As TVL approaches $5.5 billion, SOL onchain activity is increasing because to Solana liquid staking tokens (LST).
Solana prices are expected to increase by 30% in July and reach a yearly high of around $210 in the coming weeks.
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The majority of the community credits SOL’s achievements to the excitement surrounding its memecoin, but the resilient liquid staking ecosystem is also gaining recognition as a prominent onchain storyline. It is worth examining how this ongoing trend is evolving within the Solana network.
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Liquid staking tokens are dominating Solana DeFi
Solana’s total value locked (TVL) data experienced a 10% surge last week, reaching a total of $5.42 billion. As a result, there was a noticeable increase in transaction volume and onchain activity.
Jito and Marinade emerged as the dominant protocols within the Solana ecosystem. These platforms, specializing in liquid staking, experienced a notable increase in Total Value Locked (TVL) with Jito seeing a rise of 40% and Marinade with a 30% increase over the course of the previous month.
Liquid staking is a method that combines the benefits of staking and liquidity. By participating in liquid staking, holders have the ability to stake their tokens in a smart contract or staking pool, and in return, they receive a token that represents their staked SOL.
This token, known as a liquid staking token or LST, can be utilized to generate yields on other protocols or be used in various DeFi applications. Examples of such tokens include $JitoSOL and $mSOL, which are associated with the Jito and Marinade protocol.
According to data from Dune Analytics, the total amount of Solana deposited in liquid staking derivatives more than doubled in 2024. The number of staked LSTs increased from 163,827 to 807,712, marking a significant 393% increase between June 1 and July 26.
Token Terminal, a platform for data analytics, has reported that Solana’s daily and weekly active users have increased by 21% and 59% respectively. This surge in active users coincides with the increase in Total Value Locked (TVL) for Jito and Marinade, as mentioned earlier. This suggests that the influx of users to the Solana network is not solely driven by memecoins, indicating a broader appeal across different sectors.
Will Solana hit a new yearly high soon?
The price movement of Solana indicates a strong bullish trend, with the community anticipating a potential retest of its annual peak at $210. As of the latest update, SOL has successfully broken through a bullish double-bottom formation, facing immediate resistance at the $202 level.
This resistance appears to be relatively weak, suggesting a significant likelihood of revisiting the yearly high. Nonetheless, Solana is currently experiencing a pullback, having dipped below the $190 threshold.
Should Solana maintain its upward trajectory, the next target for a retest is projected to be within the $200 to $210 range. On the other hand, if the altcoin fails to hold its crucial support level at $180, it may be poised to revisit its previous swing low around $165.
Trader Wick, an options trader with 18 years of expertise, is also bullish, implying that SOL/USD is once again leading the crypto market surge.
“Solana outperforming on the bounce as usual,” commented the coach.
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