Binance Launches BNSOL, a New Way to Stake SOL

Stake your $SOL, receive BNSOL, and unlock the flexibility to trade or lend. Keep earning rewards and using your assets across Binance products

Binance has officially launched BNSOL, a new liquid staking token that will allow users to stake their Solana (SOL) tokens and earn rewards while still being able to trade, lend, or redeem their staked assets on Binance’s product suite and DeFi platforms.

Binance announced the launch of BNSOL on Monday, allowing users to stake SOL tokens on Binance and earn rewards in the form of BNSOL, a liquid staking token. According to the announcement, BNSOL is built on top of Solana’s Stake Pool Program and has undergone multiple audits for security.

The BNSOL token’s conversion rate is updated every Solana cycle to reflect the staking rewards that have accrued over time. Binance also offers both a standard redemption process and the option to redeem BNSOL instantly on the open market, adding another layer of liquidity and flexibility to the crypto staking experience.

Binance, which has assets of $103.49 billion, is no stranger to staking, being one of the largest cryptocurrency platforms to offer such services. However, the launch of BNSOL is a significant development, especially for Solana, being the third-largest crypto asset by market cap (excluding stablecoins).

Previously, Solana holders were unable to redeem their tokens on Binance, rendering them unable to earn rewards. Now, they can finally do both. As we have been following on Kriptokoin.com, Solana has garnered a lot of attention this altcoin cycle, and Binance's entry into the ecosystem could further increase liquidity for SOL and pique investor interest.

SOL price prediction: A rally in sight?

Crypto analyst Aaryamann Shrivastava evaluates the technical outlook of Solana (SOL). Throughout the past few weeks, Solana’s price has hovered between the $186 and $126 levels, indicating short-term consolidation.

Currently, SOL is trading around the $134 price point, encountering resistance at $137. For the bulls to maintain their momentum, it is crucial for Solana to sustain this resistance and propel higher. Considering the bullish indications on the CMF and MACD, SOL is poised to pivot this $137 resistance into support and rally further.

If this scenario unfolds, the next target in sight for the altcoin is $155, with a key resistance level of $160 also on the radar. Breaching $160 would open the door for further price appreciation.

However, if Solana fails to rally past $137, it could slide back down to its previous support at $126. In this case, the bullish thesis would be invalidated, and the price would likely become trapped within a narrower range, leading to extended consolidation.