Solana (SOL) Price Rises After Robinhood Crypto Enables Crypto Transfers for European Users

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

Cryptocurrency exchange Robinhood has announced that it now enables crypto transfers for the Solana (SOL) token.

According to an announcement on Monday, users can now withdraw and deposit Solana through the Robinhood Crypto app.

Cryptocurrency exchange Robinhood has announced that it now enables crypto transfers for the Solana (SOL) token.

According to an announcement on Monday, users can now withdraw and deposit Solana through the Robinhood Crypto app.

The platform is also offering a 1% deposit reward for Solana, which will be available until Nov. 30.

"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:," Robinhood Crypto EU wrote in a tweet.

The announcement comes four days after the platform disclosed similar support for Ethereum, the second-largest cryptocurrency by market capitalization.

Both updates follow Robinhood's introduction of crypto transfers for users in the European region.

Robinhood Crypto's crypto transfers allow users to move on or off-chain with supported crypto assets, explore decentralized opportunities, and earn deposit rewards for a limited time.

After Robinhood Crypto's announcement, the blockchain token saw a noticeable influx of traders.

The Solana coin had a 24-hour trading volume of $4.22 billion, up 115.22% from the previous day.

Despite the SOL token's recent positive performance — it boasts a market capitalization of over $77.72 billion — one crypto analyst suggests that the coin is set to experience further upward movements in the upcoming days.

In a 1-day chart shared by 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," The Moon wrote in a tweet.

To provide some context, the Cup and Handle pattern is a bullish continuation chart formation that typically 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 occurs.

Hence, surmounting 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.

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