Liquid staking is a process that combines the best aspects of betting and liquidity. Holders can bet on tokens in smart contracts and betting pools via liquid staking and receive a token representing the SOL bet.
-this #token is called a liquid staking token or LST and can be used to generate profits in other protocols or used in DeFi applications. Prominent examples are $JitoSOL and $mSOL, which represent the #Jito and Marinade protocols.
n In fact, according to Dune Analytics, the total number of solans placed on liquid betting derivatives will more than double by 2024: between June 1 and July 26, the number of LSTs increased from 163,827 to 807,712, a 393% increase.
Token Terminal, a data analytics platform, also reported a 21% increase in daily active users and a 59% increase in weekly active users on #Solana . The increase in active users coincides with the growth of Jito and Marinade TVL discussed above. At the time of publication, #SOL broke a bullish double bottom pattern with the current resistance at $BTC The upside resistance is quite weak, and a retest of the yearly high is very likely. However, Solana is currently experiencing a correction below $BTC If Solana continues to follow the bullish trend, the nearest retest target will remain in the range of $200-210. Conversely, if Solana loses the $180 support zone, the altcoin could retest the previous low of $BTC Trader Vic, an options trader with 18 years of experience, is bullish, noting that SOL/USD is once again leading the cryptocurrency market upwards.
He notes, "Solana is bouncing back successfully as usual. It's about to break through the breakout arrow resistance, which will start a new trend.
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