SOLANA COULD MAKE DOUBLE-DIGIT GAINS FOR THREE REASONS
- Solana stablecoin supply increased 156% year-on-year to $3.76 billion, per Dune Analytics data.
- Increasing DeFi opportunities and liquidity protocols, as well as the expansion of Ethereum-based projects to Solana are the key market movers.
- Solana dominates the crypto ecosystem when looking at the share of new tokens appearing on decentralized exchanges.
- SOL trades at $142 on Monday, eyes 12% rally to $160 target.
Smart contract blockchain Solana (SOL), a key competitor for Ethereum,has noted a 150% increase in its stablecoin supply, largely driven by increasing DeFi opportunities, liquidity and lending protocols and expansion of projects from Ethereum ecosystem to Solana.
The total value of assets locked (TVL) in the Solana blockchain exceeds $4.82 billion, according to DeFiLlama data, more than tripling since the beginning of the year. The increasing usage of the Solana ecosystem puts its native token SOL in a good position for an upcoming rally towards the $160 target.
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