Solana Breaks Below $100 Level as Price Faces Brief Correction

• At the time of writing, Solana is trading at $99.48, down 4.92% in the last 24 hours.
• Despite the recent correction, the SOL price is still up 13.47% in the last 7 days.

After briefly trailing behind Ethereum (ETH) and Tron (TRX), Solana (SOL) surpassed them in January to become the top blockchain for stablecoin transactions. Artemis data investigation shows that stablecoin transactions on the Solana blockchain reached a whopping $497 billion in January.

In the last two months, there has been a notable surge in the demand for stablecoins. This is mostly attributable to the euphoria around the approval of spot Bitcoin ETFs in the U.S. While Tron’s stablecoin transactions essentially stayed the same, Ethereum’s volume grew by a mere 31%.

According to Whale Alert, a group of whales trading Solana have transferred an astounding $82 million worth of SOL to unknown wallets. 

An anonymous wallet received the first substantial transfer of 150,000 SOL, which is worth around $15,054,830, from the Bybit crypto exchange. Another large transaction between unidentified wallets was placed shortly after, this time with 659,283 SOL and a value of $67,093,244.

Brief Correction Underway

At the time of writing, Solana is trading at $99.48, down 4.92% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 3.67%. Post the recent rally, the price faced severe selling pressure at $106 level. Despite the recent correction, the SOL price is still up 13.47% in the last 7 days.

Source: CoinMarketCap

If the price manages to go below the $96.1 level, then it will likely depreciate further to test $93.7 support level. However, if the price goes above $102 level then it will likely surge further to test $106 resistance level.