SOL Token Surges 3.29% as Binance Staking, NFT Volume, and Institutional Demand Drive Momentum

Solana (SOLUSDT) has risen 3.29% over the past 24 hours, with the price moving from a 24h open of 163.84 to 169.23 USDT on Binance. This price increase is primarily attributed to several positive developments: Binance introduced new SOL staking offers and added SOL to its Dual Investment products, which likely boosted demand and trading activity. Additionally, Solana's ecosystem has shown strong growth, with NFT trading volume surpassing $5 million in 24 hours and a significant increase in unique buyers. Institutional interest is also evident, as DeFi Development Corp and Bit Mining expanded their SOL holdings and launched new validator initiatives. On-chain activity remains robust, with Solana's July revenue up 50% and DEX trading volume reaching $1.413 billion in a single day. These factors, combined with technical resilience above key support levels and bullish sentiment among analysts, have contributed to the recent upward momentum.

Currently, SOLUSDT trades at 169.23 with a 24-hour trading volume near $3.8 billion and a market capitalization around $90.7 billion, maintaining its position among the top cryptocurrencies as it consolidates above critical support zones.