Major Cryptocurrency Exchanges Tease Solana Liquid Staking Tokens, Will SOL Take Off?
The news received a positive reaction from the cryptocurrency community, which apparently fueled a bullish sentiment among SOL investors.
Three major cryptocurrency exchange platforms announced the launch of new Solana-based products. The trading platforms shared mysterious clues on their official X accounts, suggesting their entry into Solana’s Liquid Staking ecosystem.
Exchanges Hint at New Solana-based Poducts
On Thursday, cryptocurrency exchanges Binance, Bybit and Bidget generated a stir among cryptocurrency investors after hinting at the launch of new Solana-based products. Binance, the largest cryptocurrency exchange by trading volume, was the first to announce the mysterious partnership with two posts on X that read “BNSOL” and “Coming soon.”
The cryptocurrency community quickly speculated on the meaning of the post, wondering about the collaboration. Shortly thereafter, Bybit and Bitget posted similar messages. Bybit stated that it was “welcoming a new baby to the family” called bbSOL, while Bitget joked that “something BG is coming #BGSOL.”
Despite having no further details, the community concluded that exchanges will launch Liquid Staking Tokens (LST), based on Sanctum’s comments. Solana-based Liquid Staking Protocol responded to the news, hinting at its involvement in the project. In a response to Bybit’s post, the Liquid Staking protocol said it was “ready to help this bbSOL grow big and strong.” This suggests that exchanges are entering Solana’s Liquid Staking ecosystem.
The BNSOL, BGSOL and bbSOL LSTs would allow users to staking their tokens and receive rewards while continuing to participate in other DeFi projects. The tokens would offer flexibility to investors, as they would have access to liquidity without having to unwind the staking of their tokens.
Is a Big Spike in SOL’s Price Coming?
Following the announcements, the cryptocurrency community expressed positive sentiment towards SOL. Many shared their enthusiasm for the products, calling them “optimistic” for the Solana ecosystem. Meanwhile, others suggested that positive competition was brewing in Solana’s Liquid Staking sector.
The bullish sentiment apparently translated into CLOUD, Sanctum’s governance token. The Liquid Staking protocol token soared 56% following the announcement. CLOUD experienced a massive surge from the $0.16 price range to the $0.25 mark before stabilizing above the $0.24 level. Similarly, some community members noted that cryptocurrency exchanges seem for a second time.
However, investors believe that the recently announced tokens could bring a significant inflow of liquidity, as cryptocurrency exchanges have a massive user base. In addition, TSLs could accelerate the expansion of Solana’s Liquid staking sector and boost its adoption by retail users. The price recovery of the fifth largest cryptocurrency by market capitalization stalled due to the recent market shakeout. The SOL price lost the $160 support zone and revisited the $140 level when Bitcoin fell to $58,000 two days ago.
As a result, some market observers remain cautious about the token’s near-term performance, but suggest that SOL could target new highs in the coming months. The cryptocurrency is currently trading at $145, up 2% in the past 24 hours.
By Leonardo Perez