Robinhood Crypto has announced the introduction of a Solana staking product in Europe, accompanied by a bonus program for new customers.
This development comes as the company faces increasing tensions with US regulators, which could potentially lead to legal consequences. However, this move has caused the price of Solana (SOL) to surpass the crucial level $150 levelindicating a return of bullish momentum to the market.
Solana staking and crypto rewards
According to the announcementRobinhood has unveiled new features for its European customers. These offers include staking, localized applications and crypto rewards.
As part of the expansion, Robinhood has launched its first crypto staking product exclusively for European customers. The platform allows users to stake their Solana investments and earn rewards with the ability to redeem 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 out 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 offering in Europe, the company faces regulatory challenges in the United States. The American Securities and Exchange Commission (SEC) announced this issued a Wells notice to the exchange, indicating the staff’s recommendation for enforcement action against the platform.
Robinhood expressed disappointment in the SEC’s decision, highlighting their efforts to seek regulatory clarity and reaffirming their belief that the listed assets on their platform are not securities.
Robinhood CEO Vlad Tenev revealed that the company has held more than 16 meetings with the SEC. However, according to Tenev, these interactions were largely unsatisfactory. He expressed the company’s willingness to cooperate with the SEC in good faith, but noted that the regulatory body does not make reciprocal efforts.
SOL Bulls Eye $200 as trading volume increases
Solana’s native token, SOL, saw a significant rebound in the past hour, rising from the $140 zone to its current trading price of $153. This price move is crucial for bullish investors as they look to retest the $200 mark, which was surpassed earlier in March.
Coin gecko facts further reveals a notable increase in SOL’s trading volume, which reached $2.7 billion in the past 24 hours, representing a 6.6% increase compared to the previous Monday’s trading session.
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According to According to crypto analyst Jesse Olson, Solana has shown strength in its recent price action. Olson notes that Solana successfully hit all four downside targets and showed bullish divergence, followed by three upside targets.
The price seems to form one higher lowincreasing the likelihood of achieving “goal four,” projected at $175.
Despite the bullish momentum, SOL is crucial resistance walls at $157 and $172, which are expected to be significant obstacles to higher price levels.
On the other hand, the $140 mark has served as a key support level for Solana’s price over the past week. SOL’s bullish momentum remains uncertain as it looks to overcome these resistance levels and retest its yearly high of $209.
Featured image from Shutterstock, chart from TradingView.com