Binance has officially launched Binance SOL Staking (BNSOL), giving users the ability to stake their Solana (SOL) tokens. Additionally, Binance allows users to earn rewards through BNSOL, a liquid staking token, which enables them to trade, lend, or use their staked assets across Binance’s product suite and DeFi platforms without losing staking rewards. Meanwhile, one analyst predicts a potential rally for SOL!
Binance Officially Launches BNSOL!
Developers have built BNSOL on Solana’s Stake Pool Program, and the token is equipped with several security features, including multiple audits. This makes it a reliable option for investors. Furthermore, BNSOL comes with a conversion rate that updates with each Solana epoch, reflecting the accumulated staking rewards over time. Binance offers both a standard redemption process and an option to instantly redeem BNSOL on the open market, adding a layer of liquidity and flexibility rarely found in the staking world.
As Deythere reported, Binance is no stranger to staking services, being one of the largest crypto platforms offering such features. However, the launch of BNSOL marks a significant change for Solana. Previously, Solana holders couldn’t stake their tokens on Binance, but now they have the chance to earn rewards.
Binance, with assets worth $103.49 billion, entering the Solana ecosystem could boost liquidity for SOL and further attract investors. Solana has already seen substantial interest during this altcoin cycle, and Binance’s involvement could help accelerate the network’s growth.
#Binance launches BNSOL, a new way to stake SOL.
Stake your $SOL, receive BNSOL, and unlock the flexibility to trade or lend.
Keep earning rewards and using your assets across Binance products, @Web3WithBinance and DeFi, all while staking securely.
Get started here 👉… pic.twitter.com/j2Y9Q5HhdP
— Binance (@binance) September 12, 2024
SOL Price Prediction: Is a Rally on the Horizon?
Crypto analyst Aaryamann Shrivastava analyzes the technical picture for Solana (SOL). Over the past few weeks, Solana’s price has fluctuated between $186 and $126, with short-term consolidation occurring below the $160 level. Currently, SOL is trading at $134, hovering around the local resistance of $137. To maintain upward momentum, SOL needs to break through this local resistance. Given strong technical indicators like CMF and MACD, it’s likely that Solana will flip this $137 barrier into support and push higher. If this happens, the next target for the altcoin is $155, followed by a more critical resistance level at $160. Breaking $160 could open the door to further price increases.
However, if Solana fails to climb above $137, it could fall back to its previous support level of $126. In this scenario, the bullish thesis would be invalidated, potentially leading to prolonged consolidation within a tighter range.
Deythere will continue monitoring these developments and provide updates on Solana’s price movements and Binance’s staking platform.
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