- Solana token surpasses key resistance, now at $162.97.
- Robinhood’s EU staking introduction boosts SOL costs
- SOL’s technical indicators sign bullish pattern amid potential correction
Solana, a sensible contract community, has emerged as one of many 12 months’s most formidable property, with its valuation persistently thriving throughout the inexperienced spectrum thriving over the previous 30 days. This bullish momentum is obvious within the every day chart because the SOL token experiences a worth appreciation exceeding 13% in comparison with yesterday, stabilizing at $162.97.
SOL/USD/BTC 24-Hour Chart (Supply: CoinStats)
When in comparison with principal cryptocurrencies similar to Bitcoin and Ethereum, SOL has demonstrated superior appreciation, rising by 6.54% towards Bitcoin throughout the identical timeframe. This favorable pattern has propelled Solana to ascend to the fifth place within the cryptocurrency market capitalization rankings.
As of right this moment, 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 enhance of 69.27% up to now 24 hours, aggregating to $4,202,415,934.
This upsurge denotes intensified market exercise and growing 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 Development
The latest 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 reinforce accessibility, refine person interplay, and underscore concentrate on crypto lovers inside Europe.
In line with the trade’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 choice adopted accusations by the US Securities and Trade Fee (SEC), alleging that SOL was categorized as an unregistered safety again then. The elimination embodies the regulatory hurdles confronting Solana within the American market.
Bullish SOL Checks New Highs
Based mostly on the 4-hour chart, the SOL token just lately surpassed a key resistance stage at $160.32, final reached on Could 7. Ought to the bullish momentum proceed, SOL may see its worth rally, probably 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 may drop to search 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 transferring sharply in a vertical path and above the sign line means that the bullish sentiment could persist within the brief time period. The MACD’s histogram chart helps this, with growing bars within the inexperienced zone above the zero line.
SOL/USD 4-Hour Chart (Supply: Tradingview)
Concurrently, the SOL token’s Relative Power Index (RSI) displays a steep climb, reflecting a prevailing bullish tendency. Nonetheless, its placement throughout the overbought territory at 72.43 implies a possible short-term worth correction. This implies {that a} short-term retracement may happen because the market resets earlier than resuming its upward trajectory.
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