Solana
SOL Price Surpasses Crucial $150 Level Amid Robinhood’s Solana Staking Debut in Europe
Robinhood Crypto has announced the introduction of a Solana staking product in Europe, accompanied by a bonus program for new customers.
The development comes as the company faces increased tensions with U.S. regulators, which could potentially lead to legal repercussions. However, this move propelled the price of Solana (SOL) to surpass the crucial price $150 Tierindicating a return of bullish momentum to the market.
Solana Staking and Crypto Rewards
According to announcement, Robinhood has unveiled new features for its European customers. These offerings include staking, localized applications, and crypto rewards.
As part of its expansion, Robinhood launched its first crypto-staking product exclusively aimed at European customers. Through the platform, users can stake their Solana holdings and earn rewards with the ability to unlock their assets at any time.
Additionally, new customers can receive a 10% bonus on their net purchases during their first 30 days on the platform, with the bonus paid in Circle’s USDC stablecoin. This initiative aims to attract new users and improve their crypto investment experience.
As Robinhood Crypto expands its offering in Europe, the company faces regulatory challenges in the United States. The United States Securities and Exchange Commission (SEC) published a notice on wells to the exchange, indicating staff’s recommendation for enforcement action against the platform.
Robinhood expressed its disappointment with the SEC’s decision, highlighting its efforts to seek regulatory clarity and affirming its belief that assets listed on its platform are not securities.
Vlad Tenev, CEO of Robinhood, revealed that the company held more than 16 meetings with the SEC. However, these interactions have been largely unsatisfactory, according to Tenev. He expressed the company’s willingness to engage in good faith with the SEC, but highlighted the regulator’s lack of reciprocal efforts.
SOL Bulls Eye $200 as Trading Volume Increases
Solana’s native token, SOL, has seen a significant rebound over the past hour, rising from the $140 area to its current price of $153. This price movement is of utmost importance for bullish investors aiming to retest the $200 mark previously breached in March.
CoinGecko data further reveals a notable increase in SOL’s trading volume, reaching $2.7 billion over the past 24 hours, an increase of 6.6% from the previous Monday’s trading session.
According to According to crypto analyst Jesse Olson, Solana has shown strength in its recent price action. Olson notes that Solana successfully hit all four downside targets and exhibited bullish divergence, then hit three upside targets.
The price seems to form a lowerthus increasing the probability of reaching “objective four”, projected at $175.
Despite the bullish momentum, SOL faces resistance walls at $157 and $172, which should pose significant hurdles at higher price levels.
On the other hand, the $140 line has served as a key support level for Solana price over the past week. SOL’s bullish momentum remains uncertain as it works to overcome these resistance levels and retest its yearly high of $209.
Featured image from Shutterstock, chart from TradingView.com