#SoftStakingS
SOL Token Surges 2.75% as Binance Soft Staking, CME Futures, and ETF News Drive Activity
Solana (SOLUSDT) has experienced a 2.75% price increase over the past 24 hours, currently trading at $166.53 on Binance. This positive movement is attributed to several factors, including Binance's launch of Soft Staking for Solana, which allows users to earn daily rewards without a lock-up period, and increased institutional interest as evidenced by a 252% rise in Solana futures trading volume on CME Group in July. Despite a recent 14% weekly price decline and mixed investor sentiment, long-term holders have significantly increased their positions, suggesting renewed confidence. Additional developments such as Phoenix Group's $150 million treasury allocation to Solana and Bitcoin, and 21Shares' revised Solana spot ETF filing with the SEC, have contributed to heightened market activity. Solana's 24-hour trading volume stands at $4.68 billion, with a market capitalization of $90.16 billion and a circulating supply of 538,412,193 SOL, ranking it #6 by market cap. The asset remains volatile, consolidating above key support levels amid ongoing market uncertainty.
