Robinhood Crypto announces the launch of its Solana staking product in Europe and a rewards program for new customers.
The development comes amid growing tensions between the company and U.S. regulators, which could lead to legal consequences.However, the move pushed the price of Solana (SOL) above key levels $150 levelshowing the return of bullish momentum in the market.
Solana Staking and Cryptocurrency Rewards
according to announcement, Robinhood has rolled out new features for its European customers. These products include staking, localized applications, and cryptocurrency rewards.
As part of the expansion, Robinhood has launched its first cryptocurrency staking product exclusively for European customers. Through this platform, users can pledge their Solana assets and earn rewards, and can unpledge their assets at any time.
Additionally, new customers receive a 10% net purchase bonus during their first 30 days on the platform, paid out in Circle’s USDC stablecoin. The initiative aims to attract new users and improve their cryptocurrency investing experience.
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Although Robinhood Crypto has expanded its offerings in Europe, the company faces regulatory challenges in the United States.The U.S. Securities and Exchange Commission (SEC) has issue wales notice To the exchange indicating staff’s recommendation to take enforcement action against the platform.
Robinhood expressed disappointment with the SEC’s decision, highlighting their efforts to seek regulatory clarity and insisting that the assets listed on their platform are not securities.
Robinhood CEO Vlad Tenev) disclose The company has held more than 16 meetings with the SEC. However, Tenev said these interactions were largely unsatisfactory. He expressed the company’s willingness to cooperate with the SEC in good faith but noted the regulator’s lack of reciprocal efforts.
SOL targets $200 as trading volume increases
Solana’s native token, SOL, has experienced a significant rally over the past hour, surging from the $140 area to currently trading at $153. This price action is significant for bullish investors as they aim to retest the $200 mark broken in March.
Coin Gecko data Further showing, SOL’s trading volume has increased significantly, reaching $2.7 billion in the past 24 hours, an increase of 6.6% from the previous Monday’s trading day.
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Cryptocurrency analyst Jesse Olson said Solana has shown strength in its recent price action. Olson noted that Solana successfully hit all four downside targets and showed bullish divergence before hitting three more upside targets.
The price seems to be forming higher lowerincreasing the likelihood of reaching “Target Four,” which is expected to be the $175 mark.
Despite bullish momentum, SOL faces key wall of resistance 157 and $172, which is expected to be a significant barrier to higher price levels.
On the other hand, the $140 line has been a key support level for Solana price over the past week. SOL’s bullish momentum remains uncertain as it struggles to overcome these resistance levels and retest the yearly high of $209.
Featured image from Shutterstock, chart from TradingView.com
