Solana Staking Deposits Surge by $297 Million in September, Outpacing ETH and XRP

Solana's staking deposits surged in September by approximately $297 million, representing an 18.1% monthly gain that outpaced Ethereum and XRP.

This increase is significant given the decline in staking reward rates, which fell to 5.08%. Despite this, investors continued to stake their assets, with a total of 496.96 million SOL now staked, accounting for around 69.33% of the total supply.

The Solana Foundation's recent network upgrade is another factor supporting SOL's strong performance. On September 15, the maximum transaction size on its Layer 1 network was increased from 1,232 bytes to 4,096 bytes, enabling developers to include more complex operations within a single transaction.

SOL has reclaimed the $120 level and currently faces resistance at this point. A breakout above $120 could accelerate buying, while a break below the $112 range would bring lower support levels into focus.