Solana Stablecoin Transfers Jump 3.2×, SOL Eyes $120

Solana’s stablecoin transfer volume has surged dramatically over the past year, signaling growing adoption and network activity. Transfers jumped from $306 billion to $972 billion year-over-year, reflecting a 3.2× increase. 

Moreover, recent months show accelerated momentum, with December to January rising 77% and January to February increasing 76%, marking two consecutive months of near-doubling activity. This surge highlights Solana’s growing relevance in decentralized finance and stablecoin usage.

SOL Price Consolidates Between $77 and $92

Solana’s native token, $SOL, is currently trading in a clear accumulation range between $77 and $92. According to CryptoJobs3, buyers have repeatedly defended the $77 support, indicating strong demand absorption after prior downtrends. 

Meanwhile, the $90–$92 zone acts as short-term resistance. A decisive breakout above this level could trigger bullish momentum in the coming weeks. 

Source: X

Additionally, maintaining higher lows within the accumulation range may set the stage for a retest of the $108–$110 supply zone. Traders should watch for volume expansion and confirmed daily closes above $92 before targeting higher levels.

Indicators Signal Potential Uptrend

CryptoCurb highlights a bullish divergence forming on Solana’s daily charts. While $SOL printed a lower low near $80, the RSI formed a higher low, signaling fading selling pressure. 

Immediate resistance sits at $90, and a daily close above this level could confirm short-term strength. Beyond $90, the next key supply area lies between $115 and $120, aligning with prior weekly and monthly resistance. Conversely, support remains solid around $78–$82, providing a stable base for potential upward moves.

Market Metrics and Outlook

As of press time, Solana trades at $87.12 with a 24-hour volume of $4.08 billion. Despite a minor weekly decline of 5.58%, daily momentum shows early signs of improvement. With a circulating supply of 570 million SOL, the market capitalization stands near $49.7 billion.