When most cryptocurrencies lose their gains, Solana (SOL) is on a mild solo run. As of this writing, the SOL price changed hands at $165.34 after rallying from $154 it traded at 2 days ago. This price jump comes as Robinhood and asset manager VanEck shared crucial Solana updates.
Robinhood Activates Solana Transfers for EU Users
In a significant development, Robinhood has activated transfers for Solana to meet the needs of its user base. Robinhood teased this plan earlier in May. With this move, customers on the commission-free brokerage firm can withdraw and deposit Solana.
Users making deposits also get to enjoy a 1% reward. However, Robinhood says this service is only available to EU customers.
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The commencement of this transfer is mutually beneficial to both Robinhood and Solana. Notably, Robinhood users in the EU will enjoy the flexibility of handling Solana. Additionally, they earn rewards while carrying out transactions on the platform.
As for Solana, this might trigger an upsurge in transactions and likely impact the price outlook. Robinhood said the 1% deposit reward bonus applies to the app. This offer will remain until the end of November. Thus, market watchers anticipate a boost for Solana between now and November 30.
Analysts consider this development a huge endorsement for Solana. Robinhood is renowned for operating a “closed system,” so opening up to Solana might benefit the blockchain. Before this Solana activation, Robinhood launched Bitcoin and Ethereum Futures trading as part of its expansion. The brokerage firm recently launched crypto transfers in Europe, supporting over 20 digital currencies.
VanEck Enables Solana (SOL) Staking for European ETP
Meanwhile, Matthew Sigel, Head of Digital Assets Research at VanEck, says the EU arm has enabled staking for its Solana ETP.
This means that the VanEck Solana ETP, valued at $73 million in assets under management (AUM), now allows holders to stake their tokens. Stakers can lock their tokens to support the operation of the blockchain and earn rewards in exchange for doing so.
According to Sigel, the reward earnings from staking Solana will accrue daily and be reinvested automatically. This compounding of the rewards will increase the value for investors who stake their tokens.
Additionally, the Net Asset Value (NAV), the value of the assets in the ETP, will include the staking reward. This means investors can track their rewards as they are updated daily on NAV. Furthermore, Sigel clarified that VanEck will handle the staking process to maintain liquidity.
Investors can buy or sell ETP shares without affecting the staked Solana tokens.
Market Optimism Grows as Solana Surges
The updates from Robinhood and VanEck have triggered positive market sentiments. Notably, the mild uptick in Solana has sparked optimism in the ecosystem. Some community members are now hopeful that earlier price prediction of Solana breaching the $200 level might happen this month.
Investors remain confident that, given the Robinhood activation, Solana might continue on an upward price trajectory. The bullish momentum might also linger, with some asset managers already indicating their interest in a spot ETF for Solana.
Disclaimer
The information provided in this article is only for educational and informational purposes and should not be considered financial or investment advice. We are not licensed financial advisors. Always conduct your research and seek guidance from a certified financial professional before making any investment decisions.
