Solana (SOL) Breaks into Merchant Transactions with CoinGate Partnership
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Solana (SOL) Breaks into Merchant Transactions with CoinGate Partnership

  • CoinGate’s integration of Solana (SOL) for seamless merchant transactions marks a significant milestone for both the Solana community and the cryptocurrency market.
  • This move is expected to drive demand for SOL, enhance its adoption, and solidify its position as a major player in the crypto space, while also signaling broader acceptance of cryptocurrencies in mainstream commerce.

CoinGate’s Integration Marks a Milestone for Solana Adoption

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.

As revealed by the CoinGate announcement, Solana will now be available for merchants as a payment currency through its platform. CoinGate, 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.

“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,” said a spokesperson from CoinGate.

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, analysts remain confident of a price recovery in the mid-term to long term. As 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 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.

Solana’s integration with CoinGate signifies a crucial step towards mainstream adoption and seamless transactions in the cryptocurrency space. With its advanced technology and growing ecosystem, SOL continues to attract millions of users seeking speed, efficiency, and reliability in their transactions.