Solana Hits Record $804M Stablecoin Inflows as Analyst Predicts Surge to $300 ⋆ ZyCrypto

Solana has continued to record a massive surge in stablecoin inflows, signalling growing usage. Recently, the stablecoin inflows on the network topped $804 million within 24 hours. Meanwhile, analysts are becoming increasingly bullish on SOL’s price, with one stating the altcoin could surge to $300 in the near term. 

Solana Stablecoin Inflows Surge

Data from Artemis shows that Solana has topped other chains with $804 million in inflows on January 15. The network has sustained this momentum, as at press time, inflows stood at $532 million. This is notably higher than Tron, which came in second with $397 million in inflows.

In comparison, Ethereum has recorded negative stablecoin inflows in the last 24 hours despite a surge in new wallet growth to an all-time high.

Besides inflows, the supply of stablecoins on the Solana network has also increased considerably. According to TokenTerminal, this supply has reached a record high of $15 billion, up 200% year over year. 

The growth shows that more people are using the network, which could drive up demand for SOL and trigger price gains. Analysts are now speculating that the price could double. 

Analyst Eyes 2x Surge in SOL Price to $300

One analyst on X has predicted that Solana’s price is about to surge to $300 if it breaks out of its current accumulation zone. In his analysis, he noted that the price tends to jump whenever it drops, testing the support at this zone. Therefore, if history rhymes, it could soar to an all-time high of $300.

The analyst projects that this price target could be achieved by April if buyers enter the market. However, besides retail, institutions will also have to play a critical role in boosting demand, which could be achieved through spot Solana exchange-traded funds (ETFs).

Data from SoSoValue shows that SOL ETFs have recorded inflows for the last six consecutive weeks. On January 15, inflows totaled $8.94 million, bringing total net assets to $1.19 billion. The assets held by these products now represent 1.49% of the entire Solana market cap. 

Therefore, if surging stablecoin inflows signal growing use of the Solana blockchain, the price could rise, with institutions leading the demand surge.