Robinhood wallet extends support for Solana, SOL expects strong breakout ahead

Robinhood has officially expanded its crypto offerings by adding support for Solana (SOL) to its wallet. This exciting integration allows users to self-custody their SOL and conduct transactions directly on the solana blockchain. Johann Kerbrat, Robinhood Crypto's General Manger, revealed the news, marking a significant step in Robinhood's strategy to enhance its Web3 wallet.

This follows previous integrations with major blockchains like Ethereum (ETH), Polygon (MATIC), and Bitcoin(BTC).

Robinhood's acquisitions

Earlier this year, Robinhood started to show its growing interest in the crypto world by acquiring the crypto exchange Bitstamp, expanding its presence in the crypto market. By doing so, Robinhood is gearing up to leverage on its newly acquired Bitstamp licensing to offer Bitcoin and Ethereum futures trading in the U.S and Europe, though an official launch date has yet to be set as discussions are still ongoing.

This move followed Robinhood's acquisition of Pluto Capital in July, which further improved its crypto offering and attracted retail crypto clients. The addition of Solana will allow Robinhood Wallet users to manage their SOL holdings more effectively, including the ability to send, receive, and store SOK securely.

Market response to announcement

The price of Solana experienced a slight increase following the announcement, reflecting positive market sentiment toward this development. With the partnership between the two companies, it could lead to an increase in transactional volume. Consequently, SOL price has shown resilience and potential for further increase as more users adopt the Robinhoot Wallet for transactions.

A recent CoinGape price analysis also indicates that SOL prices are positioned for an 18% rally as it approaches a critical fag pattern breakout. After experiencing 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.