Robinhood Wallet Expands Solana Support—Is a SOL Price Breakout Imminent?

• Robinhood Wallet has announced support for Solana, allowing its millions of users to send, receive, and custody their SOL tokens.
• Analysts predict that SOL is bracing for a breakout after being trapped in a consolidation phase for months, with one pointing to its ‘Adam and Eve pattern’ as proof of an impending rise to $220.

Robinhood Wallet has announced support for Solana, allowing its users to custody, send, and receive SOL seamlessly over the Solana blockchain.

Johann Kerbrat, the General Manager of Robinhood Crypto, announced the integration on Tuesday. Solana joins a host of other top cryptos that the Robinhood Wallet now supports, including Bitcoin, Ethereum, and Polygon.

Super excited to announce that the Solana network is now live on Robinhood Wallet!
Starting today, you can self-custody @solana tokens and send + receive over the Solana blockchain.

— Johann Kerbrat (@JohannKerbrat) August 27, 2024

The company, which built its user base on free stock trading, has become a major player in the crypto ecosystem over the past few years. In May this year, it announced staking services for Solana in European countries, offering a 5% yield. As we reported, the company chose to start staking services with Solana over rivals like Ethereum, as SOL has a more straightforward staking process and is pretty popular globally.

This year, Robinhood has also announced integrations/listings with MetaMask, Dogwifhat (WIF), Polygon, and Arbitrum. Shortly after the approval of the Bitcoin ETFs in January, the company announced that users could trade all 11 on its platform.

What’s Next for Solana?

Solana trades at $145, dipping 6.4% in the past day for a $67 billion market cap, the fifth-highest in the market. However, its trading volume is up 30% to $3 billion.

SOL’s downturn wasn’t isolated. The market soured in the past 24 hours, dipping 4.4% to hit $2.07 trillion in market cap. BTC, ETH XRP, and DOGE all lost over 4%, with Avalanche, Polkadot, and Uniswap losing at least 5%.  Polygon, Stacks, Fantom, and Maker were some of the biggest losers at over 10%.

Despite its downturn, analysts believe that SOL will rebound. According to one, the token could be set for a massive climb following months of consolidation. As shown in the graph below, SOL has traded in the $120-$210 range for over 180 days and has been bouncing between resistance and monthly support.

“When this consolidation eventually breaks up, the move is going to be MASSIVE. Expect a swift move up to ~$400-$500 before advancement to ~$800-$1k+,” the analyst says.

While the prediction is uber-bullish, Solana has been known to defy the odds historically. In the past year, no other crypto in the top ten has gained more than SOL’s 515%. In fact, only PEPE and Artificial SuperIntelligence Alliance (formerly known as Fetch), have gained more than SOL in the top 50.

Another analyst says that in the short term, Solana could hit $220. The analyst pointed out that the token has been shaping up for an Adam and Eve pattern that should push it to $164, and if it breaches this resistance, a 33% rise is on the cards. In trading, an Adam and Eve pattern is formed when one dip forms a ‘V’ shape and a consecutive dip forms a ‘U’ shape. It usually signals a reversal of the bearish trend.