Three major crypto exchanges teased the launch of new Solana-based products. The trading platforms shared mysterious hints on their official X accounts, suggesting their entry to Solanaโs Liquid Staking ecosystem. The news received a positive reaction from the crypto community, seemingly fueling a bullish sentiment among SOL investors.
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Exchanges Hint At New Solana-Based Products
On Thursday, crypto exchanges Binance, Bybit, and Bidget created a buzz among crypto investors after hinting at the launch of new Solana-based products. Binance, the largest crypto exchange by trading volume, was the first to announce the mysterious partnership with two X posts stating โBNSOL,โ and โComing soon.โ
The crypto community quickly speculated about the meaning of the post, wondering about the collaboration. Soon after, Bybit and Bitget posted similar messages. Bybit stated it was โwelcoming a new baby to the familyโ named bbSOL, while Bitget teased that โsomething BG is coming #BGSOL.โ
Despite not having further details, the community concluded the exchanges will launch Liquid Staking Tokens (LSTs), based on Sanctumโs comments. The Solana-based Liquid Staking Protocol replied to the news, hinting at its involvement in the project.
In a reply to Bybitโs post, the Liquid Staking protocol said it was โready to help this bbSOL grow big and strong.โ This suggests that the exchanges are entering the Solana Liquid Staking ecosystem.
The BNSOL, BGSOL, and bbSOL LSTs would allow users to stake their tokens and receive rewards while continuing to participate in other DeFi projects. The tokens would offer investors flexibility, as they would have access to liquidity without unstaking their tokens.
Major Boost For SOL Price Coming?
Following the announcements, the crypto community expressed a positive sentiment towards SOL. Many shared their excitement about the products, calling them โbullishโ for the Solana ecosystem. Meanwhile, others suggested that positive competition was brewing in Solanaโs Liquid Staking sector.
The bullish sentiment seemingly translated to CLOUD, Sanctumโs governance token. The Liquid Staking protocolโs token soared 56% following the announcement. CLOUD saw 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 the crypto exchanges appear to see significant potential in SOLโs performance. SOL quickly surged to the $147 range, a 4.2% increase from Wednesdayโs lows. Despite the positive sentiment, the price retraced to the $145 support zone before unsuccessfully retesting the daily high a second time.
Nonetheless, investors believe that the recently announced tokens could bring a significant inflow of liquidity as the crypto exchanges have a massive user base. Moreover, the TSLs could accelerate Solanaโs Liquid staking sectorโs expansion and boost its adoption by retail users.
The fifth-largest cryptocurrency by market capitalization had its price recovery halted by the most recent market shakeout. SOLโs price lost the $160 support zone and revisited the $140 level as Bitcoin slipped to $58,000 two days ago.
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As a result, some market watchers remain cautious about the tokenโs short-term performance but suggest that SOL might aim for new heights in the coming months. As of this writing, the cryptocurrency trades at $145, a 2% increase in the last 24 hours.
Featured Image from Unsplash.com, Chart from TradingView.com
