TLDR
- Two US banks now settle USDC through Visa on Solana.
- Solana processed 10.1 billion transactions in Q1, a quarterly record.
- Stablecoin supply on Solana reached $14.6 billion, up 167% year over year.
- About 425 million SOL are staked, the highest level in two years.
- SOL moved above $86.70, with $93.45 as the next chart level in focus.
Solana traded near $87 while its network posted stronger banking, stablecoin, and transaction data than during its $293 peak. Two US banks now settle USDC on Solana, stablecoin supply reached $14.6 billion, and quarterly transactions hit 10.1 billion, yet the token still trades far below its all-time high.
US banks and USDC settlement expand on Solana
Two US banks now settle USDC through Visa on Solana. The move placed Solana deeper into payment settlement flows. It also gave the network a fresh banking link in the US market.
Stablecoin supply on Solana reached $14.6 billion in the reported period. That total rose 167% from a year earlier. The increase added more dollar liquidity to the network.
Solana also processed 10.1 billion transactions in the first quarter. That was a quarterly record for the chain. The figures showed broader use even while price stayed weak.
SOL price stays below its former peak
Solana reached $293 when those banking links were not live. Stablecoin balances were lower at that time. Transaction counts were also below current levels.
At about $87, staking support looked stronger. Around 425 million SOL were staked, marking a two-year high. That kept a large share of tokens locked on the network.
SEC and CFTC filings also referred to Solana as a commodity. That gave the asset clearer regulatory footing. The FTX estate overhang also eased during the same period. Monthly distributions fell to about $16 million. That reduced one visible source of supply pressure.
$86.70 breakout and mainnet upgrades stay in focus
On Binance’s four-hour chart, SOL moved above the $86.70 resistance area. The breakout followed support near the low $80 range. That level now sits at the center of the short-term setup.
BitGuru wrote, “The trend should remain strong as long as Solana stays above $86.70.” The chart placed the next upside area near $93.45. A drop below $86.70 would weaken the bullish structure.
Traders also watched Firedancer and Alpenglow, which are expected on mainnet this quarter. Those upgrades stayed on the market’s catalyst list. Still, Middle East tensions kept risk appetite weak and pushed short-term volatility higher. Risk-off trading had sent SOL from about $88 to below $83 before the rebound.
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