The cryptocurrency market continues to evolve, with institutional interest in liquid staking on the Solana platform increasing. This article examines the new Liquid Staked SOL (LsSOL) token and its potential impact on SOL's price forecast.
Liquid Staking on Solana
Liquid Collective has introduced a liquid staking token on Solana in partnership with platforms like Coinbase, Kraken, Galaxy, Anchorage Digital, and Fireblocks. This initiative aims to meet the rising institutional interest in the network and the anticipation of regulatory approval for SOL-based ETFs.
SOL Price Prediction
SOL completed the formation of an inverse head-and-shoulders pattern, breaking above the $159 level. Bulls successfully held this level during the retest. The 20-day exponential moving average has begun to rise, and the relative strength index (RSI) has approached the overbought zone, indicating potential further upward movement. If the price remains above $168, the SOL/USDT pair may rise to the overhead resistance at $185.
Market Situation Analysis
Bulls have thwarted attempts by bears to keep the price below $159, indicating that this level has turned into support. If buyers continue to strengthen their position and the price exceeds $169, SOL could reach the resistance zone at $180-$185. Conversely, if the price drops below $155, bears may gain the upper hand.
Current market conditions and increased interest in liquid staking solutions on Solana could significantly influence SOL's price, supporting an optimistic outlook in the short term.
