Solana Crypto LSTs Surge To All-Time High, Dominated By jitoSOL

Solana crypto’s LST market cap has reached a record $8.37B, with $jitoSOL leading the charge at $3.37B.

Meanwhile, a new wallet has quickly amassed $15.36M in SOL, signaling strategic moves by investors ahead of potential market shifts.

This coincides with Solana’s bullish divergence, hinting at a potential price rally.

Liquid Staking Tokens of Solana Crypto Hit a Fresh Market Cap of $8.37B

As of December 12, 2024, Solana’s Liquid Staking Tokens (LSTs) soared to an all-time high market cap of $8.37 billion.

This spike shows a rising appetite among investors for Solana’s staking solutions. These let users earn rewards without sacrificing the liquidity of their tokens.

Today, the LST market cap is 9.04% of Solana’s total market cap, and there’s clear adoption for these staking products.

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$jitoSOL is the leading LST on Solana crypto. It accounts for about 39.2% of the total LST market cap, or $3.37 billion of the total $8.4 billion.

Next in fund distribution, $mSOL and $bnSOL, take up 14.8% ($1.27 billion) and 14.3% ($1.23 billion), respectively.

As you can see, $jitoSOL dominates the Solana ecosystem. However, $mSOL and $bnSOL are also adding to growth in the liquid staking market.

This fueled growth in the market cap of LST. Institutions and retail users are increasingly interested in the Solana ecosystem.

These staking products are now being increasingly used by investors to earn rewards and preserve liquidity. This can be seen as reflective of confidence in the future of Solana.

The hope is that it only increases the vitality of the Solana ecosystem. More activity can bring more liquidity to the broader ecosystem, which in turn would accelerate its growth.

In 15 hours, New Wallet Accumulates $15.36M in SOL from Coinbase

In just 15 hours, a newly created wallet has already accumulated 67,162 SOL tokens, which equates to $15.36 million. It’s transferring SOL from Coinbase at an average price of $228.74 per token.

These large transactions caught on Solscan identify major traffic in the market and a tactical step of the person who opened the wallet.

This buildup indicates that the investor is taking a stake in Solana with an eye toward future price action.

The investor may have bought a large number of the tokens and be waiting for them to go through multiple price increases and even have utility in the Solana network.

It also shows how liquid the Solana market is as this rapid accumulation occurs.

Whales in the wallet will often move around before prices move, and the activity could imply that institutions have interest in Solana crypto or a whale is paying attention to what’s to come for Solana.

This signals increasing confidence in the network’s future, as more large investors move a huge amount of Solana tokens from exchanges to personal wallets.

Similar movement in the past has caused prices to change, so its important to watch out for what the wallet is doing.

Solana Displays Hidden Bullish Divergence and Looks Imminent to Start a Price Rally

On its daily chart, Solana crypto appears to be signaling a hidden bullish divergence, and this might continue to surge further. First, the low on the RSI is lower, and second, the price action has a higher low.

When price becomes stable at a particular level, the momentum decreases and remains lower as long as the price won’t decline below that level, which is a typical behavior of a bullish trend.

A hidden bullish divergence, where the price printed a new lower low while the RSI made a new higher low.

This is usually a bear market rally, signalling a momentum weakening and potential buying pressure down the line.

Solana’s price can be pushed higher if the RSI strengthens and divergence plays out like it’s supposed to with the current technical setup.