Solana's Growth in Liquid Staking

Solana has witnessed a notable increase in its liquid staking rate, with a rise of 1.76% compared to the previous quarter. The total cryptocurrency staked on liquid staking platforms now exceeds $54 billion, as reported by DefiLlama. Unlike traditional staking, liquid staking offers users the opportunity to earn additional profits and maintain liquidity through derivative tokens in the DeFi realm.

Data from Dune Analytics reveals that over $3.6 billion worth of SOL is presently staked on liquid staking platforms. In contrast to Ethereum, Solana's staking rate demonstrates superiority, underscoring its untapped potential and growth opportunities in the liquid staking sector.

Solana ETF on the Horizon

Solana's native asset, $SOL, is poised at the apex of a triangle pattern that has confined its price movement since mid-March. This trend is influenced by the recent filings for Spot Solana ETFs. The competition between Ethereum and Solana, both aiming for dominance in terms of users, transactions, and utility, is intensifying. While Ethereum relies on layer 2 solutions for scalability, Solana manages all operations on its primary chain.

Ranked fifth by CMC based on market capitalization, Solana is expected to witness a shift in its standing once the Solana ETF is launched following the Ethereum ETF. The price of SOL currently stands at $149.14 as per CMC data, reflecting a 2.12% increase in the last 24 hours, with a corresponding uptick in trading volume. The positive price trend observed since June 30 is attributed to favorable developments and optimistic market sentiment.

If the price surpasses the $152 resistance level, it is likely to ascend towards the $160 mark. Conversely, a dip below the $137 support level may lead to a test of the $130 support level.