Concluding the previous week as the blockchain with the highest stablecoin market growth, Solana [SOL] has reached another significant milestone. As we step into 2025, what implications does this hold?
In the final week of 2024, Solana network witnessed an addition of approximately $424.87 million in its stablecoin volume. This surge made it the leading platform in terms of stablecoin growth over the past seven days.
Primarily dominated by USDT and USDC, Solana’s stablecoin market experienced remarkable expansion, aligning with its broader performance throughout 2024. The network excelled in user adoption, transaction volume, and stablecoin circulation, essential for maintaining liquidity amid escalating demand.
This development coincides with the recent surge in the global stablecoin market cap, surpassing $200 million for the first time in history.
On December 29th, Solana’s stablecoin market cap peaked at $5.24 billion, reaching its highest point in 2024 since September.
The substantial growth in Solana’s stablecoin market cap throughout 2024 underscores its remarkable progress. At the onset of the year, the network’s stablecoin market cap stood at $1.83 billion.
These metrics also reflect positively on Solana’s Total Value Locked (TVL), amplifying liquidity and accessibility within the Solana WEB3 ecosystem.
During the week, Solana’s TVL surged beyond $55 billion, marking a new high for 2025. The surge in TVL and stablecoin market cap responds to the network’s robust expansion and increasing demand.
While these advancements are notable, both metrics are anticipated to fall short of their all-time highs set in 2022 by the year’s end.
This scenario suggests ample room for growth for Solana in 2025, especially with enhanced liquidity and growing investor confidence.
SOL Price Movement
Switching gears to price performance, Solana’s native token has recently demonstrated a surge in bullish sentiment, bolstered by its net positive weekly performance.
Last week, SOL recorded an 11.39% weekly increase. As of now, it was valued at $194, portraying a 26% decrease from its peak in November.
The latest weekly price fluctuations for SOL may indicate a possible easing of bearish pressure following a month-long trend of selling.
This trend hints that profit-taking activities have possibly tapered off, opening up opportunities for a potential price recovery.
The growth in Solana’s TVL and stablecoin market cap signifies the network’s preparedness for an eventful 2025. However, the question remains if this could influence SOL’s price movement.