The post Solana ETF Gains Momentum With New Stablecoin Inflow appeared on BitcoinEthereumNews.com.

On Wednesday, June 10, stablecoin issuer Circle minted USDC worth $250 million on the Solana (SOL) blockchain. The injection of fresh liquidity added fuel to market participants’ confidence about the Solana ETF’s impact on the token’s price. Newly minted stablecoins on a network mostly reflect increased demand for the underlying crypto asset. But does this mean higher prices for SOL? Circle Arms Solana Faithful With Buying Power At press time, SOL’s price was $143.85, an 8.14% increase in the last seven days. Within the same period, the total value of USDC added to the blockchain was $250 million, reinforcing the notion of meeting users’ demands.  In March, Circle revealed that one of its missions for the year was to boost liquidity on Solana. Therefore, the recent action proves it is staying true to its words.  Apart from that, there has been speculation that the Solana ETF may bring about a growth in the number of SOL holders. If this is the case, the price of the token will increase. This bias is also backed by the Supertrend position on the daily chart. The Supertrend indicator is a technical used to spot trends and generate buy or sell signals If the red part of the indicator is above the price, it is a sell signal. On the other hand, if the green area is below the price, it is a buy signal. As of this writing, the Supertrend generates a buy signal at $125.18. This trend seems to have been validated as the value of SOL is higher. Read More: 6 Best Platforms To Buy Solana (SOL) in 2024 Solana Price Analysis. Source: TradingView However, the chart above shows that the price may continue to climb toward $160, where it can encounter resistance. Backing the uptrend is the Moving Average Convergence Divergence…

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Filed under: News - @ July 12, 2024 10:20 am