Robinhood Adds Solana (SOL) Support to Its Wallet

Solana has been added to Robinhood’s wallet services, marking an expansion of the trading platform's cryptocurrency support.

Johann Kerbrat, Robinhood’s General Manager for crypto, announced that this update allows users to self-custody their Solana tokens and conduct transactions directly on the blockchain.

The integration means that Solana is now part of Robinhood’s wallet, which already supports major cryptocurrencies like Bitcoin, Ethereum, and Polygon. This new feature enables users to manage, send, and receive SOL directly through the app.

This move is part of Robinhood’s broader strategy to enhance its crypto services, following recent expansions and acquisitions. The update aims to improve user security and flexibility for holding and transacting with digital assets.

The news has led to a modest rise in SOL’s price, reflecting positive sentiment. As Solana’s blockchain capabilities and Robinhood’s extensive user base potentially increase transaction volumes, SOL may see further gains.

Current analysis suggests that SOL could rally by 18%, with recent price dips and whale activity setting the stage for a bullish trend, bolstered by a significant increase in Total Value Locked (TVL).