Solana continues Optimistic feelings about the ecosystem According to on-chain data, the stablecoin market has upset Ethereum for the second week in a row. SOL’s price growth has slowed over the past week, showing a seven-day decline of minus 2.3% at the time of this writing. However, stablecoin transfers on the Solana chain show that the blockchain maintains its reputation as an Ethereum killer, recording over $10.3 billion in transaction volume last week.
Stablecoins growing on Solana
Ethereum has largely dominated the stablecoin market since the inception of Tether USDT. However, according to data from a cryptocurrency analytics platform, Artemis, Solana’s stablecoin trading volume surpassed Ethereum for the second week in a row last week, showing how quickly Solana is gaining traction. Solana’s stablecoin trading volume is $40.86 billion, compared to Ethereum’s $30.31 billion.
On-chain figures since December show that SOL is quickly becoming the chain of choice for stablecoin usage and trading. By December 25, Solana had surpassed Ethereum in stablecoin trading volume for the first time in a week. During this period, SOL recorded weekly stablecoin trading volume of $103.01 billion, which is $12.14 billion more than Ethereum’s $90.87 billion.
Solana also saw a huge rise last year, reaching a yearly high of $121 and posting gains of more than 950%. During this time, we have seen Solana actively compete with Ethereum across a variety of metrics.
In particular, stablecoin trading volume increased by 2,213% in three months. The chain also recorded 27.17 million stablecoin transactions during the same period, compared to Ethereum’s 1.17 million transactions.
DeFi aggregator DeFiLlama also revealed that SOL’s DEX trading volume surged to $28.13 billion in December, surpassing Ethereum L2 chains Arbitrum and Polygon. Solanado It has overtaken Ethereum in NFT trading volume. Early December.
SOL price at $200?
The Solana ecosystem is expanding rapidly, as evidenced by price surges and on-chain metrics. Price spikes can also be caused by various airdrops. Hype surrounding BONK, The first meme coin On the Solana chain. As more people purchase and trade SOL and other assets on the blockchain, demand for SOL coins is likely to increase.
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At the time of writing, SOL trading At $107, it is down 5.74% and 3.44% over the last 24 hours and 7 days, respectively. It currently faces resistance around $115, and failure to bounce above this price level could continue to lead it to a consolation towards the $100 support.
While there are no guarantees, SOL’s strong fundamentals point to a path for SOL to revisit the $200+ price level with potential price appreciation throughout the year.
If Solana continues to outperform Ethereum and the Ethereum L2 chain in key metrics and increase real-world utilization, $200 could be within sight sooner than most investors expect.
SOL at $107 | Source: SOLUSD on Tradingview.com
Featured image from Securities.io, chart from Tradingview.com
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