Bitcoin together with altcoins like Solana have faced a rough week starting from Monday 3rd Feb. This was as a result of China and the US hitting at each other with tariffs on imports. But, Solana could be set for a price recovery after reaching a new high in stablecoin supply.
Solana Stablecoin Supply Hits $12.17 Billion
According to a recent post on X by BSC Gems Alert, an on-chain analysis platform, the SOL ecosystem recently recorded $12.17 Billion in stablecoin supply. The stable supply of the SOL ecosystem has reached this milestone for the very first time in history.
🚨JUST IN: #Solana stablecoin supply hits an all-time high of $12.17B. pic.twitter.com/d2IToTFmXq
— 🚨BSC Gems Alert🚨 (@BSCGemsAlert) February 8, 2025
The continued growth of SOL stablecoin supply creates projections among market users that Solana’s price could appreciate in the near future. Solana has encountered challenges in maintaining its position above $200 throughout this week. However, it could recover due to positive sentiment amongst investors
Solana Ecosystem Grows Further
Besides SOL’s growth in stablecoin supply, the network is also expanding immensely. According to a Feb. 9, 2025 post by Ali Martinez, “the Solana ($SOL) network is expanding at a strong pace, with over 5 million new addresses created per day!”
The recent network growth as per data on Glassnode results from increased interest by new market entrants. Based on the rise in Solana’s stablecoin supply and the high number of new wallets per day, SOL is poised for a significant price movement.
In another post, Ali Martinez highlighted that “a surge to $245 for Solana $SOL could trigger a major shift in market positioning.” However, this could put billions of money in short positions at risk.
Today, SOL is performing fairly according to data on Coinmarketcap. The coin has recorded a 4.43% surge in the day and the price now sits at $202.17.
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