Solana's liquid staking tokens are increasing their activity on the network, with the total value locked (TVL) exceeding $5.5 billion. Solana (SOL) price is poised to close with a 30% monthly return in July and is expected to approach a yearly top near $210 in the next few weeks.
While the community often attributes SOL's rise to the Solana memecoin trend, the network's advanced liquid staking ecosystem also creates a strong on-chain narrative. Let's take a closer look at the effects of this current trend on the Solana network.
According to the information Cointelegraph recently provided, Solana's TVL increased by 10% to $5.42 billion. This increase increased transaction volume and overall activity on-chain.
Liquid staking projects Jito and Marinade were among the leading protocols on Solana, with TVL increases of 40% and 30% respectively last month. Liquid staking allows token holders to deposit their tokens into a smart contract or staking pool, obtaining tokens that represent those staked SOLs. These tokens are called liquid stake tokens (LST) and can be used to generate returns on other protocols. They also function in decentralized finance applications. For Jito and Marinade, these tokens are JitoSOL and mSOL respectively.
Dune Analytics data reveals that the total amount of SOL invested in liquid staking derivatives has more than doubled in 2024. Staking LSTs increased by 393% from 163,827 to 807,712 between June 1 and July 26. Token Terminal data shows that Solana's daily and weekly active users increased by 21% and 59%, respectively.
This increase in the number of active users is parallel to the TVL increase in protocols such as Jito and Marinade. This means that memecoins are not the only driver bringing users to the Solana network. SOL price continues its upward momentum and the community expects the price to re-approach the yearly top near $210. At press time, SOL had broken out of a double-bottom bullish pattern with current resistance around $202.
The overall resistance level looks relatively weak and a retest of the annual top is likely. However, Solana is currently experiencing a correction below the $190 level. If Solana continues its upward trend, the target price range is predicted to be $200-210. If the $180 support breaks, SOL price could decline towards $165. Meanwhile, options trader Trader Wick stated that SOL/USD is once again leading rallies in the crypto market, expressed his bullish expectations and commented, "Solana is performing strongly as always."
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