Stablecoin

Solana

Treasure

Gains

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<ul> 
 <li>After dropping to $66 on Monday with a significant price decline, the Solana (SOL) price has quickly recovered, currently trading at $72 with a 10% increase.</li> 
 <li>DeFiLlama reports a significant increase in stablecoin supply on the Solana blockchain, reaching $1.676 billion, recording an 8% increase over the past week.</li> 
 <li>The initial support is expected around $68.00, with the primary support at $65.00. A break below this level could trigger a short-term decline towards $62.</li> 
</ul> 
<p><strong>While Solana price regains $70, a significant increase in stablecoin supply on the Solana network has been observed: Here are the latest details!</strong></p> 
<h2 id="strong-increased-stablecoin-supply-on-solana-network-strong"><strong>Increased Stablecoin Supply on Solana Network</strong></h2> 
<p><img loading="lazy" decoding="async" class="alignnone size-full wp-image-130197" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/solana-sol-2.webp?resize=696%2C392&amp;quality=70&amp;ssl=1" alt="solana-sol" width="696" height="392" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/solana-sol-2.webp?w=1920&amp;quality=70&amp;ssl=1 1920w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/solana-sol-2.webp?resize=300%2C169&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/solana-sol-2.webp?resize=1024%2C576&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/solana-sol-2.webp?resize=768%2C432&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/solana-sol-2.webp?resize=1536%2C864&amp;quality=70&amp;ssl=1 1536w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/solana-sol-2.webp?resize=150%2C84&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/solana-sol-2.webp?resize=696%2C392&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/solana-sol-2.webp?resize=1068%2C601&amp;quality=70&amp;ssl=1 1068w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/solana-sol-2.webp?w=1392&amp;quality=70&amp;ssl=1 1392w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></p> 
<p>After dropping to $66 on Monday with a significant price decline, the Solana (SOL) price has quickly recovered, currently trading at $72 with a 10% increase. The robust DeFi activity on Solana is supported by DeFi events within the Solana ecosystem. The Solana price has increased almost fivefold in the last two months.</p> 
<p>DeFiLlama reports a significant increase in stablecoin supply on the Solana blockchain, reaching $1.676 billion, recording an 8% increase over the past week. The second-largest stablecoin on the chain, USDC, experienced a substantial 20% growth, reaching $735 million. However, the USDT supply has remained largely unchanged. Also, SOL has shown an increase of over 20% in the past week.</p> 
<p>At the time of writing, Solana (SOL) is trading at $71.42, with a market cap of $30.3 billion. Solana (SOL) price remains strong above $66 supported by a bullish trendline. The resistance for the upward movement is around $72.00, with a more significant barrier at $75.00.</p> 
<p>The main resistance is currently around $78, and a successful breakthrough could indicate a broad upward trend. The subsequent resistance levels are near $82.50 and $86.52. If SOL struggles to surpass the $72.00 level, downward pressure may continue.</p> 
<p>The initial support is expected around $68.00, with the primary support at $65.00. A break below this level could trigger a short-term decline towards $62, and a close below $62 may lead to a short-term decline towards the $55 support level.</p> 
<h2 id="strong-defi-and-nft-developments-strong"><strong>DeFi and NFT Developments</strong></h2> 
<p>According to DeFiLlama data, Solana’s Total Value Locked (TVL) is currently $912.62 million, representing almost 3% of Ethereum’s TVL. The increase in Solana’s TVL in the last six months is due to the emergence of new DeFi projects on the platform and a series of airdrops within the SOL ecosystem.</p> 
<p>In particular, Solana analyst and researcher 0xGumshoe notes that Solana demonstrates greater capital efficiency compared to Ethereum. Although Ethereum has a higher TVL than many other chains, Solana reportedly accounts for 70% of Ethereum’s Decentralized Exchange (DEX) volume.</p> 
<p>Recent data indicates interesting changes in the NFT sales landscape in the blockchain arena. While Ethereum traditionally maintains its leadership in the NFT market, current statistics show a significant increase in Solana. Ethereum’s NFT sales drop to $11.4 million, whereas Solana’s impressive sales reach up to $16 million.</p> 
<p>There has been an explosion of activity in Solana’s NFT market, with Tensor emerging as a prominent player. The platform has surpassed Magic Eden, securing approximately $1 million in monthly transaction volume. Tensor currently holds about 60% of Solana’s total NFT market share.</p> 
<p>The post <a rel="nofollow" href="https://en.coinotag.com/sol-price-gains-strength-above-70-as-stablecoin-supply-on-solana-network-increases/">SOL Price Gains Strength Above $70 as Stablecoin Supply on Solana Network Increases!</a> appeared first on <a rel="nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p> 
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SOL Price Gains Strength Above $70 as Stablecoin Supply on Solana Network Increases!

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