Tether has taken a significant step by integrating its stablecoin, USDt, along with Tether Gold, onto the Solana blockchain through the Legacy Mesh interoperability framework. This move grants Solana users access to an impressive $175 billion in cross-chain liquidity, marking a pivotal moment for both Tether and Solana.
The USDT0 bridge has already processed more than $25 billion in volume across twelve different chains, enabling Solana users to leverage this liquidity for decentralized applications, payments, and various institutional services, including treasury management and collateralized lending.
Matt Hougan, Chief Investment Officer at Bitwise, emphasizes that Solana is poised to become the preferred network for banks engaging in stablecoin transactions. The integration with Tether bolsters this sentiment, alongside protocols like Splyce and Chintai that facilitate tokenized securities on the network.
In terms of revenue, Solana currently outpaces all other blockchains in daily app revenue, having generated a remarkable $4.83 million in just the past 24 hours. This achievement places Solana ahead of Binance Smart Chain, which reported $3.85 million, and Ethereum, at $2.7 million. The strong revenue figures reflect a robust network activity and heightened transaction demand, signaling a solid market position for Solana.
As of now, SOL is trading around $189.45, with analyst Ali Martinez suggesting the potential for a retest of the $260 level based on current market patterns.
From a technical perspective, Solana is navigating critical support levels between $180 and $190, which have held firm since late August. The recent crossing of the 20-day moving average below the 50-day moving average raises caution among traders, hinting at potential short-term weakness. Should SOL drop below $190, the next support level rests at $170, which was recently tested.
Conversely, a rise above $211 could signal a trend reversal, providing an avenue for higher prices. If SOL breaks through the $300 mark, the early-year all-time high, it may trigger new price discovery with targets soaring into the $500 range or beyond.
In exciting news for institutional investors, Hong Kong is set to launch the world’s first Solana spot ETF, while asset management firm 21Shares has filed a Form 8-A with the U.S. Securities and Exchange Commission. These developments are emblematic of the growing institutional interest in Solana, as ETF products may attract new capital and provide traditional investors with easier access to this digital asset.
Market participants believe that approved ETFs could enhance liquidity and visibility for Solana, fostering long-term demand for the cryptocurrency. With Solana consolidating within an ascending channel pattern over the past seven months, the recent price action will be crucial in determining whether SOL will break out or continue its ranging behavior.
As it stands, the $190 support level is critical for short-term price direction. A move above $211 could reignite buyer momentum, while a break below may lead to further downside testing. Solana’s strong network activity and leading app revenue position it favorably as multiple ETF filings progress in both Hong Kong and the United States.
