- Solana has surged 23% and hit a new stablecoin supply record of 12.80 billion, signaling strong fundamentals and growing market confidence.
- However, with profit-taking on the rise and a sharp drop in active addresses, a short-term cool-off could be likely before SOL targets $200.
Solana Surge: Price Action and Stablecoin Milestone
If there’s one cryptocurrency stealing the spotlight this Q2, it’s Solana (SOL). With a jaw-dropping 23% surge in less than a month, SOL shattered the $150 resistance like it was paper-thin. But Solana’s victory lap doesn’t end with just price action — its stablecoin supply has hit a fresh all-time high of 12.80 billion, signaling deep-rooted confidence across the network.
This double whammy of rising price and liquidity suggests Solana isn’t just riding a wave — it’s building a foundation for longer-term dominance that could leave rivals scrambling to keep up.
On-Chain Momentum: A Powerhouse in Motion
Solana’s ecosystem is buzzing. Total Value Locked (TVL) in its DeFi space soared by around $3 billion in April, a clear sign that major players are staking big on SOL’s future. Meanwhile, daily transactions jumped 13.4%, pushing towards 100 million, showcasing Solana’s unmatched speed and throughput.
The message is clear: Solana isn’t just growing — it’s thriving, flexing liquidity, activity, and price strength all at once.
The Fine Line: Bulls Running or Ready to Trip?
However, it’s not all green lights. Solana’s SOPR (Spent Output Profit Ratio) has stayed above 1 for two weeks, suggesting that while traders are booking profits, a lingering risk of overconfidence looms. Add to that a sharp drop in active addresses — from 61 million to 46 million in a day — and the story gets more complicated.
Short-term pullbacks could be brewing, and while the fundamentals remain rock-solid, technically, Solana may need a breather before chasing that ambitious $200 target.
Verdict: Full Speed Ahead or a Quick Pit Stop?
Solana’s fundamentals — rising stablecoin supply, surging TVL, and transaction growth — all point toward a network gearing up for greatness. But the cooling signs in user activity and profit-taking hint that a healthy pause might be necessary before the next big leg up.
If Bitcoin keeps its defenses strong, SOL’s dream of $200 isn’t off the table — but expecting a straight sprint without a cool-off? Might be a bit too much flex.
