This is why Solana price can skyrocket ahead

Robinhood backs Solana

According to the announcement, Robinhood is introducing our first-ever crypto-staking product but only for European customers. It mentioned that the crypto users will be able to stake their Solana (SOL) holdings. This will allow them to bag rewards with the flexibility to unstake their holdings at any time.

This comes in as big news for the Solana ecosystem which is struggling to pick up after witnessing a massive bullish rally. Solana price has dropped by around 26% over the last 60 days, while it is still up by 24% in the past 90 days. This suggests that the recent decline wasn’t enough to wipe out its past gains.

SOL price is still up by 42% on the year to date (YTD) basis despite dropping by 6% in the last 30 days. Solana is trading at an average price of $144, at the press time. It is still down by 44% from its all time high (ATH) of $260 recorded on November 7, 2021. The 5th biggest crypto is holding a market cap of more than $64 billion.

What’s next for crypto?

The exchange highlighted that Bitcoin (BTC), Dogwifhat (WIF), Solana (SOL), and Ethereum (ETH) have recorded the highest total trade volume in Europe since its launch. However, BTC remains the most held digital asset on Robinhood Crypto in Europe.

Bitcoin price saw a bit of decline over the last 60 days, still, it is up by 48% on YTD. BTC recorded a major surge after gaining approval for crypto linked Exchange-Traded Fund (ETF) from the SEC. Bitcoin is trading at an average price of $62,601, at the press time.

It mentioned that Poland, Itay and Lithuania are among the top countries in Europe for its crypto app downloads. This suggests that the exchange will be looking to expand in these countries more. 

The release added that in the coming weeks, Robinhood will begin launching its local language versions of the Crypto app.