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Solana Surges on Robinhood Staking Launch, Eyes $200 Target

Solana Surges on Robinhood Staking Launch, Eyes $200 Target

Solana (SOL) is experiencing a bullish surge, fueled by a recent breakout above $150 and the launch of Solana staking on Robinhood Crypto for European users. Analysts are cautiously optimistic, with some predicting a potential climb towards $200.

 

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Robinhood Crypto Boosts Solana

Robinhood Crypto launched its first-ever staking product with Solana, allowing European users to earn yields on their holdings. This move has boosted demand for SOL, with the total value locked in Solana staking jumping 9%.

Solana Outpaces Ethereum in Daily Economic Value

On-chain analyst Leon Waidmann reported that Solana recently surpassed Ethereum in terms of daily economic value for the first time. This development highlights Solana’s growing influence within the blockchain space and potentially signals a change in dominance among top blockchain platforms.

Solana vs. Ethereum

  • Solana’s Advantages: Solana’s ability to process thousands of transactions per second (TPS) at a lower cost compared to Ethereum makes it attractive for various applications.
  • Ethereum’s Role: It’s important to note that Waidmann’s analysis doesn’t account for Ethereum’s role as a medium of exchange and energy source on its Layer 2 solutions.

Solana Technicals Flash Green

SOL surpassed the $150 resistance level, indicating a potential continuation of the uptrend. Both the MACD and RSI (Relative Strength Index) are in bullish territory, suggesting positive momentum.

Can Solana Reach $200?

Overcoming the immediate resistance at $160 could open the door for further gains towards $175 and even $200. Sustaining this momentum might require a broader market rally.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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