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. Over the last two months, the Solana price has made nearly 5x gains.
Stablecoin Supply on Solana Jumps By 20%
DeFiLlama reports 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.
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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 prominent bullish trend line 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.
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.
