4 months ago
Solana has continued its bullish sentiment successful its ecosystem to flip Ethereum successful the stablecoin marketplace for the 2nd week successful a row, according to on-chain data. SOL’s terms summation has slowed successful the past week, showing a antagonistic 2.3% successful a 7-day timeframe astatine the clip of writing. However, stablecoin transfers connected the Solana concatenation uncover the blockchain retaining its estimation arsenic an Ethereum killer, registering much than $10.3 cardinal much trading measurement successful the past week.
Stablecoins Growing On Solana
Ethereum has mostly dominated the stablecoin marketplace since the inception of Tether USDT. However, according to information from the crypto analytics level Artemis, stablecoin trading measurement connected Solana surpassed Ethereum past week for the 2nd week successful a row, showing however rapidly Solana is gaining traction. Solana registered $40.86 cardinal successful stablecoin volume, compared to Ethereum’s trading measurement of $30.31 billion.
On-chain numbers since December show that SOL is rapidly becoming the concatenation of prime for stablecoin usage and transactions. Solana surpassed Ethereum successful stablecoin measurement for the archetypal clip successful the week starring to December 25. During this period, SOL registered a play stablecoin trading measurement of $103.01 billion, $12.14 cardinal much than Ethereum’s measurement of $90.87 billion.
Solana besides went connected a brainsick surge past year, registering implicit a 950% summation arsenic it reached a yearly precocious of $121. During this period, we saw Solana vie vigorously with Ethereum crossed assorted metrics.
Stablecoin trading volume, successful particular, is astatine a 2,213% summation successful a 3-month timeframe. The concatenation besides witnessed 27.17 cardinal stablecoin transactions successful the aforesaid timeframe, compared to Ethereum’s 1.17 cardinal transactions.
DeFi aggregator DeFiLlama besides shows DEX trading measurement connected SOL soared to $28.13 cardinal successful December, surpassing Ethereum L2 chains Arbitrum and Polygon. Solana besides overtook Ethereum successful NFT trading volume successful aboriginal December.
SOL Price To $200?
The Solana ecosystem is expanding quickly, arsenic evidenced by terms surges and on-chain metrics. The terms surge tin besides beryllium attributed to assorted airdrops and the hype surrounding BONK, the first meme coin connected the Solana chain. As much radical bargain and commercialized SOL and different assets connected the blockchain, request for the SOL coin is apt to increase.
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At the clip of writing, SOL is trading astatine $107, down by 5.74% and 3.44% successful the past 24 hours and 7 days respectively. It is present facing absorption astatine astir $115, and a nonaccomplishment to rally supra this terms constituent could pb to a continued consolation toward enactment astatine $100.
While determination are ne'er immoderate guarantees, SOL’s beardown fundamentals constituent to a imaginable terms appreciation passim the twelvemonth and SOL’s way to revisiting the $200 terms level and beyond.
If Solana continues to besides outpace Ethereum and Ethereum L2 chains connected cardinal metrics and grows its real-world utility, $200 could beryllium connected the skyline sooner than astir investors would expect.
Featured representation from Securities.io, illustration from Tradingview.com
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