Robinhood Crypto announced the launch of its Solana staking product in Europe along with a bonus program for new customers.
The development comes as the company faces increasing tensions with U.S. regulators, which could potentially have legal implications. However, this move caused the price of Solana (SOL) to surpass a significant price point. $150 levelThis means that the bullish momentum in the market has returned.
Solana Staking and Crypto Rewards
According to presentation, Robinhood has unveiled a new feature for its European customers. These services include staking, localized applications, and cryptocurrency rewards.
As part of its expansion, Robinhood launched its first cryptocurrency staking product exclusively for European customers. The platform allows users to stake their Solana holdings and earn rewards with the ability to unstake their assets at any time.
Additionally, new customers will receive a 10% bonus on net purchases during their first 30 days on the platform, with the bonus paid out in Circle’s USDC stablecoin. The initiative aims to attract new users and improve the cryptocurrency investment experience.
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While Robinhood Crypto is expanding its product in Europe, it is facing regulatory challenges in the United States. The U.S. Securities and Exchange Commission (SEC) Wells issued a notice. Indicates staff recommendations to the exchange regarding enforcement action against the platform.
Robinhood expressed disappointment with the SEC’s decision, emphasizing its efforts to seek regulatory clarity and asserting its belief that assets listed on its platform are not securities.
Robinhood CEO Vlad Tenev said: exposed The company has had more than 16 meetings with the SEC. But according to Tenev, these interactions were largely unsatisfactory. He expressed the company’s willingness to cooperate in good faith with the SEC, but noted the regulator’s lack of mutual effort.
SOL Bulls Eye Trading Volume Increases to $200
Solana’s native token, SOL, has experienced a significant rebound over the past hour, surging from the $140 range to currently trading at $153. This price action has significant implications for bullish investors as they aim to retest the $200 level crossed last March.
CoinGecko data Additionally, SOL’s trading volume in the last 24 hours reached $2.7 billion, representing a 6.6% increase compared to last Monday’s trading session.
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According to cryptocurrency analyst Jesse Olson, Solana has performed strongly in recent price movements. Olson points out that Solana successfully achieved all four downside objectives and achieved three upside objectives after a bullish divergence.
The price seems to be forming. high lowThis increases your odds of reaching “Goal 4,” which is expected to cost $175.
Despite the bullish momentum, SOL faces a critical situation. resistance wall At $157 and $172, it is expected to be a significant obstacle to price growth.
On the other hand, the $140 level served as a key support for Solana price last week. SOL’s bullish momentum remains uncertain as it strives to overcome these resistance levels and retest the yearly high of $209.
Featured image from Shutterstock, chart from TradingView.com