Solana (SOL) pushed towards $150 today, gaining over 3% in the past 24 hours and reclaiming its 20-day EMA, fueled by positive ecosystem developments and continued market interest.
News surrounding Backpack Exchange’s SOL staking initiative and potential adoption by Robinhood in Europe adds fundamental weight to the ongoing technical recovery.
Backpack Exchange Begins Staking SOL Reserves
Adding to Solana’s news flow today, Backpack Exchange made a notable move: the platform, led by Armani Ferrante, announced it has started staking its SOL reserves.
We’re beginning the process of staking @Backpack
Exchange SOL reserves.To start, we aim to provide the full staking yield to all lenders–with the goal of eventually providing the yield to all depositors.
For now, I expect most platforms monitoring our wallets to…
— Armani Ferrante (@armaniferrante) May 8, 2025
According to Ferrante’s posts on X (formerly Twitter), the exchange aims to pass the full staking yields generated onto lenders, with plans to eventually extend this to all depositors.
While this shift enhances utility within Backpack and promotes long-term value, Ferrante pointed out it also temporarily skews Total Value Locked (TVL) figures on some tracking sites not configured for this type of staking.
Ferrante assured users that wallet addresses remain consistent, although additional wallets may soon be added to manage inflows.
This staking strategy may tighten circulating supply, potentially boosting SOL price in the near term, especially if other platforms follow suit.
Robinhood Explores Solana for European Expansion
Further boosting sentiment around Solana, Bloomberg reported that the retail trading giant Robinhood is considering the blockchain for new trading infrastructure in Europe.
Related: Doodles’ $DOOD Token Launches May 9 on Solana, Gets Binance Futures Listing
Robinhood is reportedly exploring ways to let European users trade U.S. securities directly on-chain. Solana’s network, known for high speeds and low fees, was mentioned as a strong candidate.
SOL Technical Analysis: Momentum Builds as Price Tests Resistance
Turning to the charts, SOL’s price action shows building bullish momentum on the 4-hour view. On the 4-hour chart, SOL bounced from a local support near $141.48 (Fib 0.786 level) and is now testing resistance around $151.97.
The RSI (Relative Strength Index) is at 60.37, indicating bullish momentum but not yet overbought—implying room for further gains.
Meanwhile, the MACD (Moving Average Convergence Divergence) has just flipped positive, with the MACD line crossing above the signal line, suggesting that bulls are attempting a takeover.
Source: TradingView
Additionally, the Fibonacci Levels indicate strong resistance at $153.62 (0.236 Fib). If bulls break this level, the next key targets lie at $157.71 (Fib 0), $165.26 (1.618 Fib), $173.50 (2.618 Fib). A sustained rally could even eye $182+ (3.618–4.236 Fib).
Related: Solana Leads Web3 Developer Rankings With 165 GitHub Events in 30 Days
On the other hand, if price fails to break above $153 and retraces, immediate support lies at $147.74 (Fib 0.382) and $141.48 (Fib 0.786). A fall below this level may expose deeper downside toward $136.40 (1.618 extension).
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