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Solana reaches 1.5 billion... and the price of the currency increases by 246%

Solana has seen a significant increase in stablecoin inflows, reaching billions over the past six months. During this period, the price of SOL increased by almost 250%.

The total market cap of stablecoins currently stands at $161 billion, approximately 14% of the all-time high of $188 billion recorded in April 2022. Analysts point out that the layer 1 token could see bigger gains if the market capitalization of stablecoins was returning to its value. Climax.

Solana Stablecoin Inflows Boost SOL Price Rally

The volume of stablecoin inflows into the Solana network has reached $1.5 billion since December 2023, according to For the data Lama Challenge. During this period, it increased SOL Price Up 246% to $173 at the time of writing. The current value of stablecoins on Solana is $3.04 billion, while Total value blocked (TVL) represents $4.92 billion.

Stablecoin inflows and Solana price rise are closely linked. High liquidity makes it easier to trade SOL tokens, leading to more trading and investment activities.

As a result, the demand for SOL tokens increases, driving up the price. This increased interest and investment builds trust in the Solana network, attracting more developers, projects, and users.

Solana Stablecoin Entries
Solana Stablecoin Feed: Source: ChallengeLlama

The crypto community shares this Positive outlook on Solana. Many believe that the constant influx of stablecoins will further improve the network's liquidity and trading volume.

The market capitalization of stablecoins peaked at $188 billion in April 2022. Currently, DefiLlama reports it at $160 billion. According to a blockchain researcher going by the pseudonym Gumshoe, closing this $28 billion gap could result in a 102% increase in the price of SOL from its current level of $173.

“When the stablecoin market cap returns to the ATHs, the SOL will be a minimum of $350,” He said Detective.

Learn more: How to buy Solana with a bank card?

Furthermore, it highlights a report CoinShares recently highlighted up to $5.8 million in weekly inflows into Solana-based instruments. Significant investments from large financial entities indicate institutional interest and confidence in the asset's potential.

Solana Price Forecast

Solana price is trading with an upward bias, stable within the confines of an ascending parallel channel. It faces immediate resistance due to the average threshold of $177.24. This is the midline of the supply zone, extending from $167.78 to $187.01.

A decisive candle closing above this barrier will see SOL price extend its gains to the next resistance order block between $194.12 and $202.47. A break of the midline at $198.28 would set the tone for an extended upward move. SOL could then rebound to reclaim the high of $210.18 during the March 19 trading session.

Momentum indicators show that SOL bulls are ready for further buying momentum. This is illustrated by the relative strength index (RSI) moving above the signal line (yellow band). The Moving Average Convergence Divergence (MACD) is also about to cross the signal line (orange band). These crossovers indicate growing bullish sentiment and a greater possibility of positive price action.

Learn more: Solana (SOL) Price Forecast for 2024, 2025, 2026, 2027

SOL/USD 1-day chart
SOL/USDT 1D Chart: Source: Trading View

On the other hand, rejection of the channel's centerline and a slide below immediate support at $162.75 could trigger panic selling. However, the bullish outlook for SOL will only be invalidated once Solana price closes below $126.88 on a one-day time frame.

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