Payment technology giant Visa has recently drawn attention to the rise of Solana’s (SOL) stablecoin market in the payment sector, where it plays a significant global role. According to the Visa Stablecoin Dashboard, Solana has seen a notable increase in transactions involving stablecoins like USDC (USD Coin), which is pegged to the US dollar.
Solana Stablecoin Transactions Stand Out
Solana has reached a significant position, not falling behind other blockchains. According to reports, Solana’s stablecoin transactions have left competitors like Tron, Binance Smart Chain (BSC), and others behind. In the last 30 days, stablecoin transactions on the blockchain exceeded 69 million. The closest competitor, Binance Smart Chain, totaled 47.2 million transactions. Ethereum, on the other hand, showed a lower performance with only 2.3 million stablecoin transactions.
As stablecoin users select protocols based on their specific needs and strategies, it appears that larger investors currently prefer Solana’s network. The future of the altcoin Solana will depend on continuous growth, market sensitivity post-halving, and the development of the project. Additionally, the capacity of buyers to sustain and maintain higher prices will also be a significant factor.
Congestion Issue in Altcoin Solana
Measures taken regarding Solana’s congestion problems are creating a positive impact in the market. Recently, a major congestion fix was announced to have been released on the Solana mainnet. A new version, v1.17.31, has been made available for MainnetBeta validators.
This new version is said to directly address congestion issues. Previously, many developers and validators had released major updates to tackle network problems. With this fix, many projects that were halted are now planning to go live again.
Particularly, the increase in the altcoin SOL price following Solana’s congestion fix is notable. Last week, the SOL price increased by 9.24%, reaching $154.43. This growth, following the general market recovery, will be supported by the return to normalcy and the resolution of congestion issues, boosting confidence for the future. However, it should be noted that the SOL price, which is among the top 10 in the cryptocurrency world, has dropped to $137 at the time of writing this article. It is remembered that Solana had risen to $210 earlier this year.
