Solana sheds $1.49 billion in stablecoins: what the price prediction hinges on at $100

The information provided in this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high degree of risk. Always conduct your own research.The Solana blockchain holds $1.49 billion less in stablecoins than on September 25, a drop of 8.6 percent. At the same time the ETF outflows have been running for ten trading days. What that means for the $100 level, the staking yield and your tax return.Solana traded at $103.34 on Saturday evening, around 1 percent below its Friday midday level and 6.2 percent below where it stood a week ago. The number that says more about the coming weeks than the daily price does not appear on the chart at all: the Solana blockchain now holds $15.96 billion in stablecoins, against $17.45 billion on September 25. That is $1.49 billion less purchasing power within three weeks, a drop of 8.6 percent. The figures come from DefiLlama's daily series, which we analysed ourselves for this article. Why it counts: stablecoins are the money already sitting on a blockchain. Anyone trading on Solana normally swaps USDC or USDT for SOL rather than wiring euros from a bank. When that balance shrinks, so do...