Solana's price ascends by 3% as Robinhood plans to introduce tokenized EU stocks on Solana for users, while the SOL layer-2 ICO steadily climbs towards a $34 million funding goal.
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The Solana price recently surged 3%, trading at $152.39 as of 4:24 AM EST, with trading volume spiking 66% to $5.6 billion over the past 24 hours. This price hike is linked to news about Robinhood's development of a blockchain-based platform for European retail investors to trade US securities. This platform is expected to use tokenization via Solana and Arbitrum.
Eyes on $180 for Solana
The Solana price currently appears to be in a bullish phase, following a strong rebound from the $97.15 low in early April. SOL's price action has broken important Fibonacci retracement levels, suggesting a continuation of the upward trend. The price of Solana is currently consolidating near the 0.786 Fib level of $153.33, indicating potential accumulation. This setup appears to be forming a bullish flag or pennant, which often signals further price increase.
If the price of Solana manages to maintain its current momentum, it may test the $153-$155 resistance zone in the coming days. If successful, it could push the price of SOL further, toward the 200-day Simple Moving Average (SMA) around $181. Beyond that, the price might even reach the $188 level.
On the flip side, if the price fails to hold above $140, a pullback could occur, potentially bringing the price back down to the 50-day SMA at $134 for a retest of support.
Investors Are Attracted to Solaxy (SOLX)
A rising trend in the cryptocurrency market is the interest in Solaxy (SOLX), a new crypto project. This project aims to address Solana's congestion issues by implementing off-chain processing mechanisms, similar to Ethereum's layer-2 solutions. By shifting transactions off the main network and bundling them for final verification, Solaxy enhances efficiency and scalability.
The Solaxy presale has already raised over $33.6 million, and it is expected to launch soon on popular exchanges. Interested investors can buy SOLX tokens via the official Solaxy website for $0.001718 each, using a variety of payment methods. Solaxy is also offering holders who stake SOLX a yield of 119%.
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The bullish trend of Solana may push its price towards the 200-day Simple Moving Average (SMA) around $181, and investors might find opportunities to invest in Solana's price movement. Meanwhile, the new crypto project Solaxy (SOLX) aims to address Solana's congestion issues and attracts attention, offering a yield of 119% to its token holders who stake SOLX. As trading in SOLX tokens is expected to start soon on popular exchanges, it's essential to have a reliable cryptocurrency wallet with multi-chain, multi-wallet, and non-custodial features to manage your portfolio. Keep up with these crypto developments by joining our Telegram channel.
