Solana’s Liquid Staking Gains Momentum: What This Means for SOL Price
Solana has risen by 0.5% in the past 24 hours, with the SOL price reaching $148 as the wider crypto market falls by 0.5% today.
SOL has now gained by 8% in a week, and while the fifth-biggest coin in the market is still down 10% in a month, it holds onto an impressive 665% increase in a year.
These moves come as data shows that liquid staking on Solana is steadily ramping up, with the total ratio of liquid staked coins to normally staked tokens rising to 6.85% today.
This increase is bullish for Solana insofar as investors can trade with liquid staked tokens, making for a busier DeFi sector that could help push the SOL price higher over time.
Solana’s Liquid Staking Gains Momentum: What This Means for SOL Price
After a period of declines and stagnation, SOL’s chart gives the impression that the coin is in the middle of a growth phase.
Its relative strength index (purple) has risen from 30 a couple of days ago to just over 50 today, as buying pressure increases.
Even more bullish is the 30-day moving average (orange), which is rising further above the 200-day (blue), another sign that SOL has recently begun an expansionary period.
What’s also encouraging is that the token’s trading volume is sitting at $1.8 billion today, up from $1.2 billion on June 30.
This signals growing demand for SOL, after a period where whales have been likelier to dump the token.
Helping the coin’s fortunes is the steady growth in liquid staking mentioned above, which in the longer term will help feed Solana’s DeFi sector and, by extension, the SOL price.
1/ The Key Catalyst: @sanctumso
The airdrop from @jito_labs has brought the spotlight to liquid staking on Solana. The liquid staking ratio has increased by 2% from Q4 2023 – Q1 2024Sanctum is able to take the torch. The launch of INF, Sanctum Router, and Sanctum Reserve, has… pic.twitter.com/z4A5rXmM8B
— Tom Wan (@tomwanhh) July 1, 2024
Liquid staking is a form of staking that provides stakers with a tradable asset in return for locking up their tokens.
Such staking inevitably provides an ecosystem with greater liquidity, which in turn enables bigger trading volumes, more demand and more volatility.
As such, the growth in liquid staking on Solana is highly positive, even if it still accounts for less than 10% of all Solana-based staking.
The increase points to the overall health of the Solana ecosystem, while the SOL price will also take strength from the wider market in the coming weeks.
The launch of Ethereum ETFs this month will likely increase bullishness throughout the market, with Solana next in line to benefit after VanEck filed for its very own SOL ETF.
Combined with macroeconomic improvements, the SOL price could therefore hit $200 by the end of the summer.
New Meme Coins with Strong Fundamentals Show Potential
While Solana remains in an enviable position, traders looking to up their exposure to positive volatility may do well to diversify some of their portfolios into newer alts, including meme coins.
And possibly the most promising new meme token right now is WienerAI (WAI), a new Ethereum-based cryptocurrency that has raised over $6.9 million in its ongoing presale.
Full speed ahead with WienerAI!
Harness the power of AI for smart, efficient trading. Make every trade a winning one!
pic.twitter.com/LEtVQoTNEP
— WienerAI (@WienerDogAI) July 1, 2024
WienerAI’s strong fundamentals are the main reason why it has been able to attract so much early investment.
It’s launching its own AI-based chatbot, which will answer questions from traders regarding promising coins and trade timings.
It will also come with its own atomic swap feature, enabling users to directly and quickly trade any token it recommends.
On top of this, there’s MEV protection, which works by helping traders to make buys and sells ahead of front-running bots.
Given this utility, WAI may experience considerable demand, seeing as how users of WienerAI will need it to pay for subscriptions to the bot.
As a token, it will have a capped supply of 69 billion WAI, with 30% of this supply going to the sale.
One other promising sign is that WienerAI’s X account now has over 14,000 followers, pointing to the sizeable user base and community it may have soon after launching.
Interested investors can join its sale at the official WienerAI website, where 1 WAI currently costs $0.000724.
The post Solana’s Liquid Staking Gains Momentum: What This Means for SOL Price appeared first on Cryptonews.
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Solana’s Liquid Staking Gains Momentum: What This Means for SOL Price
Solana has risen by 0.5% in the past 24 hours, with the SOL price reaching $148 as the wider crypto market falls by 0.5% today.
SOL has now gained by 8% in a week, and while the fifth-biggest coin in the market is still down 10% in a month, it holds onto an impressive 665% increase in a year.
These moves come as data shows that liquid staking on Solana is steadily ramping up, with the total ratio of liquid staked coins to normally staked tokens rising to 6.85% today.
This increase is bullish for Solana insofar as investors can trade with liquid staked tokens, making for a busier DeFi sector that could help push the SOL price higher over time.
Solana’s Liquid Staking Gains Momentum: What This Means for SOL Price
After a period of declines and stagnation, SOL’s chart gives the impression that the coin is in the middle of a growth phase.
Its relative strength index (purple) has risen from 30 a couple of days ago to just over 50 today, as buying pressure increases.
Even more bullish is the 30-day moving average (orange), which is rising further above the 200-day (blue), another sign that SOL has recently begun an expansionary period.
What’s also encouraging is that the token’s trading volume is sitting at $1.8 billion today, up from $1.2 billion on June 30.
This signals growing demand for SOL, after a period where whales have been likelier to dump the token.
Helping the coin’s fortunes is the steady growth in liquid staking mentioned above, which in the longer term will help feed Solana’s DeFi sector and, by extension, the SOL price.
1/ The Key Catalyst: @sanctumso
The airdrop from @jito_labs has brought the spotlight to liquid staking on Solana. The liquid staking ratio has increased by 2% from Q4 2023 – Q1 2024Sanctum is able to take the torch. The launch of INF, Sanctum Router, and Sanctum Reserve, has… pic.twitter.com/z4A5rXmM8B
— Tom Wan (@tomwanhh) July 1, 2024
Liquid staking is a form of staking that provides stakers with a tradable asset in return for locking up their tokens.
Such staking inevitably provides an ecosystem with greater liquidity, which in turn enables bigger trading volumes, more demand and more volatility.
As such, the growth in liquid staking on Solana is highly positive, even if it still accounts for less than 10% of all Solana-based staking.
The increase points to the overall health of the Solana ecosystem, while the SOL price will also take strength from the wider market in the coming weeks.
The launch of Ethereum ETFs this month will likely increase bullishness throughout the market, with Solana next in line to benefit after VanEck filed for its very own SOL ETF.
Combined with macroeconomic improvements, the SOL price could therefore hit $200 by the end of the summer.
New Meme Coins with Strong Fundamentals Show Potential
While Solana remains in an enviable position, traders looking to up their exposure to positive volatility may do well to diversify some of their portfolios into newer alts, including meme coins.
And possibly the most promising new meme token right now is WienerAI (WAI), a new Ethereum-based cryptocurrency that has raised over $6.9 million in its ongoing presale.
Full speed ahead with WienerAI!
Harness the power of AI for smart, efficient trading. Make every trade a winning one!
— WienerAI (@WienerDogAI) July 1, 2024
WienerAI’s strong fundamentals are the main reason why it has been able to attract so much early investment.
It’s launching its own AI-based chatbot, which will answer questions from traders regarding promising coins and trade timings.
It will also come with its own atomic swap feature, enabling users to directly and quickly trade any token it recommends.
On top of this, there’s MEV protection, which works by helping traders to make buys and sells ahead of front-running bots.
Given this utility, WAI may experience considerable demand, seeing as how users of WienerAI will need it to pay for subscriptions to the bot.
As a token, it will have a capped supply of 69 billion WAI, with 30% of this supply going to the sale.
One other promising sign is that WienerAI’s X account now has over 14,000 followers, pointing to the sizeable user base and community it may have soon after launching.
Interested investors can join its sale at the official WienerAI website, where 1 WAI currently costs $0.000724.
The post Solana’s Liquid Staking Gains Momentum: What This Means for SOL Price appeared first on Cryptonews.
Read More