NewsletterRobinhood Wallet Extends Support For Solana, SOL Price Breakout Ahead?
Highlights
- Solana added to Robinhood Wallet, enabling direct blockchain transactions.
- Robinhood's continuous upgrades enhance user experience and crypto offerings.
- SOL price shows potential for an 18% rally, influenced by market optimism.
Solana has been integrated into Robinhood’s wallet offerings, expanding the trading platform’s support for various cryptocurrencies. Johann Kerbrat, the General Manager of Robinhood crypto, announced this addition, enabling users to self-custody their Solana tokens and conduct transactions directly on the blockchain.
Robinhood Wallet Extends Support For Solana
In a recent announcement, Johann Kerbrat, General Manager of Robinhood crypto, confirmed that Solana has been added to the Robinhood wallet. This development will enhance the crypto wallet by incorporating more blockchains and digital assets.
Additionally, the digital token joins a growing list of supported cryptos on Robinhood, including Bitcoin, Ethereum, and Polygon. The addition allows users of the Wallet to manage, send, and receive SOL directly within the app.
Furthermore, Robinhood’s extension into supporting Solana follows its acquisitions and licensing expansions earlier this year, boosting its crypto offerings. Users can now self-custody SOL tokens, enhancing the security and flexibility of their crypto holdings.
The update coincides with the overall improvement of Robinhood’s infrastructure, further enhancing the user experience. Concurrently, the platform’s continuous upgrades ensure it remains competitive and meets user needs.
Market Response and Price Trajectory
Following the announcement, the price of SOL price experienced a slight increase, reflecting positive market sentiment toward this development. The Solana blockchain’s capabilities and Robinhood’s wide user base could lead to increased transaction volumes. Consequently, SOL price has shown resilience and potential for further increases as more users adopt the Robinhood Wallet for transactions.
Moreover, a recent CoinGape price analysis indicates that SOL price is positioned for an 18% rally as it approaches a critical flag pattern breakout. After a slight dip to $153, the cryptocurrency shows potential for a bullish continuation, driven by whale accumulation and a 42% increase in Total Value Locked (TVL) in August.
At press time, SOL price has increased 7.53% in the last seven days and is currently trading at $153.90.
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