SOL Token Rises 2.14% as Binance Soft Staking, ETF Talks, and DeFi Growth Drive Momentum

Solana (SOLUSDT) has experienced notable price movements in the past 24 hours, with the price rising 2.14% to $164.46 on Binance. This increase is attributed to several factors, including Binance's launch of Soft Staking for SOL, which allows users to earn daily rewards without locking their assets, and heightened institutional interest driven by ongoing discussions about a potential spot Solana ETF. Additional positive sentiment stems from record highs in Solana's DeFi total value locked (TVL) and increased ecosystem activity, such as Bit Mining's strategic entry and the performance of Solana-based memecoins. Despite these bullish drivers, technical analysis indicates short-term resistance near $165 and mixed trading recommendations, reflecting some caution due to recent volatility and a weaker recovery compared to the broader crypto market.

Currently, Solana is trading at $164.46 with a 24-hour volume between $6.53 billion and $12 billion, a circulating supply of approximately 536 million SOL, and a market capitalization estimated at $85.56–$88.17 billion, representing about 2.3% of the total crypto market.