With the prominent cryptocurrency currently enjoying a bit of a rally, Solana (SOL) has been predicted to reach $350 amid an impending stablecoin inflow surge. Indeed, the Solana network has recorded $1.5 billion in stablecoin inflows since December of last year, according to DeFi Llama. Subsequently, that could be vitally important to a potential SOL surge.
One crypto analyst has recently forecast the expected boom in stablecoin value to push SOL to new heights. Conversely, the asset is up nearly 2.5% over the last 24 hours, according to CoinMarketCap. Moreover, it is currently nearing $175, as its trading volume has skyrocketed 32% in that time.
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Solana Could Target $350 as Stablecoin’s Surge in Value
It is difficult to understate the part that Solana has played in the cryptocurrency market’s value increase throughout this year. Although eyes have been fixated on crypto-based ETFs, the ongoing meme coin surge has showcased the network as an important player.
However, the best could yet come for that blockchain’s native asset. Indeed, one blockchain analyst has projected that Solana (SOL) could reach heights of $350 as stablecoin inflows continue to surge. The network has enjoyed prominent stablecoin activity, and the entire asset class could lead to massive gains for SOL.
Analyst Gumshoe took to X (formerly Twitter) to discuss their anticipation for SOL. Specifically, they noted that the $1.5 billion worth of stablecoins heading into Solana led the asset to a 246% rally. Moreover, they stated that as the stablecoin market cap reaches all-time highs, “SOL will be at $350 minimum.”
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In May of this year, the stablecoin market cap reached $161 billion which is a two-year high fo the asset class, according to CCData. Moreover, that figure is only expected to grow in the coming years. Subsequently, there are few assets in a better position to benefit from that growth than Solana is.
The Solana network’s connection to stablecoins and meme coins has established a massive competitor. There is no denying that the entire blockchain should continue to compete with industry giants. Solana has already usurped Ethereum in DEX volume at various points this year.
That trend should continue, and it is only enhanced by ETF hype. As the market expects more crypto-based ETFs, Solana is a prime candidate. Only time can verify the legitimacy of those rumors, but it speaks to the optimal position that SOL is currently in.