Robinhood Crypto announced the introduction of a Solana staking product in Europe, accompanied by a bonus program for new customers.
This development comes at a time when the company faces increasing tensions with US regulators, which could potentially lead to legal repercussions. However, the move propelled the price of Solana (SOL) past the crucial $150 Levelindicating a return of bullish momentum in the market.
Solana Staking and Crypto Rewards
According to announcement, Robinhood revealed new features for its European customers. These offers include staking, localized apps, and crypto rewards.
As part of its expansion, Robinhood has launched its first crypto product exclusively for European customers. Through the platform, users can stake their holdings in Solana and earn rewards with the ability to withdraw their assets at any time.
Additionally, new customers can receive a 10% bonus on their net purchases during their first 30 days on the platform, with the bonus paid in Circle’s USDC stablecoin. This initiative aims to attract new users and improve their crypto investment experience.
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As Robinhood Crypto expands its offerings in Europe, the company faces regulatory challenges in the United States. The US Securities and Exchange Commission (SEC) issued a well warning to the exchange, indicating the team’s recommendation for coercive action against the platform.
Robinhood expressed disappointment with the SEC’s decision, emphasizing its efforts to seek regulatory clarity and stating its belief that assets listed on its platform are not securities.
Vlad Tenev, CEO of Robinhood, revealed that the company held more than 16 meetings with the SEC. However, these interactions have been largely unsatisfactory, according to Tenev. He expressed the company’s willingness to engage in good faith with the SEC, but noted the regulator’s lack of reciprocal efforts.
SOL Bulls Eye $200 as Trading Volume Increases
Solana’s native token SOL has experienced a significant recovery in the last hour, rising from the $140 zone to its current trading price of $153. This price movement has fundamental significance for bullish investors as intend to retest the US$200 mark previously surpassed in March.
CoinGecko data also reveals a notable increase in SOL’s trading volume, reaching US$2.7 billion in the last 24 hours, representing an increase of 6.6% compared to the previous Monday’s trading session.
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According to For crypto analyst Jesse Olson, Solana has shown strength in its recent price action. Olson notes that Solana successfully hit all four negative targets and exhibited bullish divergence, followed by hitting three positive targets.
The price appears to form a highest lowincreasing the likelihood of reaching “goal four”, projected at the $175 mark.
Despite bullish momentum, SOL faces crucial challenges resistance walls at $157 and $172, which are expected to be significant hurdles to higher price levels.
On the other hand, the $140 line served as a key support level for Solana price last week. SOL’s bullish momentum remains uncertain as it struggles to overcome these resistance levels and retest its yearly high of $209.
Featured image from Shutterstock, chart from TradingView.com