Backpack Exchange has initiated staking of its Solana (SOL) reserves, reducing available supply and aiming to reward lenders with full staking yields. This move comes as part of a strategy to distribute staking rewards, potentially increasing SOL’s price through reduced circulating supply. Meanwhile, Robinhood is exploring Solana for blockchain-based U.S. securities trading in Europe, citing speed and cost efficiency. This potential integration could mark a significant step towards blockchain adoption in traditional finance. Analysis suggests that the rise of Solana’s price follows its break of the 20-day EMA, with resistance at $153 and potential for further upside to $170. The RSI is currently around 60.37 indicating moderate bullish momentum, while the MACD indicator shows positive signals. The next key level to watch for price action is at $153, followed by potential targets of $157.71 and beyond.