I looked at this previous answer but when I select the text layer and find Convert to Paragraph text, it is grayed out. I am sure it is not already in paragraph text because it's just one long long string.
Convert to Paragraph Text option is greyed out it can only mean the highlighted layer in the Layers Panel is not a live text layer.
If a text layer is highlighted in the Layers Panel, the menu will read either
Convert to Paragraph Text or
Convert to Point Text.
If going to the type menu above doesn't work, try "right clicking" on the actual text layer in your layer panel box and select convert to paragraph text.
It's quite easy to differentiate between the two. Basically, paragraph text, when being edited, shows an array of handlers all around the text box, to allow the transforming of the size of the box.
Also, if it's a paragraph text, your text will not be deformed during the box resizing, which is generally another big hint (with a string text you would have to do Cmd+T to transform).