Davies, 19, had been expecting to be part of the Swans' Under-21 squad this season, but he seized his chance after Neil Taylor suffered a broken leg in September.
"Ben has done well, he's only 19," said Coleman.
"Sometimes you get opportunities, sometimes you don't take them and sometimes you grab them with both hands and that's what Ben has done.
"He's grown in stature and confidence. Offensively he's getting better and better and he's got a great mentality and attitude to football and he's really done brilliantly."