Three major crypto exchanges teased the launch of recent Solana-based products. The trading platforms shared mysterious hints on their official X accounts, suggesting their entry to Solana’s Liquid Staking ecosystem. The news received a positive response from the crypto community, seemingly fueling a bullish sentiment amongst SOL investors.
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Exchanges Hint At Latest Solana-Based Products
On Thursday, crypto exchanges Binance, Bybit, and Bidget created a buzz amongst crypto investors after hinting on the launch of recent Solana-based products. Binance, the most important crypto exchange by trading volume, was the primary to announce the mysterious partnership with two X posts stating “BNSOL,” and “Coming soon.”
The crypto community quickly speculated concerning the meaning of the post, wondering concerning the collaboration. Soon after, Bybit and Bitget posted similar messages. Bybit stated it was “welcoming a latest baby to the family” named bbSOL, while Bitget teased that “something BG is coming #BGSOL.”
Despite not having further details, the community concluded the exchanges will launch Liquid Staking Tokens (LSTs), based on Sanctum’s comments. The Solana-based Liquid Staking Protocol replied to the news, hinting at its involvement within the project.
In a reply to Bybit’s post, the Liquid Staking protocol said it was “able to help this bbSOL grow big and powerful.” This means 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 take part in other DeFi projects. The tokens would offer investors flexibility, as they might 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 concerning the products, calling them “bullish” for the Solana ecosystem. Meanwhile, others suggested that positive competition was brewing in Solana’s Liquid Staking sector.
The bullish sentiment seemingly translated to CLOUD, Sanctum’s governance token. The Liquid Staking protocol’s token soared 56% following the announcement. CLOUD saw a large 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 SOL’s performance. SOL quickly surged to the $147 range, a 4.2% increase from Wednesday’s lows. Despite the positive sentiment, the value retraced to the $145 support zone before unsuccessfully retesting the each day high a second time.
Nonetheless, investors imagine that the recently announced tokens could bring a major inflow of liquidity because the crypto exchanges have a large user base. Furthermore, the TSLs could speed up Solana’s Liquid staking sector’s expansion and boost its adoption by retail users.
The fifth-largest cryptocurrency by market capitalization had its price recovery halted by essentially the most recent market shakeout. SOL’s price lost the $160 support zone and revisited the $140 level as Bitcoin slipped to $58,000 two days ago.
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In consequence, some market watchers remain cautious concerning the token’s short-term performance but suggest that SOL might aim for brand spanking new heights in the approaching months. As of this writing, the cryptocurrency trades at $145, a 2% increase within the last 24 hours.
SOL’s performance within the weekly chart. Source: SOLUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com