Despite struggling to break above $200, Solana is showing strength in the stablecoin sector.
Growing Stablecoin Usage
On-chain data from Artemis reveals that Solana has been consistently processing more stablecoin transactions than Ethereum. In the past week alone, Solana handled $411.2 billion more in stablecoin volume.
MEV Bots and Phoenix Driving Volume
Most of the stablecoin volume on Solana is attributed to MEV bots and Phoenix, a decentralized crypto exchange. MEV bots scan for profitable arbitrage opportunities and automatically execute trades.
Price Outlook
SOL, Solana’s native token, has seen a recent surge in price, reversing last week’s downtrend. It currently trades at $195, but faces a potential roadblock from the sale of 41 million SOL tokens from the FTX estate.
Despite this, trading activity suggests that Solana has the potential to reach $200 and beyond.
