- SOL staking volume has increased to approximately $52 billion.
- SOL has been on a downward trend for 6 consecutive days.
The Solana staking landscape has seen notable progress over the past 24 hours, with multiple exchanges hinting at the introduction of new SOL staking features.
The news initially had a positive impact on the Solana (SOL) price, briefly lifting market sentiment.
However, despite the initial enthusiasm, the price of SOL eventually succumbed to the downtrend. In addition to the price fluctuations, the volume of staked SOL also increased.
Solana Staking Makes the Topic
On August 29, three major cryptocurrency exchanges, Binance, Bybit, and Bitget, posted similar, yet cryptic messages on their X (formerly Twitter) pages.
These messages have sparked speculation about an upcoming Solana staking feature.
Binance has released a teaser.
“BNSOL… Coming soon.”
Bybit hinted at the new addition, saying:
“We have a new baby in our family bbSOL.”
Bitget also shared:
“Something BG is coming, BGSOL.”
All of these posts received replies from the official Solana X handle, further fueling speculation that the exchange is preparing to launch Solana staking functionality.
This post received a positive response from the community, indicating strong anticipation for the potential introduction of SOL liquid staking options on these platforms.
Liquid staking allows users to stake tokens and receive derivative tokens that can be traded or used elsewhere, thus maintaining liquidity while earning rewards.
Solana staking volume has increased.
According to recent analysis, there was a significant increase in SOL share trading volume towards the end of trading on August 29th.
This growth comes at a time when major exchanges including Binance, Bybit, and Bitget have hinted at Solana staking.
According to data from Staking Rewards, as of August 28, the total staked SOL was approximately 378.3 million SOL. However, by August 29, this number had increased to over 380 million SOL.
This increase means that approximately 65% of the total SOL supply is staked, resulting in a staking market cap of approximately $52 billion.
Additionally, according to data from DeFiLlama, Solana’s total value locked (TVL) at the time of writing was approximately $4.9 billion.
Liquid staking platforms have contributed significantly to this TVL, with Jito, for example, having a TVL of over $1.7 billion.
SOL briefly spikes
Analysis of Solana (SOL) price trends by AMBCrypto shows some reaction to the recent staking trend on August 29th.
On that day, the price of SOL opened at around $144 and briefly reached a high of around $147. However, the price failed to sustain this upward trend and eventually fell to around $140.
As of this writing, SOL is trading at around $139, representing a decline of less than 1%.
Source: TradingView
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This downtrend shows that the initial excitement surrounding staking development was not enough to have a lasting positive impact on the SOL price.
Let’s assume that SOL continues its downtrend in the current trading session. In this case, it represents the 6th consecutive downtrend, highlighting continued bearish pressure.