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 costs
• SOL’s technical indicators sign bullish development amid potential correction

Solana, a sensible contract community, has emerged as one of many yr’s most formidable property, with its valuation persistently thriving throughout the inexperienced spectrum thriving over the previous 30 days. This bullish momentum is clear within the each day chart because the SOL token experiences a worth appreciation exceeding 13% in comparison with the day past, stabilizing at $162.97.

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

When in comparison with principal cryptocurrencies comparable to Bitcoin and Ethereum, SOL has demonstrated superior appreciation, rising by 6.54% in opposition to Bitcoin throughout the identical timeframe. This favorable development has propelled Solana to ascend to the fifth place within the cryptocurrency market capitalization rankings.

As of right now, its market cap has surged by 13.26%, culminating at $73,061,205,121. Solana’s buying and selling quantity additional mirrors renewed investor enthusiasm, showcasing a exceptional improve of 69.27% prior to now 24 hours, aggregating to $4,202,415,934.

This upsurge denotes intensified market exercise and rising investor confidence within the potential enlargement of the Solana ecosystem. Nonetheless, regardless of this upward trajectory, it’s essential to acknowledge that SOL stays 37.37% under its peak of $260.06, attained three years prior.

Robinhood EU Staking Fuels Solana Progress

The current ascension of Solana’s ecosystem may be attributed to the introduction of SOL staking in Robinhood’s European cryptocurrency division. These enhancements are designed to boost accessibility, refine person interplay, and underscore deal with crypto fanatics inside Europe.

In accordance with the change’s announcement, patrons can now earn staking rewards on their SOL reserves, with the freedom to withdraw their stake at their discretion. This adaptability has elevated Solana to a popular place amongst Robinhood’s clientele within the European Union (EU).

In distinction, Robinhood’s US division banned Solana from its listings in June 2023. This resolution adopted accusations by the US Securities and Change Fee (SEC), alleging that SOL was categorized as an unregistered safety again then. The removing embodies the regulatory hurdles confronting Solana within the American market.

Bullish SOL Assessments New Highs

Primarily based on the 4-hour chart, the SOL token just lately surpassed a key resistance stage at $160.32, final reached on Might 7. Ought to the bullish momentum proceed, SOL might see its worth rally, doubtlessly retesting the important thing resistance at $176.10, with the potential for pushing costs greater. Conversely, if SOL faces a worth correction and closes under the present resistance, its costs might drop to seek out assist at $142.07.

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

On the technical entrance, the MACD indicator is positioned at 3.08 above the zero line, signaling a bullish uptick. Furthermore, the MACD line shifting sharply in a vertical route and above the sign line means that the bullish sentiment might persist within the brief time period. The MACD’s histogram chart helps this, with rising bars within the inexperienced zone above the zero line.

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

Concurrently, the SOL token’s Relative Energy Index (RSI) reveals a steep climb, reflecting a prevailing bullish tendency. Nevertheless, its placement throughout the overbought territory at 72.43 implies a possible short-term worth correction. This means {that a} non permanent retracement would possibly happen because the market resets earlier than resuming its upward trajectory.