Solana
Solana (SOL) Expected to Hit $350 Amid Stablecoin Influx
With the prominent cryptocurrency currently seeing a slight rally, Solana (SOL) is expected to hit $350 amid an impending influx of stablecoins. Indeed, the Solana network has seen $1.5 billion in stablecoin inflows since December last year, according to Lama DeFi. Subsequently, this could be of vital importance for a possible increase in SOL.
A cryptocurrency analyst recently predicted that the expected surge in the stablecoin’s value would push SOL to new heights. Conversely, the asset is up nearly 2.5% over the last 24 hours, according to CoinMarketCap. Additionally, it is currently approaching $175 as its trading volume has soared 32% during this period.
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Solana Could Target $350 Due to Rising Stablecoin Value
It is difficult to underestimate the role that Solana has played in increasing the value of the cryptocurrency market throughout this year. Although eyes are on crypto-based ETFs, the coin’s continued surge has showcased the network as a significant player.
However, the best could yet come for the native asset of this blockchain. Indeed, one blockchain analyst has predicted that Solana (SOL) could reach highs of $350 as stablecoin inflows continue to increase. The network has benefited from stable stablecoin activity, and the entire asset class could generate massive gains for SOL.
Analyst Gumshoe launched into X (formerly Twitter) to discuss their wait for SOL. Specifically, they noted that the $1.5 billion in stablecoins flowing into Solana led the asset to a 246% rally. Additionally, they stated that as the stablecoin market cap reaches all-time highs, “SOL will be at a minimum of $350.”
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In May this year, the stablecoin’s market capitalization reached $161 billion, marking a two-year high for the asset class, according to CCData. Moreover, this figure will only increase in the coming years. As a result, there are few assets better positioned to benefit from this growth than Solana.
Connecting the Solana network to stablecoins and meme coins has established a massive competitor. It is undeniable that the entire blockchain is expected to continue to compete with the industry giants. Solana has already usurped Ethereum in DEX volume several times this year.
This trend is expected to continue, and it’s only reinforced by the ETF hype. As the market expects more crypto-based ETFs, Solana is a prime candidate. Only time can verify the legitimacy of these rumors, but it speaks to the optimal position SOL currently finds itself in.