- USDC transactions on Solana hit $850 billion YTD, $70 billion in November.
- Circle, Solana, and Visa partnered for global stablecoin settlements in September.
- SOL’s value increased by 304% over the past year, ranking sixth in market cap.
Jeremy Allaire, the co-founder and CEO of Circle, the company responsible for issuing the USDC stablecoin, has stated in a post on X that the volume of transactions involving USDC on the Solana
The CEO of Circle observed that the volume of transactions was remarkable, particularly since $70 billion of the overall total occurred in November.
The integration of Solana with USDC dates back to 2020. The objective at that point was to enhance adoption by utilizing tokens created with the Solana Program Library (SPL). From that time onwards, the majority of exchanges conducted on the Solana blockchain have predominantly involved USDC.
More Tokens, More Volume
In September of this year, the two initiatives worked in partnership with the payment behemoth Visa to facilitate global settlement using stablecoins. Nonetheless, the current increase in the number of transactions may not be directly attributed to the stablecoin settlements but rather to the rise in SPL transactions and the recent uptick in the value of SOL.
For example, Coin Edition published an article regarding Pyth Network [PYTH], which experienced a significant price increase shortly after it was officially released. Meanwhile, SOL has experienced an outstanding year.
Currently positioned as the sixth highest-valued cryptocurrency, the worth of SOL has risen by 304% over the past year. Indeed, none of the top 20 assets by market capitalization matched this token’s performance.
SOL to Recover to $60?
In the 4-hour chart, the Fibonacci retracement level 0.236 is approximately $57.72. Despite SOL experiencing a slight pullback, the $57.72 level may act as an important support.
If the price of SOL keeps falling from its current $58.01, it will probably experience a rebound when it hits $57.72. Therefore, traders looking to buy in for a short period should consider entering between $57.75 and $57.80.
Regarding the Relative Strength Index (RSI), the indicator on the 4-hour charts had fallen to 51.20. Previously, on November 25, the RSI was at 58.22, which suggested that buyers had tried to push the price of SOL higher.
Therefore, the decrease in the reading suggests a reduction in purchasing activity over the past day. Currently, it appears that SOL might persist in a lateral trend. Should the buying activity not pick up, SOL could fall beneath $57.85. Conversely, a surge in purchasing could propel the digital currency once again past the $60 mark.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
