Is the demand for USDC the key factor in keeping SOL maintaining prices around new ATH?

Solana (SOL) has made many significant developments so far in terms of both assets and the blockchain. This network had a significant impact on the DeFi area when it entered the NFT market and continues to bring significant inflows.

But that’s not all, the next important thing is coming to Solana in the next 6 days. If it goes as expected, it will have more of an impact on the crypto space.

SOL reaches new all-time high

On October 25th, after a week of 34.5% profit, SOL put a new ATH at $ 218. In fact, the price continued to struggle to break the $ 220 mark during yesterday’s trading session.

There is a basis for SOL to continue to make new highs on the chart, especially as there appears to be some signs of a bullish reversal at press time.

SOL 4 Hour Price Chart | Source: TradingView

Additionally, with the upward move mentioned above, SOL outperformed XRP in terms of market capitalization. In fact, it is currently the sixth largest cryptocurrency in the world.

Thanks to the upward trend of the last 3 months, the altcoin now holds a dominance of 2.38% in the crypto market. Less than a month ago, that number was just 0.49%, lower than that of altcoins like DOGE.

SOL Dominance Rate | Source: TradingView

Additionally, at the time of writing, SOL is in the pricing phase. Since SOL is currently overbought in the charts, the price may stabilize again at some point.

However, this is not the focus here.

The next big thing for SOL

On October 25th, CoinMarketCap Disclosure Solana will have its first verified automated market creation protocol (AMM) and liquidity pools. Aldrin Exchange, a decentralized exchange on the Solana blockchain, will launch AMM in 6 days. The log is checked by the same company that checked Binance. The liquidity pool will support SOL / USDC and RIN pairs.

Over the past few months, USDC has grown significantly in terms of both adoption and circulation. As the second largest stablecoin, most exchanges are introducing pairs of tokens, including USDC, along with USDT.

The most recent example is the centralized exchange, Klever Exchange, which has reportedly added both MATIC / USDT and MATIC / USDC notification officially. This stablecoin is also included in Hedera’s public ledger.

Hence, the SOL / USDC pair could be a potential investment as SOL itself is in high demand right now.

Additionally, the 733.33% year-over-year increase in the supply of USDC is also evidence of the increased demand.

USDC circulation growth | Source: TradingView

But what impact will this event have on SOL? let us Bitcoin magazine Follow for the answer next week.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Minh Anh

According to AMBCrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page