SOL Price Gains Strength Above $70 as Stablecoin Supply on Solana Network Increases!

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• 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.
• 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 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.

While Solana price regains $70, a significant increase in stablecoin supply on the Solana network has been observed: Here are the latest details!

Increased Stablecoin Supply on Solana Network

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.

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.

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.

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.

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.

DeFi and NFT Developments

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.

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.

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.

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.