In a recent update by Jeremy Allaire, CEO and co-founder of Circle, the firm responsible for issuing the USDC stablecoin, it was revealed that Solana (SOL) has seen a substantial Year-To-Date (YTD) transaction volume of $850 billion. This notable achievement was highlighted on X, where Allaire emphasized the impressive nature of this figure, with $70 billion of the total volume occurring in the month of November alone.
The integration of Solana and USDC dates back to 2020, initially aimed at boosting adoption through tokens developed using the Solana Program Library (SPL). Over time, the majority of swaps on the Solana blockchain have been executed using USDC.
related: SOL’s $60 Hurdle: Despite a 2.36% Rise to $58.21, Bulls Face Resistance
While the collaboration between Solana, USDC, and Visa for stablecoin global settlement in September played a role in their partnership, the recent surge in transaction volume is more closely tied to the increased activity in SPL transactions and the rise in SOL’s price. Notably, SOL has experienced a remarkable year, currently holding the sixth position in terms of cryptocurrency market value, with a staggering 304% increase in value over the past year. This performance surpasses that of any other asset in the top 20 by market value.
Examining SOL’s price movements, there is speculation about a potential recovery to $60. Despite a mild correction, the 0.236 Fibonacci retracement level at $57.72 is identified as a crucial support level. Traders eyeing long positions may consider entering the market if SOL approaches the $57.75 to $57.80 range. Analyzing the Relative Strength Index (RSI) on the 4-hour charts, a decline to 51.20 suggests a decrease in buying momentum in the last 24 hours.
The potential for SOL to move sideways is indicated, and if buying pressure does not resume, there is a risk of a drop below $57.85. However, an influx of buy orders could propel the cryptocurrency back above the $60 mark.
| Key Metrics | Corresponding Values |
|---|---|
| YTD Transaction Volume (SOL) | $850 billion |
| November Transaction Volume | $70 billion |
| SOL’s Yearly Value Increase | 304% |
| SOL’s Current Market Position | 6th most valuable cryptocurrency |
| SOL’s Current Market Price | Around $58.01 |
| 0.236 Fibonacci Retracement | $57.72 |
| Potential Support Level | $57.75 to $57.80 |
| RSI (Relative Strength Index) | 51.20 (indicating decreased buying momentum in the last 24 hrs) |
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