Solana has continued its bullish sentiment in its ecosystem to flip Ethereum within the stablecoin marketplace for the second week in a row, based on on-chain knowledge. SOL’s value achieve has slowed up to now week, exhibiting a unfavourable 2.3% in a 7-day timeframe on the time of writing. Nonetheless, stablecoin transfers on the Solana chain reveal the blockchain retaining its fame as an Ethereum killer, registering greater than $10.3 billion extra buying and selling quantity within the final week.
Stablecoins Rising On Solana
Ethereum has principally dominated the stablecoin market because the inception of Tether USDT. Nonetheless, based on knowledge from the crypto analytics platform Artemis, stablecoin buying and selling quantity on Solana surpassed Ethereum final week for the second week in a row, exhibiting how rapidly Solana is gaining traction. Solana registered $40.86 billion in stablecoin quantity, in comparison with Ethereum’s buying and selling quantity of $30.31 billion.
On-chain numbers since December show that SOL is rapidly turning into the chain of selection for stablecoin utilization and transactions. Solana surpassed Ethereum in stablecoin quantity for the primary time within the week resulting in December 25. Throughout this era, SOL registered a weekly stablecoin buying and selling quantity of $103.01 billion, $12.14 billion greater than Ethereum’s quantity of $90.87 billion.
Solana additionally went on a loopy surge final yr, registering over a 950% achieve because it reached a yearly excessive of $121. Throughout this era, we noticed Solana compete vigorously with Ethereum throughout varied metrics.
Stablecoin buying and selling quantity, particularly, is at a 2,213% achieve in a 3-month timeframe. The chain additionally witnessed 27.17 million stablecoin transactions in the identical timeframe, in comparison with Ethereum’s 1.17 million transactions.
DeFi aggregator DeFiLlama additionally reveals DEX buying and selling quantity on SOL soared to $28.13 billion in December, surpassing Ethereum L2 chains Arbitrum and Polygon. Solana additionally overtook Ethereum in NFT trading volume in early December.
SOL Value To $200?
The Solana ecosystem is increasing rapidly, as evidenced by value surges and on-chain metrics. The worth surge can be attributed to varied airdrops and the hype surrounding BONK, the first meme coin on the Solana chain. As extra folks purchase and commerce SOL and different property on the blockchain, demand for the SOL coin is prone to improve.
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On the time of writing, SOL is trading at $107, down by 5.74% and three.44% up to now 24 hours and 7 days respectively. It’s now going through resistance at round $115, and a failure to rally above this value level may result in a continued comfort towards help at $100.
Whereas there are by no means any ensures, SOL’s robust fundamentals level to a possible value appreciation all year long and SOL’s path to revisiting the $200 value degree and past.
If Solana continues to additionally outpace Ethereum and Ethereum L2 chains on key metrics and grows its real-world utility, $200 may very well be on the horizon earlier than most buyers would anticipate.
SOL at $107 | Supply: SOLUSD on Tradingview.com
Featured picture from Securities.io, chart from Tradingview.com