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Solana (SOL) recorded a meteoric rise this year, mainly because of the NFT boom recorded in recent months. However, new developments show that an increase in USDC (USD Coin) circulating the network also plays a role in the price boom.
Recent data from the Solana explorer showed that the current account of circulating supply of USDC on the network is close to $2.5 billion.
Commenting on the topic, Co-Founder and CEO of Circle, the host company behind the dollar-pegged stablecoin, Jeremy Allaire, noted that the supply of USDC on Solana spiked from $1 billion to $2 billion in just a few days.
The executive also noted that the struggle to integrate USDC on the Solana network was part of the team’s plan to introduce “Multichain USDC, forming partnerships with [many] important chains.” Allaire added that they recognized Solana as one of the best platforms to push their objective because of “the scale, speed, and cost-efficiency the chain could bring to USDC.”
As mentioned earlier, the growing number of USDC on Solana’s network has had a significant impact on the blockchain and, by extension, the native token—SOL.
SOL currently trades up by over 2,000% on a year-to-date basis and recently peaked at $216.
Key Solana Levels to Watch — September 13
SOL has fallen back to the $150 area as the crypto market turns crimson on Monday. This momentum comes shortly after a prolonged sideways bias between $190 and $170 over the past few days, following a sharp rejection from the $216 all-time high last Thursday.
That said, bulls need to sustain the price above the ascending trendline and the $146 support over the coming hours or days to prevent bears from strengthening their grip in the market.
Meanwhile, our resistance levels are $170, $180, and $190, and our key support levels are $146, $130, and $120.
Total Market Capitalization: $2.04 trillion
Solana Market Capitalization: $46.9 billion
Solana Dominance: 2.3%
Market Rank: #7
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