Solana Bulls Record 7-Day High, Liquid Staking Surge Boosts Growth

• Solana’s explosive growth and rising SOL price make it a crypto powerhouse.
• Liquid staking fuels Solana’s success, attracting investors and boosting SOL value.
• Caution is advised as SOL/USD shows signs of a potential reversal in the bullish trend.

Solana’s rise in the crypto space is one worth keeping an eye on. Notably, by the end of June, the combined stake of Solana (SOL) tokens held by liquid staking protocols Marinade Finance, Lido, Jito, JPool, and Socean reached a staggering $187 million. Besides, this represented a significant surge from the year’s start, when $98 million was staked.

Solana Liquid Staking Summer https://t.co/OH0IOyXo0w

— Marinade Finance (@MarinadeFinance) July 4, 2023

The figures show that these protocols currently hold an impressive 69% of the total value locked within the network, estimated to be around $270 million. Consequently, Solana is experiencing significant growth, both in terms of adoption and price appreciation.

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However, Kevin Peng, a research analyst at The Block, asserts that the broader crypto space’s growth dynamics might explain the influx into Liquid Staking Der…

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