Solana Surges Amid Meme Coin Mania: Can It Sustain the Momentum?
Solana blockchain has seen a sharp increase in activity, driven by the explosive popularity of meme coins $TRUMP and $MELANIA. This surge has led to record-breaking network fees and revenue, although the price of $SOL SOL is beginning to show signs of volatility.
The spike in demand for these meme coins has pushed Solana’s daily network fees to 36 million, a 176% jump from the previous day. Revenue from these fees hit 18 million, marking a 200% increase from the day before, according to DefiLlama.
However, the rally is not without its challenges. Following the surge in activity, SOL’s price reached an all-time high of 292.21$ on January 19, but has since dropped to 263.69$, reflecting a 10% decline. This price drop has led to increased bearish sentiment, with futures traders opening short positions. SOL’s funding rate, which had dipped to -0.09%, indicated a bearish outlook.
Despite this, sentiment has shifted, with the funding rate recovering to 0.0059%, suggesting that traders are becoming more optimistic. If this bullish momentum continues, SOL could push past its previous all-time high of 295.83$ and aim for new heights. Conversely, if selling pressure intensifies, the price could fall to 239.39$.
Material prepared by the exchange: coytx.com
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