The price of Solana surged sharply on Wednesday as the network gained additional integrations. The SOL token climbed to a high of $125, the highest level since January 2022. This marked a rise of more than 63% from its low earlier this year and pushed Solana’s market capitalization above $39.9 billion.
Solana Integrations
Solana has been in a strong uptrend amid the continuing altcoin season, a movement that mirrors gains across many other cryptocurrencies.
The primary catalyst for SOL’s latest rally was Opera’s announcement that it will add a built-in cryptocurrency wallet. The wallet will be available in both Opera’s mobile and desktop versions. Other projects joining the initiative include Polygon, Ronin, IXO and Bitcoin. In its statement, the company explained:
“Providing environmentally conscious solutions to our users is a key mission for Opera, and shifting activity to layer 2 solutions greatly helps minimize users’ carbon footprints.”
Other browsers have already integrated crypto wallets into their platforms—Brave is a notable example, rewarding users via its Basic Attention Token (BAT). Opera currently serves more than 400 million users worldwide, giving the new wallet integration broad reach.
Solana’s price also gained momentum after asset manager WisdomTree said it would expand its crypto product offerings in Europe, with funds that will include Solana alongside Cardano and Polkadot.
At the same time, network activity on Solana has been increasing. According to Solana’s official site, the network has processed more than 66 billion transactions. The average transaction cost sits at just $0.00025, while throughput has reached approximately 2,400 transactions per second.
DeFi tracking service DeFi Llama reports that Solana’s total value locked (TVL) exceeds $7.8 billion, making it the world’s fifth-largest smart contract platform by TVL after Ethereum, Terra, BNB Chain and Avalanche.
Solana Price Outlook
SOL has seen strong gains in recent days after forming a key support level at $77.80. The token has climbed above its 25- and 50-day moving averages, while the MACD indicator has moved into positive territory.
As a result, it is likely that Solana’s price will continue to rise, with bulls now targeting the next major resistance level.