Backpack Exchange has begun staking SOL reserves, reducing available supply and aiming to reward lenders with full staking yields.
Robinhood is considering Solana for blockchain-based U.S. securities trading in Europe, citing speed and cost efficiency.
SOL price has reclaimed the 20-day EMA and shows bullish momentum, with resistance at $153 and upside targets above $170.
Backpack Exchange has initiated staking of its Solana (SOL) reserves. The move comes as part of a broader plan to distribute staking yields to lenders. Armani Ferrante, the head of Backpack, confirmed this strategy via social media, stating that wallet addresses would remain consistent, with additional ones potentially introduced.
By staking its holdings, Backpack effectively reduces the amount of SOL actively circulating in the market. This development could apply short-term upward pressure on SOL’s price if mirrored by other platforms. However, some Total Value Locked (TVL) metrics may not yet reflect these figures due to tracking limitations.
Robinhood Considers Solana for European Trading Infrastructure
Robinhood is reportedly assessing Solana as a potential blockchain base for new stock trading infrastructure in Europe. According to Bloomberg, the trading platform is exploring ways to enable European users to access U.S. securities through an on-chain solution.
https://twitter.com/armaniferrante/status/1920310016034439292
Solana’s fast processing speeds and low transaction fees make it a strong candidate for such a system. If adopted, this could mark a major step for blockchain use in traditional financial markets and add further utility to the Solana network.
Positive Momentum Returns to SOL Price Chart
The price of Solana has increased upward, breaking the 20-day Exponential Moving Average (EMA), to surpass by over 3% in 24 hours. The current trading level is reaching $150 and is exhibiting bullish momentum.
The RSI is 60.37 implying that the market is not overbought and has space to rise. While at the same time the MACD indicator shows positive and is indicative of further gains.
Resistance at $153 Eyes Upside Targets if Broken
SOL is testing resistance at $151.97. The next critical level sits at $153.62, according to Fibonacci retracement analysis. A confirmed breakout may open paths toward targets of $157.71, $165.26, and $173.50. Continued buying pressure could push SOL beyond $180.
If the resistance holds and price retreats, support may come into play at $147.74 and $141.48. Any drop below these levels may lead to deeper downside toward $136.40.
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