Solana Token Launches Surge Past 263,000 as Adoption Pushes Price Toward $110
Solana has seen a surge in token launches, hitting a new daily high of over 263,000 tokens created in one day. This increase in activity comes as Circle mints another 250 million USDC on Solana, adding to the network's growing stablecoin supply.
The record number of token launches and fresh USDC issuance contribute to the overall picture of strong network use, with Solana apps generating $5.09 million in revenue in a single day. This is about 50% higher than the next network on the list, BSC.
Additionally, institutional interest remains high as Bitwise has bought $107.4 million worth of Solana through its BSOL ETF over the past month. This buying activity comes while Solana price trades around the $103 area, raising questions about whether institutions are using recent weakness in SOL price as an opportunity to add exposure.
The key resistance zone for Solana sits between $104.5 and $105.5, with a daily close above this level needed to give buyers a clearer signal. If buying pressure continues, the $110 level could become reachable for Solana price.