Three reasons Solana (SOL) price rose beyond $160

Solana’s native token, SOL, rose by double digits in a 24-hour period. At the time of the report, SOL is valued at $161 after trading at $165 earlier, with a 24-hour trading volume of $3.7 billion, up 56.6%.

According to data from CoinGecko, SOL is the fifth largest cryptocurrency, with a market capitalization of $73.1 billion.

Ads by Robinhood and Infinex

This increase in the price of SOL can be attributed to several recent developments within the crypto space, in particular, which include major platforms such as Robinhood, Infinex, and MarginFi.

In a May 15 announcement on Solana’s official X account, the Vlad Tenev-led firm announced that Robinhood Crypto, a digital asset trading platform, will launch a Solana stake feature in Europe.

Right at: @RobinhoodCrypto EU now supports Solana staking, introducing its first crypto staking product! 🔥

More information 👇 https://t.co/aHXj1rgL8P

— Solana (@solana) May 15, 2024

“Robinhood Crypto is excited to announce a number of new features designed specifically for its customers in Europe, including staking, localized apps, crypto rewards for new customers, and updated learning and earning modules,” the company stated.

Through the Robinhood Crypto app, customers can now stake their Solana (SOL) holdings, giving them the opportunity to earn rewards while maintaining the flexibility to bet as they wish.

The company also announced a bonus program for new customers, where they can receive a 10% bonus on their net purchases during their initial 30 days on the platform, with bonuses disbursed in USDC stablecoins.

Infinex, a decentralized perpetual contract trading platform launched by Synthetix, has also announced its support for Solana.

welcome @solana to the Infinex account.

Solana support is now live.

🍊 https://t.co/SHkYi2Vdc7 pic.twitter.com/8WMwSxrJEE

— Infinex (@infinex_app) May 15, 2024

The integration of Solana into the Infinex platform opens up new opportunities for users, with the Total Value Locked (TVL) on the platform reaching 71,185,763.71 USDC since its launch. According to the Infinex website, more than 4.1 million USDC have already been locked in Solana.

Marginfi unveils Solana’s first layer of liquidity

In a May 15 announcement at X Marginfi, a decentralized wallet margin protocol for trading on Solana, revealed the first layer of liquidity on the L1 blockchain.

Presentation of Solana’s first layer of liquidity

We’re excited to announce the evolution of marginfi: powering a radically new layer for performance DeFi

This is how we are changing the game 👇 pic.twitter.com/I6rt0xD3wc

— marginfi ◼️ (@marginfi) May 15, 2024

Described as a new layer for efficient DeFi, Marginfi’s liquidity layer offers a range of built-in and native returns, including natural staking return via LST, native token return via mrgnlend, and native return of the stablecoin via YBX.

The rise in SOL’s price coincides with broader gains in the crypto market, which is up 4.7% in the last day to reach a total market capitalization of $2.5 trillion.

At the time of writing, Bitcoin (BTC) is currently trading at $66,000, up 5.7% in the last 24 hours. Ethereum (ETH) has seen a 3.3% increase and is now trading around $3,000.

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