Welcome to Extreme Investor Network, where we bring you the latest and most valuable insights into the world of trading, stocks, and Wall Street. Today, we’re diving into the exciting world of Solana and its recent surge in staking activity.
In the past 30 days, there has been a significant increase in SOL staked on the Solana network, totaling $2 billion at the current market rate of around $156 per coin. This surge in staking activity coincided with a 20.43% price increase, with nearly 3 million SOL staked in the last 7 days alone. This brought the total SOL staked value to a 90-day peak of 392.7 million SOL as of October 14.
Increased staking during a price rally is a bullish sign, indicating strong confidence among current holders. Rather than cashing in on short-term gains, stakeholders are choosing to further secure the network through staking, enhancing security and resilience against attacks.
The recent $2 billion surge in Solana staking deposits, paired with dovish macroeconomic expectations, suggests a continuation of the bullish momentum for Solana. If current market dynamics persist, we may see Solana make another push to reclaim the $160 territory in the coming days.
On the technical side, SOL appears to be entering a critical consolidation phase after its recent rally. Trading above the 20-day moving average and with a strong uptrend, SOL remains bullish despite facing a modest retracement to $155 from its peak of $157.8.
As we look ahead, bulls will need to hold the $150 support level to sustain the positive momentum. With its strong fundamentals and growing staking activity, Solana continues to be a fascinating asset to watch in the crypto market.
Stay tuned to Extreme Investor Network for more updates and insights on Solana and other exciting investment opportunities on Wall Street.