Binance announced the official launch of Binance SOL Staking (BNSOL). This allows users to stake Solana (SOL) tokens. The exchange also allows users to earn rewards through BNSOL, a liquid staking token. This token allows users to trade, lend, or redeem staked assets on Binance’s product suite and DeFi platforms without losing their staking rewards. Meanwhile, one analyst is talking about a possible rally for SOL!
Binance has officially launched BNSOL!
The developers built BNSOL on top of Solana’s Stake Pool Program. BNSOL has many security features, including multiple audits. Therefore, investors can rest easy. Moreover, the BNSOL token has a conversion rate that is updated every Solana cycle. Therefore, it reflects the staking rewards accumulated over time. If you wish to redeem your stakes, Binance offers both a standard redemption process and the option to redeem BNSOL instantly on the open market. This adds an extra layer of liquidity and flexibility that is not always readily available in the crypto staking world.
As you have been following on Kriptokoin.com, Binance is no stranger to staking. It is one of the largest cryptocurrency platforms providing such services. But the launch of BNSOL is a notable change, first and foremost for Solana. Solana is the third largest crypto asset by market capitalization when we exclude stablecoins. Previously, Solana holders couldn’t redeem their tokens on Binance. But now they can earn rewards.
The giant crypto exchange Binance has $103.49 billion in assets. Therefore, Binance’s entry into the Solana ecosystem could bring more liquidity to SOL and further increase investor interest. Solana has already received a great deal of attention this altcoin cycle. However, it is possible that Binance’s participation could help accelerate the network’s growth.
SOL price prediction: Is a rally coming?
Crypto analyst Aaryamann Shrivastava assesses the technical picture of Solana (SOL). Solana’s price has been fluctuating between $186 and $126 for the past few weeks. Short-term consolidation is taking place below the $160 level. Moreover, the current price of $134 is hovering around the local resistance at $137. SOL needs to break this local resistance to maintain upside momentum. Given the strong technical indicators, including CMF and MACD, Solana is likely to turn this $137 barrier into support and bounce higher. If this happens, the next target for the altcoin is $155. There is also a more critical resistance level of $160 on target next. Breaching $160 will likely open the door for further price gains.
However, if Solana fails to rise above $137, it could fall back to its previous support of $126. In this scenario, the bullish thesis becomes invalid. It is also likely to trap the price in a narrower range, leading to prolonged consolidation.
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