Solana (SOL) continues in an impressive growth, attracting significant capital and users’ interest as 2024 ends and 2025 approaches. This week, for example, the Solana ecosystem had nearly half-a-billion dollar in stablecoins’ inflow, while the Ethereum ecosystem lost millions.
In particular, Solana had a $424.87 million inflow of Tether’s USDT and Circle’s USDC in the last seven days. According to data from Lookonchain, this was the largest stablecoins inflow in all blockchains, with Coinbase’s Base in second.
This marks a huge milestone for Solana that could boost its ecosystem and SOL’s price to new highs. Essentially, stablecoins inflow usually mean increased demand for the ecosystem and increased liquidity in decentralized finance (DeFi) protocols.
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All that gets even more relevant when comparing to how other chains performed in the same period. Lookonchain consolidated that data, in a one-week time frame from December 30, 2024, comparing the top 15 blockchains.
Ethereum and other blockchains’ stablecoins net flow
Base, Polygon (POL), Optimism (OP), Noble, and Aptos (APT) joined Solana with a positive seven-day stablecoin net flow. They absorbed $75 million, $35.2 million, $15.29 million, $8.15 million, and $3.45 million, respectively.
Meanwhile, Arbitrum (ARB), Avalanche (AVAX), and Ethereum (ETH), led the top 15 chains with significant outflows of USDT and USDC. They lost $206 million, $67.13 million, and $63 million in stablecoins, respectively, with the Ethereum ecosystem being highly affected.
Mantle Network (MNT), Sui Network (SUI), The Open Network (TON), Near Protocol (NEAR), Fantom (FTM), and the BNB Chain (BNB) joined the ranks although with more balanced flows going from minus $19.35 million to minus $0.29 million, in order.
Interestingly, however, the Ethereum ecosystem continues leading in stablecoin liquidity, with over $111.59 billion, according to data from DefiLlama. This is a significantly high liquidity when compared to the $68 billion in total value locked (TVL) across Ethereum protocols.
On the other hand, Solana currently has $5.23 billion in stablecoins, with $8.56 billion in TVL. If the trend of the last seven days continue, Solana could fight for the third position in stables, surpassing BNB and Arbitrum. Binance’s smart chain currently has $6.82 billion in stablecoins, while Arbitrum has $6.75 billion.
Solana (SOL) price analysis
As of this writing, SOL, Solana’s native token, trades at $187.69, up 3.54% in the last seven days. This price surge is similar to Solana’s 4.95% TVL increase in the same period. Yet, it still lags behind the weekly 8.20% increase in stablecoin liquidity that Finbold reported.
Moreover, SOL price briefly traded above $200 earlier in this analyzed last seven days. An upward potential of around 6.5% considering this local top alone.
Therefore, while stablecoins inflow does not guarantee an immediate and proportional price surge, it could strengthen its growth potential. USDT and USDC entering Solana’s ecosystem while leaving others like Ethereum’s is an indicator worth considering and watching.
Furthermore, this inflow could, not only benefit SOL, but also be distributed among the entire Solana ecosystem, while also shows a user’s preference in using stablecoins via the Solana blockchain, known for having faster finality and lower fees than Ethereum.
Nevertheless, trading and investing in cryptocurrencies has inherent risks and unpredictability, requiring caution despite the positive indicators. SOL price could go both up or down in the following days as the year-end’s expected volatility plays its role.
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