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. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content

Recommended Content

Editors’ Picks

PEPE hits new all-time high, meme coin could extend gains

PEPE hits new all-time high, meme coin could extend gains

PEPE hit a new all-time high at $0.00001725 on Monday, May 27. The frog-themed meme coin noted a surge in active addresses and social dominance amidst rising price. 

More PEPE News

Fantom price could rally 20% but needs to test major support level first

Fantom price could rally 20% but needs to test major support level first

Fantom (FTM) price has lost some steam after the sharp increase registered from May 15 to May 20 but looks poised for further gains, technical indicators and on-chain data show.

More Fantom News

FLOKI, MAGA tokens post double-digit rally with bullish on-chain metrics

FLOKI, MAGA tokens post double-digit rally with bullish on-chain metrics

Crypto intelligence tracker Lookonchain identified a large wallet investor who has accumulated FLOKI (FLOKI) and MAGA TRUMP (MAGA) tokens, in exchange for Ether, since April 8. 

More Cryptocurrencies News

XRP ETF could gain approval in 2025, Ripple holders await lawsuit ruling

XRP ETF could gain approval in 2025, Ripple holders await lawsuit ruling

Ripple (XRP) holders are awaiting a ruling in the Securities and Exchange Commission’s (SEC) lawsuit against the payment remittance firm. A court ruling was awaited in May 2024, however there is no update, as of Monday, May 27. 

More Ripple News

Bitcoin: BTC struggles, but $80K is at striking distance Premium

Bitcoin: BTC struggles, but $80K is at striking distance

Bitcoin (BTC) price is in a good position to resume the bull rally despite the recent struggle. Optimism will restart if BTC overcomes a critical hurdle and flips it into a foothold. In such a case, the pioneer crypto will be slated to push to a new all-time high (ATH). 

Read full analysis