Top US crypto exchange Coinbase has added wallet support for Solana (SOL) and its ecosystem of Solana tokens (SPL).
Coinbase cited the rising interest in Solana over the past 12 months as investors look for low-cost alternatives to Ethereum as a key reason for adding support to the network.
The expanded wallet support comes just days after the company launched Coinbase Pay, which allows users to fund their wallets directly through a web browser extension.
In a March 18 blog post announcing the move, the company also said: loosely outlined plans to “further integrate” with Solana by connecting the Coinbase wallet to decentralized applications (dApps) and NFTs hosted on the network, which is famously championed by FTX CEO Sam Bankman-Fried.
Users of Solana-based wallets such as Phantom and Solflare can now also import their existing wallets into the Coinbase wallet via a desktop browser extension.
Following the addition of the Solana network, the Coinbase Wallet now supports Ethereum, Avalanche, Polygon, BNB Chain, Bitcoin, Dogecoin Litecoin, Stellar Lumens, and the Ripple network. Coinbase said:
“Many users are looking for networks that are optimized for scale and that offer low-cost transactions and fast transaction times. Solana is one of the fastest growing blockchains of the past year.”
According to data from Defi Llama, the Solana blockchain currently ranks fifth in terms of total value locked (TVL) in decentralized financial (DeFi) protocols at $6.94 billion. NFT data aggregator CryptoSlam ranked it as the second highest blockchain for secondary sales volume last month with $156.28 million.
Related: What Is Solana (SOL) Pay and How Does It Work?
Like the majority of the crypto market, which has delivered scorching performances this year, the price of SOL has fallen 18% in the past 30 days to $85.90 at the time of writing. In the near term, Coin-Crypto’s Rakesh Upadhyay has identified a bullish target of $122 for SOL if the price moves above the $86 20-day moving average, or the $66 bearish figure if the market fails and holds onto this zone.