The stablecoin transactions on the Solana blockchain reached a record $650 billion in February and are on track to record a similar surge in March amid geopolitical tensions. Despite this growth, decentralized exchange (DEX) volumes have slumped, yet bullish projections remain intact. One analyst noted that in the coming months, Solana’s price might surge by more than 300% to $360. At press time, SOL traded at $83, up 0.7% intraday.
Solana Stablecoin Transactions Surge to $650B
According to the Kobeissi Letter, Solana has been recording massive volumes of stablecoin transactions on the network. In February, transactions reached a record $650 billion, driving the aggregate transaction volume to nearly $2 trillion per month.
The X post added that stablecoin volumes on the network surged threefold month-over-month and could continue their upward trajectory due to the war in Iran. Because of this growth, Solana stablecoins are recording higher trading volumes than gold futures on the CME.
However, DEX volumes are not witnessing the same surge. Data from DeFiLlama shows that last week, DEX volumes on Solana totaled $11.42 billion, the lowest since October 2024.
Solana founder Anatoly Yakovenko also reacted to an X post about declining volumes, stating that there are fewer users left in the market. However, even with this drop, Solana remains the leading network by DEX volumes. Last week’s total volumes of $11.42 billion were notably higher than Ethereum’s $7.25 billion.
 
Analyst Forecasts Solana Recovery Rally to $360
With Solana stablecoin transactions at record highs, an analyst now notes that the price might rise to $360. The analyst observed that the price has been trading within a downward channel, which often indicates a bearish trend.
Per the analysis, Solana faces resistance at the upper trendline of this channel, while the lower trendline serves as support. Hence, under current market conditions, the price might reach $110; if it is rejected, it will form support at $50. If this support holds, it will signal the start of a strong bullish rally that may see SOL escape the bearish downward channel.
The analyst notes that a strong breakout could see Solana reach $360. This price will likely be attained in the first quarter of 2027. If this happens, SOL will have soared by more than 330% in one year.
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