Binance, the world’s leading cryptocurrency exchange, is gearing up to launch its Solana staking service by the end of September, offering users a new way to earn rewards on their SOL holdings. The announcement was met with little movement in SOL’s price, largely reflecting the current sluggish market mood.
The new staking service will allow Binance users to stake their Solana (SOL) and earn rewards through the platform’s liquid staking token, Binance Staked SOL (BNSOL). Vishal Sacheendran, Binance’s Head of Regional Markets, emphasized the ease and flexibility of the upcoming service.
“As one of the first exchanges to offer SOL liquid staking, Binance is enabling users to earn rewards while retaining full control of their assets,” Sacheendran explained. “Unlike traditional staking, which locks up assets, BNSOL allows users to unlock liquidity, accumulate rewards, and actively participate in both the Binance platform and the broader DeFi ecosystem.”
Solana Staking on the Rise
The staking trend for Solana is already significant. Data from Solana Beach shows that 65% of SOL’s current supply—approximately 383.5 million tokens—are staked. Staking Rewards also noted a notable uptick, with 10 million additional SOL tokens staked towards the end of August.
With Binance and other platforms preparing to introduce liquid staking options, this trend is expected to gain even more traction. Interestingly, despite the positive news, SOL’s price remained relatively flat in response to the announcement.
That changed during the Asia trading session on September 4th, when SOL showed a strong rebound against Bitcoin (BTC) and Ethereum (ETH) pairs. Mid-week trading also saw a surge in SOL trading volumes, making it one of the top performers during the recovery.
Still, the broader crypto market is weighed down by weak sentiment, and for SOL to sustain this momentum, it may depend on how Bitcoin performs in the near term. On the price charts, SOL is holding onto its $128 support level, but if sellers push through, a dip to $110 isn’t out of the question. The market’s next moves will be key in determining the short-term outlook for Solana.
