Tech
SOL Price Surges Out of Range Channel on Robinhood Crypto Staking Launch, $200 In-Play Target
SOL witnessed a notable increase as the digital asset outperformed its competitors, including the widely recognized Bitcoin. SOL’s 30-day returns amount to over 21%, being one of the best performing cryptocurrencies in recent times. SOL is currently trading at $168, rising 3.42% in the last 24 hours and by 9.44% in the last 7 days, showing impressive gains.
SOLUSD Price Chart: TradingView
What is the driving force behind the rally?
Robinhood, the renowned trading platform, recently unveiled a revolutionary move that boosted the rise of SOL. In a strategic effort to expand its cryptocurrency offerings and cater to its European user base, Robinhood has introduced its first cryptocurrency staking product, exclusively featuring Solana.
Starting May 15, Robinhood Crypto customers in Europe can now stake their SOL holdings directly through the app, earning rewards while maintaining the flexibility to cancel staking at any time. This move not only increases accessibility, but also strengthens Robinhood’s commitment to Europe-based cryptocurrency traders.
Robinhood’s initiative goes beyond staking, as the platform aims to attract new users and improve their cryptocurrency investment journey. New customers can earn a 10% bonus on their net purchases during the first 30 days, paid in USDC. Additionally, Robinhood Crypto has launched a suite of Learn & Earn modules focused on AVAX, BTC, and USDC, providing users with knowledge and rewarding them along the way.
To further cater to its European audience, Robinhood will do so soon launch localized versions of its Crypto app, starting with users in Italy, Poland and Lithuania. The Learn and Earn modules will also be available in multiple languages, including Italian, Polish and Lithuanian, ensuring a seamless and inclusive experience for users across the continent.
SOL Technical Analysis
On the weekly chart, the Solana bulls charge. After a 43% correction, SOL found support at the $120 level. For a month, the price was trapped in a consolidation phase, between $123 and $159. However, today, May 17, SOL impulsively exited this consolidation phase and is likely to close above it.
Furthermore, SOL has filled the fair value gap left on April 12 after the impulsive bearish run and is currently trading at a crucial resistance level of around $169. While a retracement to the $159 support level is possible, a breakout and close above the current $169 resistance could kick off SOL’s bull run, with an immediate close target at the $200 level.
SOLUSD Price Chart: TradingView
Since the start of 2024, Solana has experienced a notable bullish surge, rising 168% from a low of $78 on January 23 to a high of $209 on March 18 in just under two months. Rally to $200 and above is on the cardsfurther enhanced by Solana ecosystem in growth and the recent breakout and close above the $159 consolidation resistance zone.
As the cryptocurrency landscape continues to evolve, Solana’s surge, fueled by Robinhood’s innovative staking initiative and multiple other recent Solana developments, has positioned SOL as an inspiring force in the digital asset market.