MetaMask Wallet Will Add Support for Solana (SOL) This Month

Digital asset wallet MetaMask will add support for Solana (SOL) this month, increasing user exposure to assets. The platform seeks to stretch its offerings

May 10, 2024, City Collect

Digital asset wallet MetaMask will add support for Solana (SOL) this month, the platform disclosed. The move will increase user exposure to the asset as the platform seeks to stretch its offerings.

Earlier this year, MetaMask announced plans to add support for Solana and Bitcoin. It’s part of a broader roadmap that includes gas swaps to allow users to pay with the tokens they hold and ultimately eliminate gas in almost all transactions.

“Coming sooner in May, we’re adding native Solana Support to MetaMask, the first non-EVM chain supported out of the box,” MetaMask announced. “All MetaMask users will be able to buy, sell, swap, and interact with dapps across the entire Solana ecosystem. Existing Solana users will get access to the same security, reliability, and rich features of MetaMask.”

Other features include support for Secret Recovery Phrases (SRPs) and Profile Sync for users.

Amid incoming developments, expansion to Solana caught the bull’s attention after traders set a higher price range for the asset this year. Solana is known as an institutional favorite asset with a growing user base due to expanding DeFi integrations.

The community-dubbed ETH killer tapped key milestones in terms of projects. Notably, the network’s growing meme coin ecosystem has spiked activity and volume. These assets led the wider meme coin frenzy in Q1 2024.

Solana bulls are preparing for a rally following trader resilience against the $172 level in the last seven days. MetaMask integration could ignite upward sentiments for stronger institutional adoption as headwinds cool off.

Moreover, institutional investors are accumulating SOL tokens while whales are offloading from centralized exchanges. Analysts believe recent movements are in preparation for a potential spot SOL ETF this year. A Securities and Exchange Commission (SEC) approval will be a game-changer for altcoins.

Recently, Solana rallied with altcoins surging 6% today and 31% this month.