Three Reasons Why Solana’s (SOL) Price Soared Past $160
Solana’s native token, SOL, surged by double digits within a 24-hour period. At the time of reporting, SOL is valued at $161 after tapping $165 earlier, with a 24-hour trading volume of $3.7 billion, marking an increase of 56.6%.
According to CoinGecko data , SOL is the fifth largest cryptocurrency, with a market cap of $73.1 billion.
Robinhood and Infinex’s Announcements
This surge in SOL’s price can be attributed to several recent developments within the crypto space, notably involving major platforms such as Robinhood, Infinex, and MarginFi.
In a May 15 announcement on Solana’s official X account, the Vlad Tenev-spearheaded firm announced that Robinhood Crypto, a digital asset trading platform, will launch a Solana-staking feature in Europe.
Just in: @RobinhoodCrypto EU now supports Solana staking, introducing their first-ever crypto staking product! Disclaimer: Includes third-party opinions. No financial advice. See Risk Warning.
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