A recent post by Crypto Quant Contributor Maartunn revealed that the total circulating supply of USDT on the network had just crossed the $80 billion mark. In the meantime, Solana has recovered the $140 mark following massive selling pressure that triggered a correction.
As the market sentiment is slowly turning positive and a possible interest rate in the future, according to Eric Daugherty, the price of Solana might rise to a new high in the coming months.
Tron Hits New Milestone In USDT Supply, TRX Eyes Recovery
Tron has taken a significant leap in the stablecoin sector. According to a report released by CryptoQuant, the supply of USDT on the network has surpassed $80 billion. This is a massive growth in contrast to just $6.71 billion in late 2020 due to immense adoption and steady growth.
Over the past three months, Lennaert Snyder reports that Tron’s stablecoin supply has added more than $14.3 billion. The network outshines other chains like BNB Chain, Arbitrum, and even Ethereum.
Interestingly, according to data on Token Terminal, the supply of Tether USDT has reached a new peak of $155.4 billion. Most of the stablecoin is circulating on Tron and Ethereum.
Tron accounts for over 51.74% of this circulation, cementing its position at the heart of stablecoin infrastructure. Tron’s speed and cost-efficiency are what make it a top platform over legacy chains.
In the meantime, the Tron coin price has returned to the $0.27 range as it continues its sideways trading. CoinMarketCap data shows the DeFi coin has been trading between $0.26 and $0.27 in the past week.
For a massive upside, TRX would have to surpass the resistance around the $0.275 region. Crypto King forecasts that the price of TRX may rise to $0.28 if the bulls defend the $0.26 support.
Solana (SOL) Has Potential For More Upside After Sharp Recovery
The Solana price is currently consolidating around the $140-$145 region after negative sentiment caused a pullback to $128 on Sunday. As positive sentiment returns to the market, the value of SOL could rally to the monthly peak of $180.
Cipher X in an X post observed that Solana might be able to rally to $190-200 by July, but under one condition. The analyst argued that the cryptocurrency’s price must remain above the $138-$140 support level.
A breakdown from this support region could cause a decline to $130, Cipher X added. With odds of a SOL ETF approval in July very high, the market analyst believes Solana may see a 40%-50% monthly growth.
Another crypto expert called Dynamite Trader told his audience that Solana is trading inside a falling wedge. If a breakout happens, the analyst notes that a bullish reversal could pull the Solana price to $258 in the months ahead.
In Conclusion
The Tron network is a major player in the stablecoin industry. As more than 51% of USDT is now available on the Tron network, its affordability and scalability are evident. As TRX holds steady, breaking above $0.275 could signal a renewed upside. Meanwhile, Solana’s consolidation around $140 shows bullish potential, especially with Solana ETF optimism. Solana could claim the $200 level by July if buying pressure increases.
