SOL Price Gains Strength Above $70 as Stablecoin Supply on Solana Network Increases!
The post SOL Price Gains Strength Above $70 as Stablecoin Supply on Solana Network Increases! appeared on BitcoinEthereumNews.com.
– Advertisement – 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…
Filed under: News - @ December 12, 2023 11:14 pm