Solana's native token, SOL, has experienced a significant surge, reaching double-digit gains within a 24-hour period. At the time of reporting, SOL is valued at $161, having tapped $165 earlier, with a 24-hour trading volume of $3.7 billion, marking an impressive increase of 56.6%. According to CoinGecko data, SOL now ranks as the fifth largest cryptocurrency, boasting a market cap of $73.1 billion.

Key Developments Driving SOL's Surge

The recent surge in SOL's price can be attributed to several notable developments within the cryptocurrency space, particularly involving major platforms such as Robinhood, Infinex, and MarginFi.

Robinhood Crypto, a leading digital asset trading platform, announced on May 15th the launch of a Solana-staking feature in Europe. Through the Robinhood Crypto app, customers can now stake their SOL holdings, earning rewards while retaining the flexibility to unstake as desired. Additionally, Robinhood introduced a bonus program for new customers, offering a 10% bonus on net purchases during their initial 30 days on the platform, with bonuses disbursed in USDC stablecoins.

Infinex, a decentralized perpetual contract trading platform, also announced its support for Solana, opening up new opportunities for users. The Total Value Locked (TVL) on the platform has already reached 71,185,763.71 USDC since its launch, with over 4.1 million USDC locked in Solana.

Marginfi, a decentralized portfolio margining protocol for trading on Solana, unveiled Solana's first Liquidity Layer on May 15th. This Liquidity Layer offers integrated, native yields, including staking yield through LST, token yield through mrgnlend, and stablecoin yield through YBX, providing a new layer for performant DeFi on the L1 blockchain.

Market Context and Broader Crypto Trends

The surge in SOL's price aligns with broader gains across the cryptocurrency market, which has seen a 4.7% increase in the last day, reaching a total market capitalization of $2.5 trillion. Bitcoin (BTC) is currently trading at $66,000, marking a 5.7% increase in the last 24 hours, while Ethereum (ETH) has experienced a 3.3% increase, trading at around $3,000.

As SOL continues to make strides with major platform integrations and innovative developments, investors and enthusiasts are closely watching its trajectory in the dynamic crypto landscape.