Surge in Solana Network Activity Driven by Meme Coin Interest
Since November, the Solana network has experienced a sharp increase in user activity, fueled by the renewed popularity of meme coins. This trend, linked to Donald Trump’s election victory, brings Solana close to reclaiming its all-time high of $260. Currently, SOL trades just 6% below this level, sparking speculation about its potential to surpass it.
Meme Coins on Solana See Massive Growth
Peanut and nomnom Lead the Rally
Following Trump’s victory, meme coins built on Solana have surged significantly. Among the most notable is Peanut (PNUT), whose value skyrocketed by 2,700% in just two weeks, partly due to endorsements by Elon Musk on platform X. PNUT’s market capitalization peaked at $2.4 billion.
Another standout performer is nomnom (NOMNOM), described as a “hungry hamster on the Solana network.” Its price soared by nearly 400% over the past week.
Rising User Demand and Transactions on Solana
Significant Increase in Activity
The heightened interest in meme coins has driven a surge in user activity on the Solana network. According to Artemis, the number of active addresses has climbed to 6 million, marking a 14% increase.
This interest has also boosted transaction volumes. Over the past 17 days, Solana processed 45 million transactions, reflecting a 7% growth.
Decentralized Exchanges Gaining Traction
Transaction volumes on decentralized exchanges (DEXs) within the Solana ecosystem have increased by 252% since the beginning of the month, exceeding $6 billion and highlighting the growing appeal of the platform.
SOL Price Nears All-Time High
Technical Analysis Points to a Bullish Trend
Solana’s native token, SOL, is currently trading at $244.68, just 6% below its all-time high of $260. Analysis of the SOL/USD daily chart indicates sustained bullish momentum. The Elder-Ray Index, which measures bullish versus bearish strength, has reached 55.97, signaling strong upward pressure.
Potential Price Scenarios
If the bullish trend continues, SOL could reach and surpass its all-time high of $260.
Conversely, if selling pressure intensifies, the price could fall to $205.99 or even below $200 to $163.99.
Conclusion: Is SOL on the Verge of a Record?
With growing interest in meme coins and increased activity on the Solana network, SOL appears well-positioned for further growth. However, surpassing its all-time high will depend on sustained bullish momentum and holding above key support levels.
#memecoin🚀🚀🚀 , #Solana_Blockchain , #MemeWatch2024 , #CryptoNewss , #MemeCommunity
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
