Interest in Solana Ecosystem Grows as SOL Token Surges: What’s the Next Target?

  • After a strong surge earlier this week, the overall crypto market paused for a while, but Solana (SOL) continues its upward momentum for the second consecutive day with a 10% gain.
  • Marginfi, a leading credit protocol on the Solana blockchain, announced that YBX, an over-collateralized stablecoin, will be launched soon.
  • Following a consolidation period where Solana’s market traded in a tight range between $100 and $110 for about a week, increased activity has been observed.

Solana’s price is rising due to growing demand within the ecosystem and positive sentiments in the market: What will be the next target?

Solana Ecosystem Gains More Recognition

Solana-SOL

After a solid surge earlier this week, the overall crypto market paused for a while, but Solana (SOL) continues its upward momentum for the second consecutive day with a 10% gain. With Solana’s daily trading volume surpassing $7 billion, the Solana price has increased by 30% on weekly charts. Interestingly, market analysts are expecting Solana’s price to reach $200 in March.

Marginfi, a leading credit protocol on the Solana blockchain, announced that YBX, an over-collateralized stablecoin, will be launched soon. YBX will be backed by significant Solana assets such as jitoSOL, mSOL, bSOL, and LST. Additionally, the stablecoin is set to begin on the mainnet in the second half of March.

$YBX is generated against Liquidity Staking Tokens (LSTs) on the Marginfi platform. Specifically, the staking yield obtained from these LSTs will be directed to $YBX holders, facilitating a process where $YBX gains value against USD with each period completed by Solana.

This mechanism allows minters to optimize their borrowing strategies, while $YBX holders now have access to a diversified, yield-generating, and decentralized alternative on the Solana blockchain, rather than traditional stablecoins like USDC or USDT. This introduction reflects Marginfi’s commitment to promoting innovation and value addition in the decentralized finance (DeFi) space.

Moreover, with Marginfi’s Total Value Locked (TVL) currently exceeding an impressive $580 million, it consolidates its position as the third-largest TVL protocol operating on the Solana network. This announcement signifies a significant development in the Solana ecosystem, offering users a new stablecoin option supported by various assets.

SOL Price Movement

Solana’s market saw increased activity following a consolidation period where it traded in a tight range between $100 and $110 for about a week. This momentum led to a breakout above the resistance level. Despite a brief 5.85% correction, bullish sentiment rapidly gained momentum, pushing the price up by 13%. As a result, Solana entered a bullish phase by surpassing the $125 resistance. Analysts expect Solana’s price rally to continue up to $200 this month.

The recent increase in Solana’s price came as part of the excitement around Dogwifhat (WIF), a meme coin based on the Solana network. This frenzy caused a 50% increase in the meme coin’s price from $0.52 to $0.79 on February 27th. Since its introduction on December 14, 2023, WIF has experienced an incredible increase of over 374%.

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Sheila Belson
Sheila Belsonhttps://en.coinotag.com
Sheila Belson is a 20-year-old financial content editor who ventured into the realm of cryptocurrencies in 2023. Enthralled by the innovative world of non-fungible tokens (NFTs), she harbours a profound affection for Ethereum. With a sharp eye for detail, Sheila skillfully navigates the dynamic crypto landscape, continuously seeking to enrich her understanding and share her passion through engaging and insightful content.
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