Digital asset wallet MetaMask will add support for Solana (SOL) this month, increasing user exposure to assets. The platform seeks to stretch its offerings in line with its anticipated roadmap to onboard Bitcoin and improve wallet connectivity. Solana’s price spiked 6% in hourly trading below, cooling above 3% gains as bulls sight a new price target.
Solana: A Significant Milestone In MetaMask Roadmap
According to MetaMask executives, the company is set to introduce Solana to users in May. This will ramp up interoperability between multiple networks, marking a significant shift beyond Ethereum Virtual Machine (EVM) compatible networks. The integration is also tipped to increase the wallet’s user base.
In February, MetaMask disclosed plans to add support for Solana and Bitcoin. This was part of the long-term strategy, including gas swaps to allow users to pay with the tokens they hold. The company noted that it intends to eliminate gas in almost all transactions.
“Coming sooner in May, we’re adding native Solana Support to MetaMask, the first non-EVM chain supported out of the box. All MetaMask users will be able to buy, sell, swap, and interact with dapps across the entire Solana ecosystem. Existing Solana users will get access to the same security, reliability, and rich features of MetaMask.”
Other features included support for Secret Recovery Phrases (SRPs) and Profile Sync for users. Amid incoming developments, expansion to Solana caught the bull’s attention after traders set a higher price range for the asset this year. Solana is popular as an institutional favorite asset with a growing user base due to expanding DeFi integrations.
The community-dubbed ETH killer tapped key milestones in terms of projects. Notably, the network’s growing meme coin ecosystem has spiked activity and volume. These assets led the wider meme coin frenzy in Q1 2024.
SOL Price Rally Ahead?
Solana bulls are gearing up for a rally following trader resilience against the $172 level in the last seven days. MetaMask integration could ignite upward sentiments for stronger institutional adoption as headwinds cool off.
Furthermore, institutional investors are accumulating SOL tokens coupled with whale offloads from centralized exchanges. Analysts opine recent movements are in preparation for a potential spot SOL ETF this year. A Securities and Exchange Commission (SEC) approval will be a game-changer for altcoins. Recently, Solana rallied with altcoins soaring 6% today and 31% this month.
