Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

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

Published 16/05/2024, 12:00
SOL Soars Over 13% in a Day Amid Robinhood’s Staking Report
SOL/USD
-
HOOD
-

Coin Edition -

  • 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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.