Solana Sees Major Revenue Surge Amid TRUMP and MELANIA Coin Demand, Potential for Price Recovery

  • Solana has recently seen a remarkable surge in activity, achieving record-breaking daily fees driven by the popularity of meme coins like TRUMP and MELANIA.

  • This unprecedented activity has accelerated Solana’s transaction revenue growth, which reached significant levels previously unseen.

  • “The rapid increase in transaction fees indicates a strong demand for the Solana blockchain as it becomes a hotspot for new traders,” stated a COINOTAG analyst.

Solana experiences a 176% surge in daily fees, reaching $36 million, amid the rise of meme tokens. What does this mean for SOL’s future?

Solana Fees and Revenue Rocket to New Highs

The increased demand for TRUMP and MELANIA has led to a rally in Solana’s user activity in the past few days. As more users and traders flock to the chain to capitalize on the hype surrounding these meme coins, its transaction fees have soared, contributing to a record-breaking revenue high.

According to DefiLlama, Solana’s daily network fees total $36 million on Monday, a 176% increase from the previous day’s $13 million. Likewise, the revenue derived from these fees is $18 million, up 200% from Sunday’s $6 million.

Solana Network Fees and Revenue

However, the surge in activity comes with its own set of challenges. Amid heightened trading volume, a wave of sell-offs has begun to impact SOL’s price. After the initial spike to an all-time high on January 19, the coin has started to shed some of its recent gains.

As of this writing, SOL is trading at $263.69, down 10% from its peak price. According to Coinglass data, this price drop prompted many futures traders to open short positions against SOL during Monday’s early Asian trading session.

This bearish sentiment was evident in the coin’s funding rate, which fell to -0.09%. Negative funding rates mean short position holders are paying long position holders, reflecting a bearish outlook.

Solana Funding Rate

However, market sentiment has shifted. SOL’s funding rate has now risen to 0.0059%, indicating that futures traders are starting to take long positions on the altcoin.

SOL Price Prediction: Coin Could Reach New Heights if Bullish Sentiment Holds

If this bullish sentiment persists, SOL’s price could recommence its upward trend and revisit its all-time high of $295.83. It could flip this level into a support floor, propelling it to new all-time highs.

Solana Price Analysis

However, if selling pressure gains momentum, SOL’s price could continue its decline toward $239.39.

Conclusion

The recent developments concerning Solana highlight the dynamic nature of the cryptocurrency market. With rising transaction fees and a notable shift in user engagement toward meme coins like TRUMP and MELANIA, Solana is poised for a potential rebound. Traders should closely monitor SOL’s price action as it adapts to ongoing market conditions, navigating both bullish and bearish sentiments.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

ETHZilla Holds 102,246 Ethereum (~$100M), Authorized for $250M Repurchase While Continuing Buybacks and ETH Re-Staking with ether.fi

The Ethereum treasury firm ETHZilla disclosed holdings of 102,246...

Capital Group Raises Bitcoin Holdings to Over $6B as Veteran Manager Mark Casey Becomes Advocate

COINOTAG News on September 14, citing Cointelegraph, reported that...

Yala Hacker Mints 1.2B YU on Polygon, Sells 7.71M YU for $7.7M USDC and Converts to 1,501 ETH — 112.29M YU Still in Cross-Chain...

COINOTAG News, citing LookIntoChain monitoring on September 14, reports...

Wall Street Veteran Jordi Visser Predicts Institutions Will Increase Bitcoin Allocations by Year-End

COINOTAG, citing Cointelegraph on September 14, reported that Wall...

Galaxy Digital Buys 932,000 SOL (~$230M) in 6 Hours, Arkham Monitoring Shows

On September 14, COINOTAG News reported that, according to...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img