Solana has achieved a historic milestone in the digital asset sector, officially surpassing both Ethereum and Tron in monthly stablecoin transaction volume for February 2026.

According to latest data, Solana’s (SOL) adjusted stablecoin volume hit a record $650 billion, representing a massive surge in on-chain payment activity that more than doubled its previous peak from late 2025.

This explosive growth marks a fundamental shift in the network’s utility, moving away from a primary reputation as a hub for meme coin speculation toward becoming the leading infrastructure for global stablecoin settlements.

Solana’s low transaction fees and high throughput have made it the preferred rail for high-frequency, economically meaningful transfers, outperforming traditional heavyweights like Tron, which previously dominated the USDT payment market.

This surge occurred against a backdrop of record global stablecoin volume reaching $1.8 trillion, with Solana now accounting for the largest single share of that activity, solidifying its position as the dominant network for the emerging digital dollar economy.

SOL price analysis

The current price action for SOL on the daily chart indicates a period of cautious consolidation following a long-term downtrend from the January highs. After crashing from the $140 level earlier in the year, Solana has spent the last month attempting to carve out a stable bottom.

Currently, the asset is trading at approximately $84.12, showing a 3.10% gain in the most recent session as it attempts to move away from a local floor.

The immediate support is firmly established at the $80.00 psychological level, which bulls have defended multiple times over the past week. On the upside, the first major hurdle for a recovery is the $90.00 resistance mark, where recent rallies have faced selling pressure.

A decisive break and hold above $90.00 would be the first major signal that a trend reversal is underway, potentially opening the door for a run toward $100.

Technical indicators provide a nuanced view of this consolidation phase, suggesting that while the trend remains neutral, bearish momentum is fading.

The Money Flow Index (MFI-14) is currently sitting at 50.78, a perfectly neutral reading that indicates a balance between buying and selling pressure after recovering from an oversold dip in early February.

Furthermore, the Accumulation/Distribution line is positioned at 338.5 million, remaining relatively flat over the last several weeks. This lack of aggressive distribution despite the lower price points suggests that long-term holders are largely staying put, awaiting a catalyst for the next leg up.

If the record-breaking stablecoin utility translates into sustained demand for SOL to cover transaction fees, the next major resistance beyond $90.00 lies at $105.00. However, if the $80.00 support fails to hold, investors should watch for a secondary defensive line at the $70.00 mark.