Solana, one of the fastest-growing cryptocurrencies, has been gaining significant attention from both investors and traders. A new report from Bybit Research suggests that Solana’s liquid staking could explode in value, potentially growing fivefold to $18 billion, driven by increased retail investor interest.
Solana Liquid Staking Could 5X to $18B
Solana’s liquid staking could be on the verge of massive growth, with Bybit Research predicting a potential surge to $18 billion. Unlike traditional staking, where tokens are locked, Solana’s liquid staking lets investors receive a liquid version of their assets.
These assets can then be used across various decentralized finance (DeFi) platforms, providing greater flexibility.
Currently valued at $3.8 billion, Solana’s liquid staking could grow fivefold if retail investors continue to adopt this strategy. This increased liquidity and efficiency may make Solana an even more attractive investment in the fast-evolving crypto market.
Retail Investors to Drive Liquid Staking Growth?
According to Bybit Research, retail investors could be the key to Solana’s liquid staking expansion. The report highlights that exchange-backed liquid staking tokens (LSTs) will bridge the gap between casual users and Solana’s DeFi opportunities.
Bybit has already launched bbSOL, the first LST on Solana, placing itself at the forefront of this trend.
Retail investors are expected to be attracted by the flexibility of liquid staking. Unlike traditional staking, where tokens are locked, LSTs provide liquidity and can be used in other DeFi applications. This ease of access makes liquid staking more appealing to a broader range of investors.
Solana’s Price Rally to $160?
As liquid staking grows, Solana’s price could also see a significant increase. Currently trading around $132.6, with a market cap of $61.93 billion, Solana’s price has dropped slightly by 1.5%. However, technical indicators show a bullish outlook.
If Solana breaks above the $146 resistance level, it could rally toward $159, marking a strong move upward. On the flip side, a drop below $128 could push the price down to $120 or even $115 in a worst-case scenario.
Also Read: Top 5 Promising Crypto Projects of 2024 : Hamster Takes the Lead
