The price of Solana surged sharply on Wednesday after the network gained several new integrations. The SOL token climbed to a peak of $125, its highest level since January 2022. Year-to-date, SOL has risen more than 63% from its low, pushing the total market capitalization above $39.9 billion.
Solana integrations
Solana is in a strong bullish trend as the current altcoin season continues, reflecting broader gains across many cryptocurrencies.
The primary catalyst for SOL’s move higher is Opera’s announcement that it will add a cryptocurrency wallet to both its mobile and desktop browsers. Other projects joining the initiative include Polygon, Ronin, IXO and Bitcoin. In its statement the company said:
“Providing environmentally conscious solutions for our users is a key mission for Opera, and moving activity to layer-2 is an important step toward minimizing users’ ecological footprint.”
Several other browsers have already integrated crypto wallets, with Brave being the most notable example; it rewards users with its Basic Attention Token (BAT). Opera itself claims more than 400 million users worldwide.
Solana’s price also rose after asset manager WisdomTree announced an expansion of its cryptocurrency products in Europe. The new funds will be backed by Solana, Cardano and Polkadot.
Network activity on Solana is also increasing. According to its website, the network has helped facilitate more than 66 billion transactions. Average transaction fees are around $0.00025, while throughput has reached peaks of up to 2,400 transactions per second.
DeFi analytics platform DeFi Llama reports that Solana’s total value locked (TVL) exceeds $7.8 billion, making it the fifth-largest smart contract platform by TVL after Ethereum, Terra, BNB Chain and Avalanche.
Solana price forecast
SOL’s price has rallied strongly in recent days after forming a key support level near $77.80. The token has now broken above the important 25-day and 50-day moving averages, and the MACD has moved into positive territory.
Given these technical signals, there is a reasonable likelihood that Solana’s price could continue to rise as bulls target the next significant resistance level around $150.