Solana Records 86 Million Transactions, Outpacing Other Blockchains

At the time of writing, blockchain analytics show Solana (SOL) surpassing all other networks by leading in daily active addresses with over 4 million and daily transactions of about 86 million.

Other blockchains like Tron (TRX) had around 3 million addresses and 75 million transactions, while Near Protocol (NEAR) had 2 million addresses and 25 million transactions. BSC trailed far behind, with 1.5 million addresses and 50 million transactions.

This dominance in network usage signifies that SOL operates as a highly scalable blockchain, establishing itself as a leading performer. The high number of transactions indicates widespread adoption, contributing to the growth of its ecosystem and attracting developers. However, increased usage could necessitate system administrators to invest in resource upgrades due to concerns over efficiency and security.

Stablecoin Supply Surging

Stablecoin supplies are anticipated to see significant growth for March 2024 and 2025, driven by the upcoming GENIUS Act. The total supply is projected to reach 138.2 billion in 2024, with Ethereum at 75.3 billion, Tron at 48.5 billion, and Solana at 2.3 billion. By 2025, the total could rise to 225.4 billion, with Ethereum at 127.6 billion, Tron at 64.2 billion, and Solana surging 130% from $2.3 billion to $11.8 billion.

The rapid growth of Solana as a stablecoin issuance platform is due to its rising popularity. This increased trust and utility create a positive effect that attracts additional DeFi projects and user engagement. While this move could enhance Solana’s market dominance, increased investment, and improved scalability, it also carries risks for network stability if not managed correctly.

Solana’s Cup-and-Handle Pattern

Regarding price action, SOL has developed a traditional cup-and-handle pattern, indicating positive confirmation for a longer-term price increase. The price within the cup shaped portion rallied from $95 to $118 until the handle formed.

The handle section, which range between $110 and $114, defined minor consolidation before a potential price rise. A bullish crossover on the MACD confirms this outlook.

SOL could increase to between $135 and $140 if it surpasses $120 with heightened trading volume. Conversely, failure at the support level of $110 could invalidate the cup-and-handle pattern, leading SOL to drop toward $100. A fall below $98 could shift market sentiment negatively and push the price toward the $90 support level. A confirmed breakout will require significant volume to achieve follow-through.