Solana (SOL) Price Jumps as Robinhood Activates Transfers for EU Users and VanEck Enables Staking for European ETP

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

Solana (SOL) price uptrend continues as key updates from Robinhood and asset manager VanEck emerge.

At the last check, SOL price changed hands at $165.34 after rallying from $154 it traded at 2 days ago.

This price surge comes as both Robinhood and VanEck shared crucial Solana updates.

Robinhood Activates Solana Transfers for EU Users

In a significant development, Robinhood has activated transfers for Solana to cater to the needs of its user base.

Earlier in May, Robinhood hinted at this plan. With this move, customers on the commission-free brokerage firm can now withdraw and deposit Solana.

Furthermore, users making deposits also get to enjoy a 1% reward. However, Robinhood states that this service is only available to EU customers.

The commencement of this transfer is mutually beneficial to both Robinhood and Solana.

On the one hand, Robinhood users in the EU will enjoy the flexibility of handling Solana. Moreover, they earn rewards while carrying out transactions on the platform.

On the other hand, Solana might experience an upsurge in transactions, which will likely impact the price outlook.

According to Robinhood, the 1% deposit reward bonus applies to the app. This offer will be available until the end of November. Thus, market observers anticipate a boost for Solana between now and November 30.

Analysts consider this development a huge endorsement for Solana.

Being renowned for operating a “closed system,” 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

In other news, 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, which is valued at $73 million in assets under management (AUM), now allows holders to stake their tokens.

To clarify, stakers can lock their tokens to support the operation of the blockchain and earn rewards 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 choose to stake their tokens.

Moreover, the Net Asset Value (NAV), which is 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 adds 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 both Robinhood and VanEck have sparked positive market sentiments.

As mentioned earlier, the mild uptick in Solana has instilled optimism in the ecosystem.

Some community members are now hopeful that earlier price prediction of Solana breaching the $200 level might occur this month.

Furthermore, investors remain confident that, given the Robinhood activation, Solana might continue on an upward price trajectory.

This bullish momentum might also persist, with some asset managers already indicating their interest in a spot ETF for Solana.

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