• The Solana token has damaged above the main resistance degree and is presently at $162.97.
• SOL value rises with Robinhood's introduction of EU staking
• SOL technical indicators recommend bullish development amidst potential correction

Solana, the good contract community, has emerged as some of the formidable property of the yr, with its valuation constantly rising inside the inexperienced spectrum over the previous 30 days. This bullish momentum can also be evident on the every day chart because the SOL token skilled a value improve of over 13% from the day before today and stabilized at $162.97.

SOL/USD/BTC 24-hour chart (Supply: coin statistics)

When in comparison with main cryptocurrencies corresponding to Bitcoin and Ethereum, SOL has proven superior valuation, gaining 6.54% towards Bitcoin throughout the identical interval. This favorable development has propelled Solana to fifth place within the crypto market capitalization rankings.

As of right now, its market capitalization has elevated by 13.26% to a peak of $73,061,205,121. Solana's buying and selling quantity additional displays the renewed enthusiasm of buyers, with a formidable improve of 69.27% ​​previously 24 hours, bringing the overall to $4,202,415,934.

This surge signifies intensified market exercise and rising investor confidence sooner or later enlargement of the Solana ecosystem. Nonetheless, it is very important word that regardless of this upward trajectory, SOL continues to be 37.37% beneath his $260.06 peak achieved three years in the past.

Robinhood EU Staking Fuels Solana’s Progress

The current rise of Solana’s ecosystem will be attributed to Robinhood’s introduction of SOL staking to its European crypto sector. These enhancements are designed to boost accessibility, refine consumer interactions, and spotlight our concentrate on cryptocurrency lovers inside Europe.

In line with the change's announcement, patrons will be capable to earn staking rewards with SOL's reserves and withdraw their stakes at their discretion. This adaptability has propelled Solana to a place of desire amongst Robinhood prospects inside the European Union (EU).

In distinction, Robinhood's US arm banned Solana from itemizing in June 2023. The choice follows a grievance by the U.S. Securities and Trade Fee (SEC) that on the time SOL was labeled as an unregistered safety. The removing embodies the regulatory hurdles Solana faces within the U.S. market.

Bullish SOL exams new highs

Based mostly on the 4-hour chart, the SOL token just lately broke above the main resistance degree at $160.32, which was final reached on Might seventh. If the bullish momentum continues, SOL may transfer greater in value and retest the main resistance degree at $176.10. to push up costs. Conversely, if SOL faces a value correction and closes beneath the present resistance degree, the worth could fall to search out assist at $142.07.

SOL/USD 4-hour chart (Supply: buying and selling view)

On the technical aspect, the MACD indicator is positioned at 3.08 above the zero line, indicating a bullish rise. Moreover, the sharp vertical motion of the MACD line above the sign line means that the bullish sentiment could proceed within the quick time period. The MACD histogram chart confirms this, with growing bars within the inexperienced zone above the zero line.

SOL/USD 4-hour chart (Supply: buying and selling view)

On the similar time, the SOL token's relative energy index (RSI) confirmed a pointy rise, reflecting the final bullish development. Nevertheless, its place inside the overbought space at 72.43 suggests the potential of a short-term value correction. This implies {that a} non permanent retracement could happen because the market resets earlier than returning to an upward trajectory.