SOL Soars Over 13% in a Day Amid Robinhood’s Staking Report

• Solana token surpasses key resistance, now at $162.97.
• Robinhood’s EU staking introduction boosts SOL prices
• SOL’s technical indicators signal bullish trend amid potential correction

Solana, a smart contract network, has emerged as one of the year’s most formidable assets, with its valuation persistently thriving within the green spectrum thriving over the past 30 days. This bullish momentum is evident in the daily chart as the SOL token experiences a price appreciation exceeding 13% compared to the previous day, stabilizing at $162.97.

SOL/USD/BTC 24-Hour Chart (Source: CoinStats)

When compared to principal cryptocurrencies such as Bitcoin and Ethereum, SOL has demonstrated superior appreciation, rising by 6.54% against Bitcoin during the same timeframe. This favorable trend has propelled Solana to ascend to the fifth position in the cryptocurrency market capitalization rankings.

As of today, its market cap has surged by 13.26%, culminating at $73,061,205,121. Solana’s trading volume further mirrors renewed investor enthusiasm, showcasing a remarkable increase of 69.27% in the past 24 hours, aggregating to $4,202,415,934.

This upsurge denotes intensified market activity and increasing investor confidence in the prospective expansion of the Solana ecosystem. Nonetheless, despite this upward trajectory, it is crucial to acknowledge that SOL remains 37.37% below its peak of $260.06, attained three years prior.

Robinhood EU Staking Fuels Solana Growth

The recent ascension of Solana’s ecosystem can be attributed to the introduction of SOL staking in Robinhood’s European cryptocurrency division. These enhancements are designed to enhance accessibility, refine user interaction, and underscore focus on crypto enthusiasts within Europe.

According to the exchange’s announcement, patrons can now earn staking rewards on their SOL reserves, with the liberty to withdraw their stake at their discretion. This adaptability has elevated Solana to a favored position among Robinhood’s clientele in the European Union (EU).

In contrast, Robinhood’s US division banned Solana from its listings in June 2023. This decision followed accusations by the US Securities and Exchange Commission (SEC), alleging that SOL was classified as an unregistered security back then. The removal embodies the regulatory hurdles confronting Solana in the American market.

Bullish SOL Tests New Highs

Based on the 4-hour chart, the SOL token recently surpassed a key resistance level at $160.32, last reached on May 7. Should the bullish momentum continue, SOL could see its price rally, potentially retesting the key resistance at $176.10, with the possibility of pushing prices higher. Conversely, if SOL faces a price correction and closes below the current resistance, its prices could drop to find support at $142.07.

SOL/USD 4-Hour Chart (Source: Tradingview)

On the technical front, the MACD indicator is positioned at 3.08 above the zero line, signaling a bullish uptick. Moreover, the MACD line moving sharply in a vertical direction and above the signal line suggests that the bullish sentiment may persist in the short term. The MACD’s histogram chart supports this, with increasing bars in the green zone above the zero line.

SOL/USD 4-Hour Chart (Source: Tradingview)

Simultaneously, the SOL token’s Relative Strength Index (RSI) exhibits a steep climb, reflecting a prevailing bullish tendency. However, its placement within the overbought territory at 72.43 implies a potential short-term price correction. This suggests that a temporary retracement might occur as the market resets before resuming its upward trajectory.