- CoinGate has confirmed the integration of Solana (SOL), offering seamless merchant transactions.
- The new development could promote Solana’s adoption to new levels, helping drive demand and prices higher.
The Solana (SOL) community is celebrating a new milestone after CoinGate announced the integration of SOL for seamless merchant transactions. Amid growing investor and trader interest, SOL is enjoying numerous partnerships and integrations, helping drive demand to the coin and corresponding network.
We have integrated the @Solana network into our payment gateway! 🚀
From now on, you can make payments in #SOL and #USDC using the #Solana network.
All are available when shopping at CoinGate-powered merchants. 💪 pic.twitter.com/gsjGwvzh8W
— CoinGate (@CoinGatecom) May 14, 2024
As revealed by the CoinGate announcement, Solana will now be available for merchants as a payment currency through its platform. CoinGate, which is the leading cryptocurrency payment processor revealed that its choice was based on the network’s speed and efficiency.
Its popularity in the crypto market has also played a major role, with the altcoin ranking 5th in the crypto market with a market cap of a little over $63 billion and a daily trading volume of $2.2 billion.
CoinGate aims to harness Solana’s advanced technology and large user base to attract more customers and boost merchant orders. This could further help SOL solidify its position as a large-cap altcoin, and help drive adoption.
Speaking on the development, Dmitrijus Borisenka, Co-Founder at CoinGate, elaborated on the integration, stating:
Bringing Solana into the CoinGate family is absolutely thrilling for both the Solana community and us. We expect our clients to feel the same, as Solana integration will bring more customers and boost orders. Knowing how prominent the Solana ecosystem is today, it might as well be a game-changer.
Solana (SOL) Price Outlook
At the time of writing, SOL is trading for $143 after a 4% plummet in the past 24 hours. On the weekly chart, SOL has lost 8%. The bearish outlook is observed with all large-cap coins with Bitcoin (BTC) risking the $60,000 support.
Although the altcoin is facing short-term bearish pressure. However, analysts remain confident of a price recovery in the mid-term to long term. As CNF reported, the rise of Solana memecoins has helped the layer one network attract more on-chain activities in the recent past.
Additionally, the top-tier layer one blockchain that has facilitated more than $20 billion in bridged total value locked (TVL), has grown into a major web3 ecosystem with its smartphone Saga mobile.
The long-term outlook is further bolstered by the Solana network’s plans to launch a cutting-edge cross-chain bridge meant to connect its ecosystem to Bitcoin by the third quarter of 2024.
As CNF highlighted, the Solana-to-Bitcoin cross-chain bridge project, facilitated by the Zeus Network, will utilize the Zeus Program Library (ZPL). This is a suite of Solana Virtual Machine (SVM) programs that will bridge the gap between the two blockchain networks.
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