consumer.

The protocol provides a specification, which lets the consumer send digital dollar currencies directly from their wallet into the merchant’s account, which settles immediately with costs measured in fractions of a penny.

Additionally, we covered how Phantom announced that it had raised $109 million in a Series B funding round and that by partnering with Phantom, Solana is planning to venture into Web3.

Both of these aspects have the genuine potential of making the Solana (SOL) token shine and increase in terms of value as well as utility.

Should you buy Solana (SOL)?

On February 2, 2022, Solana (SOL) had a value of $110.19.

The all-time high value of Solana (SOL) was on November 6, 2021, when the token reached a value of $259.96. Here, we can see that the token was $149.77 higher in value at its ATH or by 135%.

When we go over last month’s performance, Solana (SOL) had its highest value on January 2, with a value of $178.74.

Its lowest point, however, was on January 24, when the token decreased to a value of $82.5. This indicates a decrease in value of $96.24 or by 53%.

However, from January 24 to February 2, we can see that the SOL token increased in value by $27.69 or by 33%.

With this in mind, we can expect SOL to reach a value of $130 by the end of March 2022, making it a worthwhile token to buy.

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