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After facing a major price drop to $66 earlier on Monday, December 11, the Solana (SOL) Price has recovered quickly by 10%, currently trading at $72. The recent rally in Solana has been backed by strong DeFi activity taking place within the Solana ecosystem.&nbsp;Over the last two months, the Solana price has made nearly 5x gains. 
<h3 id="stablecoin-supply-on-solana-jumps-by-20">Stablecoin Supply on Solana Jumps By 20%</h3> 
DeFiLlama <a rel="nofollow" href="https://t.co/3u6wgqIkX0" target="_blank">reports</a> a notable surge in the supply of stablecoins on the Solana blockchain, recording an 8% increase to reach $1.676 billion in the past week. The second-largest stablecoin on the chain, USDC, experienced a substantial 20% growth, reaching $735 million. However, the supply of USDT remained largely unchanged. Concurrently, SOL has witnessed an impressive surge of over 20% in value over the past week. 
As of press time, the Solana (SOL) price is trading at $71.16 with a market cap of $30.3 billion. The Solana (SOL) price remains robust above $66, supported by a <a href="https://coingape.com/blog/will-sol-price-reach-100/" target="_blank" rel="noopener">prominent bullish trend line</a> on the 4-hour chart against the USD. This trend line converges with the 50% Fibonacci retracement level, aligning with the upward movement from the $53.50 swing low to the $77.72 high. Upside resistance is evident at $72.00, followed by a more significant hurdle at $75.00. 
<img decoding="async" class="aligncenter size-full wp-image-168827" src="https://coingape.com/wp-content/uploads/2023/12/Solana-Price-Chart.webp" alt="" width="1024" height="468" srcset="https://coingape.com/wp-content/uploads/2023/12/Solana-Price-Chart.webp 1024w, https://coingape.com/wp-content/uploads/2023/12/Solana-Price-Chart-300x137.webp 300w, https://coingape.com/wp-content/uploads/2023/12/Solana-Price-Chart-768x351.webp 768w, https://coingape.com/wp-content/uploads/2023/12/Solana-Price-Chart-150x69.webp 150w" sizes="(max-width: 1024px) 100vw, 1024px"> 
The key resistance is presently situated at $78, and a successful breach could signal a broader uptrend. Subsequent resistance levels lie near $82.50 and $86.52. In case SOL encounters difficulty surpassing the $72.00 mark, downward pressure may persist. 
Initial support is expected around $68.00, with primary support at $65.00, coinciding with the trend line. A breach below this level might lead to a test of $62, and a subsequent close under $62 could trigger a decline toward the $55 support in the short term. 
<h3 id="defi-and-nft-developments">DeFi and NFT Developments</h3> 
According to DeFiLlama data, Solana’s Total Value Locked (TVL) currently stands at $912.62 million, constituting nearly 3% of Ethereum’s TVL. The upswing in Solana’s TVL over the last six months can be attributed to the emergence of new DeFi projects on the platform and a series of airdrops within the SOL ecosystem. 
Notably, @0xGumshoe, a Solana analyst and researcher points out that Solana demonstrates greater capital efficiency compared to Ethereum. Despite Ethereum boasting a higher TVL than many other chains, Solana is reportedly responsible for 70% of Ethereum’s Decentralized Exchange (DEX) volume. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 The last days have proven that TVL being a pivotal metric is a fake narrative made by Ethereum to assert dominance and hinder other protocols 
 Solana is doing 70% of Ethereum's DEX volume with only ~3% of the TVL 
 Capital efficiency is what matters. 
 h/t <a href="https://twitter.com/CraigBurel?ref_src=twsrc%5Etfw">@CraigBurel</a> <a href="https://t.co/ZMZQr1Al7N">pic.twitter.com/ZMZQr1Al7N</a> 
 — Gumshoe (@0xGumshoe) <a href="https://twitter.com/0xGumshoe/status/1733418034923004292?ref_src=twsrc%5Etfw">December 9, 2023</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Recent data highlights intriguing shifts in the <a href="https://coingape.com/upcoming-solana-nft-projects/" target="_blank" rel="noopener">NFT sales landscape</a> within the blockchain arena. While Ethereum has traditionally held the lead in the NFT market, current statistics indicate a notable rise for Solana. Ethereum’s NFT sales have dipped to $11.4 million, presenting a stark contrast to Solana’s impressive sales nearing $16 million. 
Solana’s NFT marketplace is witnessing a surge in activity, with Tensor emerging as a prominent player. The platform has achieved a monthly trading volume of approximately $1 million, surpassing Magic Eden. Tensor now commands a leading position, holding around 60% of Solana’s total NFT market share. 
The post <a href="https://coingape.com/stablecoin-supply-on-solana-jumps-8-sol-price-at-72/">Stablecoin Supply on Solana Jumps 8%, SOL Price Back At $72</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Stablecoin Supply on Solana Jumps 8%, SOL Price Back At $72

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