TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

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 targets $90 after Coinbase added wallet support for SOL tokens
Ekta MouryaEkta MouryaFXStreet

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

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.

More from Ekta Mourya
Share:

Editor's Picks

XRP, ADA, and SOL are vulnerable to deeper losses

XRP, ADA, and SOL are vulnerable to deeper losses

The top altcoins, including Ripple, Cardano and Solana, are trading in the red as the broader cryptocurrency market faces downside pressure. The bearish pressure aligns with Citadel Securities' anticipation of a surprise Fed rate hike, which could reduce liquidity in high-risk assets, including crypto assets.

XRP and XLM extend correction as bearish pressure builds

XRP and XLM extend correction as bearish pressure builds

Ripple and Stellar remain under pressure on Tuesday after losing over 4% and over 5%, respectively, the previous day. In addition, weakening momentum indicators and deteriorating derivatives metrics suggest sellers remain in control, raising the risk of further downside for both altcoins. Derivatives data shows a slight bearish tilt.

Bitcoin risks losing $63,000 – FET, SHIB lead losses

Bitcoin risks losing $63,000 – FET, SHIB lead losses

Bitcoin edges lower on Tuesday, extending its losses of over 2% from the previous day. The broader crypto market suffered nearly $600 million in liquidations over the last 24 hours amid renewed sell-off pressure. Artificial Superintelligence Alliance and Shiba Inu have emerged as the worst-performing crypto assets in the same time period.

Pump.fun surges following rising revenue and social push

Pump.fun surges following rising revenue and social push

PUMP, the native crypto of token launchpad Pump.fun, saw double-digit gains on Monday, rising to nearly $0.00220, its highest level in about 11 weeks, before easing. The recent gains have stretched its 14- and 30-day performance above 38% and 50%, respectively.
Bitcoin: BTC holds firm, but the $100 Oil threat could change the game

Bitcoin: BTC holds firm, but the $100 Oil threat could change the game

Bitcoin (BTC) is modestly recovering, trading at $65,400 on Friday and holding firmly above the key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) supported BTC’s modest recovery as they continued to attract institutional inflows through Thursday, pointing to the third consecutive week of inflows.