Why is Solana’s price outlook bullish?

• Coinbase announced its plans to launch cbBTC, a wrapped version of Bitcoin on Solana.
• The launch of USDS by Sky on Solana via Wormhole boosts cross-chain liquidity in DeFi.
• Travala’s integration with Solana introduces SOL travel rewards, enhancing the booking experience.

 

Solana (SOL) price slightly retraces but holds at around $145 on Monday after a 10% rally last week. Multiple announcements bolster a bullish outlook for SOL, including Coinbase’s plans to launch wrapped Bitcoin on the Solana network, Sky’s (formerly MakerDAO) introduction of the USDS stablecoin on Solana, and Travala’s integration with Solana to enhance the booking experience. These all hint at a bullish projection for SOL in the upcoming days.

 

Coinbase announce plans to launch wrapped Bitcoin on Solana

On Saturday at Solana’s Breakpoint event, crypto exchange platform Coinbase announced its plans to launch cbBTC, a wrapped version of Bitcoin on Solana.

Coinbase Wrapped Bitcoin (cbBTC) is an ERC-20 token issued by the Coinbase exchange that allows using Bitcoin (BTC) on the Ethereum blockchain. Like other wrapped Bitcoin tokens, cbBTC is backed 1:1 with Bitcoin. The actual Bitcoin is custodied by Coinbase. This token enables BTC holders to participate in Ethereum’s decentralized finance (DeFi) protocols — such as trading on Decentralized Exchanges, lending, borrowing, and yield farming — without selling their Bitcoin.

cbBTC was officially launched on September 12 and lives directly on the Ethereum network and Base (Coinbase’s own Layer-2 blockchain). This integration on the Solana network is expected to enhance liquidity and trading opportunities for Bitcoin assets on the Solana network, attract more users to the DeFi ecosystem, and potentially increase the overall value locked in Solana. Additionally, it may also facilitate faster transactions and lower fees, benefiting both the Bitcoin and Solana communities.

Additionally, Sky’s (formerly MakerDAO) launch of USDS stablecoin on Solana via Wormhole highlights the growing DeFi landscape on the Solana blockchain.

“Sky is coming to Solana, allowing users to benefit from its lightning-fast execution and low fees. To interact with Sky on Solana, users can transfer their USDS from Ethereum using supported bridges such as Portal”, posted on Wormhole’s blog post.

The blog explains: “By connecting their wallets on Sky.money, users can deposit their Solana-based USDS into the Sky protocol’s vaults, which function similarly to the system users are familiar with from the Maker protocol.” These developments and collaboration on the Solana blockchain project have a bullish outlook, as it is expected to attract more users and liquidity to the Solana ecosystem.

Furthermore, Solana’s bullish outlook is further supported by Travala’s integration with Solana blockchain to enhance the booking experience.

On Saturday, Travala, a Crypto-native travel bookings platform, announced integration with the Solana blockchain. This will allow users to book flights, hotels and accommodations using Solana-based assets. CEO Juan Otero made this announcement at Solana Breakpoint in Singapore. Following the integration, users can now deposit and withdraw SOL, USDT and USDC on the Solana network directly into and out of their Travala accounts, with zero-fee transactions on travel bookings.

The combination of technological innovation, strategic partnerships, and community engagement, aforementioned, projects a bullish sentiment for Solana Blockchain and its price in the upcoming days.