The Solana blockchain shows strong growth in stablecoin usage, as users added $3 billion worth of stablecoins during four days of trading. DefiLlama reports that stablecoin adoption on Solana grew from $6.1 billion on Jan. 17 to $9.8 billion as it nears $10 billion in stablecoin storage.
Stablecoin trading pairs involving USDT and USDC drive memecoin growth on the network. Last week, USDT and USDC hit key value milestones on Solana. Trading activity exceeded 50%. USDT surpassed $1.6 billion, and USDC grew to $7.7 billion.
The rise in memecoin activity shows both stablecoins and SOL are attracting more users to the market. Developers and users choose Solana for its fast, cheap transactions.
New memecoins linked to Trump launched on Solana have created a market buzz within the platform. The project has increased user activity and transactions on Solana, making it a prominent member of the crypto industry.
Solana Price Anlaysis
The Solana price dropped 8.18% from its previous value and now trades near $240 as of Jan. 21. Throughout this session, the day’s range for Solana fell between $231.82 and $261.05.Â
The Relative Strength Index shows SOL is close to hitting its lowest point at 41.88. The short-term movement shows the market is bearish because the 10-day SMA and EMA surpass the current price level at $242.83 and $242.86. The MACD indicator currently measures -5.74, which confirms the bearish market direction.
The latest technical analysis shows a bullish flag formation, suggesting SOL will likely rise once it crosses $210. Long-term potential resistance points come at $240 and $260, as support areas remain fixed between $190 and $160. Market observers expect SOL to grow above $300 as long as it can pass through its present resistance levels during positive market conditions.
An uptick may follow the present bearish period in Solana markets, as chart patterns indicate a bullish outlook. Before investing money, traders must track key price levels and watch how volatile the market becomes.
