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- The price has been steadily climbing since June 30 due to positive developments.
- If the price manages to go past $152 resistance level then it will likely test $160 level.
Compared to the previous quarter, Solana’s liquid staking rate increased by 1.76%. The amount of cryptocurrency staked on liquid staking platforms exceeds $54 billion, as reported by DefiLlama. Users may earn additional profits and keep liquidity with a derivative token for DeFi using liquid staking, which is different from regular staking.
There are more than $3.6 billion worth of SOL invested in liquid staking platforms, according to data from Dune Analytics. When compared to Ethereum, Solana’s staking rate is superior. This points to the unrealized potential and expansion prospects of Solana in the field of liquid staking.
All Eyes on Solana ETF
The price of $SOL is approaching the apex of a triangle it has been moving sideways inside since mid-March, after two recent filings for Spot Solana ETFs. Since both layer 1s are vying for the title of most users, transactions, and overall usefulness, this year will also see many comparisons between Solana and Ethereum. While Ethereum’s layer 2s facilitate network scalability, Solana is handling all tasks on the main chain.
Based on market capitalization, Solana is ranked fifth among cryptocurrencies by CMC. That, however, is likely expected to change when the Solana ETF is considered after the Ethereum ETF.
At the time of writing, SOL is trading at $149.14, up 2.12% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 1.64%. The price has been steadily climbing since June 30 due to positive developments and optimistic sentiment.
If the price manages to go past $152 resistance level then it will likely climb all the way till $160 level. On the other hand, if the bears drive the price below $137 level, then it will likely test $130 support level.
This content was originally published on The News Crypto
