- Binance plans to launch its Solana staking service in late September.
- The SOL price reacted mildly amid overall weak market sentiment.
BinanceThe world’s largest crypto exchange, has unveiled its new staking service for Solana [SOL]which debuts at the end of September. According to a recent press releasewill allow Binance users to stake their SOL and earn rewards in exchange for its liquid staking token (LST), Binance Staked SOL [BNSOL].
According to Binance’s Vishal Sacheendran, Head of Regional Markets, the staking service will provide a seamless way to earn rewards.
“As one of the first crypto exchanges to offer SOL liquid staking, Binance offers a seamless and flexible way to earn rewards while allowing users to maintain full control over their staked assets.”
He added that
“Unlike native staking, which involves tying up assets, BNSOL allows users to unlock liquidity, enjoy continuous reward accumulation, and seamlessly participate in both the Binance platform and the broader DeFi ecosystem.”
Solana strike trend
According to Solana Beach65% of SOL’s current supply, approximately 383.5 million tokens, has been deployed. Rewards per bet factsNearly 10 million staked SOL tokens were added at the end of August.
Source: Staking Rewards
This trend could gain momentum when Binance and other exchanges officially debut their liquid staking services. Interestingly enough, SOL Award did not respond to the announcement last week.
However, a notable price reaction coincided with the latest Binance update, when SOL rallied strongly against Bitcoin [BTC] and ether [ETH] pairs during the Asia trading session on Wednesday, September 4.
Source: Solana Floor
Moreover, SOL was one of the tokens that led the mid-week recovery, with a strong increase in trading volumes.
However, the overall crypto market was still gripped by weak sentiment, and the update could spark a sustainable rally if BTC continues to post losses.
On the price chart, SOL barely held on to the USD 128 support level after a price rejection at USD 160. A move to $110 could not be overruled if sellers violated the support.
Source: SOL/USDT, TradingView
