- Binance Simple Earn introduces an enticing update on Solana (SOL) Locked Products, offering users the opportunity to earn rewards of up to 8.9% APR.
- After a solid rally over the past few months, the Solana price has recently come under selling pressure facing resistance at the psychological level of $200.
In the latest announcement, Binance Simple Earn has unveiled an exciting update regarding Locked Products on Solana (SOL). Throughout the Promotion Period, users can enjoy up to 8.9%* in APR rewards by subscribing to SOL on Simple Earn Locked Products.
At the conclusion of the agreed subscription period, Binance Simple Earn will transition the subscribed digital assets/currencies from Simple Earn Locked Products to Flexible Products. To streamline the subscription process, users have the option to activate the “Auto-Subscribe” feature. This feature automatically renews users’ existing Locked Products positions into new positions of the same duration upon expiration.
Regarding early redemption for Simple Earn Locked Products, users have the flexibility to redeem their Solana assets ahead of schedule. Opting for early redemption returns the digital assets to the spot account, albeit without any accrued rewards. Additionally, any distributed rewards will be deducted from the refunded principal. Users can expect the returned digital assets to be credited to their spot account within 48-72 hours.
Solana Price Correction Not Over Yet
Amid major market volatility last week, Solana (SOL) faced significant selling pressure hitting a weekly low of $163. However, amid the broader market bounce back, the SOL price has recouped some of its lost gains and is currently trading 9.11% up at a price of $192 with a market cap of $85.6 billion. Also, the trading trading volume for Solana has surged by 75% moving all the way to $3.88 billion.
Despite this, the Solana (SOL) price still trades under the psychological level of $200 thereby keeping the gates open for a further price correction. In the recent span of five days, Solana’s price encountered significant resistance around the $200 milestone, resulting in a downturn of nearly 16% compared to the previous week’s closing rate. This decline could be attributed to several factors.
Firstly, Bitcoin is experiencing a decline due to a weekly sell signal, prompting investors to capitalize on profits. This downward trend in the leading cryptocurrency is likely influencing the broader altcoin market, including Solana.
Moreover, analysis of the weekly SOL chart reveals a scenario where the price has reached a higher high while the Relative Strength Index (RSI) has recorded a lower high. This divergence, known as bearish divergence, often indicates a loss of momentum, potentially signaling either a reversal or a temporary pullback in the price of Solana.
As of now, the potential stable support levels for SOL, where buyers could potentially show interest, include the weekly support at $152, followed by $134. On the other hand, bulls continue to remain optimistic with some even expecting it to go to $500, per the Crypto News Flash report.
