Backpack SOL Staking & Robinhood Interest Builds Solana (SOL) Price Rally

• Backpack Exchange has begun staking its SOL reserves, reducing circulating supply.
• Robinhood is reportedly exploring Solana as a blockchain layer for EU stock trading.
• Indicators show bullish momentum, with $153 as key resistance and targets up to $173 if broken.

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 p…

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