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 worth acquire has slowed prior to now week, displaying a unfavourable 2.3% in a 7-day timeframe on the time of writing. Nevertheless, stablecoin transfers on the Solana chain reveal the blockchain retaining its popularity 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 for the reason that inception of Tether USDT. Nevertheless, based on knowledge from the crypto analytics platform , stablecoin buying and selling quantity on Solana surpassed Ethereum final week for the second week in a row, displaying 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 reveal that SOL is rapidly turning into the chain of alternative 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 12 months, registering over a 950% acquire because it reached a yearly excessive of $121. Throughout this era, we noticed Solana compete vigorously with Ethereum throughout numerous metrics.
Stablecoin buying and selling quantity, specifically, is at a 2,213% acquire 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 buying and selling quantity in early December.
SOL Value To $200?
The Solana ecosystem is increasing rapidly, as evidenced by worth 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 individuals purchase and commerce SOL and different belongings on the blockchain, demand for the SOL coin is prone to improve.
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On the time of writing, SOL is buying and selling at $107, down by 5.74% and three.44% prior to now 24 hours and 7 days respectively. It’s now going through resistance at round $115, and a failure to rally above this worth level might result in a continued comfort towards assist at $100.
Whereas there are by no means any ensures, SOL’s robust fundamentals level to a possible worth appreciation all year long and SOL’s path to revisiting the $200 worth 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 before most traders would anticipate.
SOL at $107 | Supply:
Featured picture from Securities.io, chart from Tradingview.com
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