- Solana’s stablecoin supply has hit a new all-time high of 12.80 billion.
- This dual surge suggests Solana may be laying the groundwork for further market dominance.
If there’s one token that’s risen from the ashes with quiet conviction this Q2, it’s Solana [SOL]. In less than a month, SOL has surged by 23%, shattering the overhead resistance at $150 like it was nothing.
And it’s not just the price that’s impressive – Solana’s stablecoin supply has hit a new all-time high of 12.80 billion. That’s a big flex for the network, showing that confidence isn’t just in the air, but also in the fundamentals.
With both price and stablecoin supply on the rise, it looks like Solana is positioning itself for a longer-term surge that could leave other blockchains in the dust.
On-chain activity supports Solana’s resurgence
The surge in stablecoin supply underscores a strong foundation for Solana’s ecosystem. Hence, indicating that more users and projects are locking value into the network.
On the DeFi front, Solana’s performance in April has been nothing short of impressive. With Total Value Locked (TVL) soaring by around $3 billion, it’s clear that investors are staking big on Solana’s future.
But wait, there’s more. Solana isn’t just about big numbers – it’s got speed too. With a 13.4% jump in daily transactions, hitting almost 100 million, Solana is flexing that high throughput muscle.
Source: Artemis Terminal
Stablecoin supply hitting an all-time high? Check. Solana’s ecosystem is clearly buzzing with liquidity flowing through every corner. And then there’s that 23% surge in SOL’s price – talk about a flex.
But before we start planning for moon landings, a little reality check. Short-term pullbacks might be in the cards as things heat up.
Can Solana’s strong fundamentals power through the pressure, or is that $200 target still just a dream too far away?
The fine line SOL must walk
Solana’s SOPR (Spent Output Profit Ratio) has been cruising above 1 for two weeks, just as SOL broke through the $130 barrier.
When SOPR is greater than 1, it suggests that traders are selling at a profit, signaling a bullish phase or at least a market not bogged down by panic selling.
Source: Glassnode
But here’s the catch: if SOPR stays high for too long, it might point to overconfidence. And we all know what that leads to – eventually, the profit-taking could pile up and trigger a reversal.
The bulls should be using this as fuel to push higher – but the on-chain data say otherwise. Active addresses just fell off a cliff, dropping from 61 million to 46 million in a day.
If that keeps up, Solana’s breakout above $150 might not have the legs to run – unless Bitcoin keeps playing defense. Otherwise, let’s be real: a clean sprint to $200 without a cool-off? Kinda ambitious.
The fundamentals are still working in Solana’s favor, but technically? It’s starting to show some signs of needing a breather.