Solana price targets $90 after Coinbase added wallet support for SOL tokens
- Solana price prepares for a breakout following news of wallet support by the United States’ largest cryptocurrency exchange Coinbase.
- Proponents believe there has been a surge in interest in Solana over the past 12 months as investors considered low-cost Ethereum-alternatives.
- Analysts believe Solana market structure has remained unchanged; however, crossing $80, Solana price could break into uptrend.
Solana price could target $90 in response to the announcement of wallet support from Coinbase. The exchange unveiled wallet browser extension support for SOL and Solana-based tokens. Coinbase revealed that it could add support for Solana NFTs and dApps in the future.
Solana price could breakout soon, eyes $90 target
Solana price is on track to hit the $90 target, posting 2% gains over the past week. Coinbase, a Seychelles-based exchange that ranks first in the United States in volume, announced support for Solana.
Coinbase now supports Solana and Solana-based tokens, with plans to support NFTs and dApps on the SOL blockchain in the future. Proponents believe Coinbase’s support is a bullish catalyst for Solana price, fueling a bullish sentiment among investors.
Coinbase now supports the ecosystem of Solana tokens; this implies a spike in the number of users and demand for these cryptocurrencies. The exchange cited a surge in interest in Solana and rising demand from investors as the key reason behind the move to support the Ethereum-killer altcoin.
The move comes days after the launch of Coinbase Pay, a facility for users to add funds to their wallets through a web browser extension. Solana users can import their existing wallets on Coinbase through the extension.
Analysts have evaluated the Solana price trend and predicted a bullish breakout in altcoin. @AltcoinSherpa, a pseudonymous cryptocurrency analyst, argues that the Solana market structure has remained largely unchanged. The analyst expects one last shakeout and short-term bottom before Solana breaks into a price rally.
FXStreet analysts argue that Solana price remains at risk of collapse as the altcoin has a bearish market structure.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
