SOL Price Surges Breaking Out Of Ranging Channel on Robinhood's Crypto Staking Launch, $200 Target In-Play

SOL has witnessed a remarkable surge as the digital asset outperforms its peers, including the widely acknowledged Bitcoin. SOL's 30-day returns stands at over 21%, as one of the top-performing cryptos in recent times. SOL currently trades at $168, up 3.42% in the last 24 hours and 9.44% over the last 7 days, showcasing impressive gains.

What’s The Driving Force Behind The Rally?

Robinhood, the renowned trading platform, has recently unveiled a groundbreaking move that has propelled SOL's rise. In a strategic effort to expand its crypto offerings and cater to its European user base, Robinhood has introduced its first-ever crypto staking product, exclusively featuring Solana.

Effective May 15th, Robinhood Crypto customers in Europe can now stake their SOL holdings directly through the app, earning rewards while maintaining the flexibility to unstake at any time. This move not only increases accessibility but also reinforces Robinhood's commitment to Europe-based crypto traders.

Robinhood's initiative extends beyond staking, as the platform aims to attract new users and enhance their crypto investment journey. New customers can earn a 10% bonus on their net buys over their first 30 days, paid out in USDC. Additionally, Robinhood Crypto has rolled out a suite of Learn & Earn modules focused on AVAX, BTC, and USDC, empowering users with knowledge and rewarding them along the way.

To further cater to its European audience, Robinhood will soon launch localized versions of its Crypto app, starting with users in Italy, Poland, and Lithuania. The Learn & Earn modules will also be available in multiple languages, including Italian, Polish, and Lithuanian, ensuring a seamless and inclusive experience for users across the continent.

SOL Technical Analysis

On the weekly chart, Solana's Bulls charge. After a 43% correction, SOL found support at the $120 level. For a month, the price had been trapped in a consolidation phase, ranging between $123 and $159. However, today, May 17th, SOL has broken out of this consolidation phase impulsively and is likely to close above it.

Also, SOL has filled the fair value gap left on April 12th after the bearish, impulsive run and currently trades at a crucial resistance level of around $169. While a retracement to the $159 support level is possible, a breakout and close above the current $169 resistance could kickstart SOL's bullish run, with an immediate close target at the $200 level.

Since the start of 2024, Solana has experienced a remarkable bullish surge, surging 168% from a low of $78 on January 23rd to a high of $209 on March 18th in just under two months. Rallying to $200 and beyond is on the cards, further enhanced by the growing Solana ecosystem and the recent break and close above the $159 consolidation resistance zone.

As the crypto landscape continues to evolve, Solana's surge, fueled by Robinhood's innovative staking initiative and other multiple recent Solana developments, has made SOL positioned as a challenging force in the digital asset market.