Solana’s price has seen a slight surge, increasing by nearly 3% in the past 24 hours after Robinhood revealed that it now enables crypto transfers for the Solana (SOL) token for European users.
As per the report from October 21st, users can utilize the Robinhood Crypto app to withdraw and deposit Solana and receive a 1% deposit reward available until November 30th.
Crypto transfers for $SOL are now available on Robinhood Crypto!
Withdraw & Deposit #SOL, and earn with a 1% deposit rewards bonus on the app (valid until 30 November) .
Terms apply. Get started: https://t.co/sb4gDoO6Ls#RobinhoodOnchain pic.twitter.com/UZFXToTqZJ
— Robinhood Crypto EU (@RobinhoodCrypto) October 21, 2024
This announcement follows just four days after the platform disclosed similar support for Ethereum, the second-largest cryptocurrency by market cap. These updates came in the wake of the company’s introduction of crypto transfers for users in the European region.
Robinhood Crypto’s crypto transfers enable users to navigate on- or off-chain with various supported crypto assets, explore decentralized opportunities, and earn deposit rewards for a limited time.
Solana’s Price Rises
After Robinhood Crypto’s announcement, there was a noticeable influx of traders into the blockchain token. The Solana coin exceeded a 24-hour trading volume of $4.22 billion, with a 115.22% increase over the previous day.
Despite the SOL token’s recent positive performance—it boasts a market capitalization of over $77.72 billion—a crypto analyst suggests that the coin is set to experience further upward movements in the upcoming days.
In a 1-day chart shared by the well-known crypto analyst The Moon with his 1.3 million followers on X, the altcoin reveals a bullish Cup & Handle pattern, signaling a possible significant increase.
#Solana could go parabolic starting today! #Sol is breaking out of this MASSIVE Cup&Handle pattern with the potential target of $370 🎯 pic.twitter.com/qp31pbtJvS
— The Moon (@TheMoonCarl) October 21, 2024
To provide some context, the Cup and Handle pattern is a bullish continuation chart formation that generally signifies a consolidation phase followed by an upward breakout. It includes a rounded bottom (the “cup”) followed by a mild consolidation or pullback (the “handle”) before a breakout happens.
Therefore, surpassing the upper boundary of this pattern might set off a notable surge in Solana’s price, propelling SOL to a $370 price target. Market analysts are optimistic that Solana bulls could experience substantial gains if this momentum persists.
