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Solana Fees Surge as Meme Coins TRUMP and MELANIA Gain Popularity

Solana’s Layer-1 blockchain is experiencing an unprecedented spike in activity, fueled by the rising demand for meme coins TRUMP and MELANIA. As transaction volumes hit new highs, Solana’s network fees and revenue have soared to record levels.

Solana’s Revenue Hits New Highs

The growing interest in TRUMP and MELANIA has significantly boosted Solana’s user activity. As traders rush to capitalize on the hype, network transaction fees have skyrocketed, setting a new revenue milestone.

According to DeFiLlama, Solana’s daily fees reached $36 million on Monday—a 176% jump from the previous day’s $13 million. Revenue from these fees also spiked, hitting $18 million, a 200% increase from the previous day.

Solana Network Fees and Revenue. Source: DefiLlama

Challenges Amid Rising Activity

Despite the surge in activity, Solana faces challenges due to heightened trading volumes. A wave of sell-offs has started affecting SOL’s price. After reaching an all-time high on January 19, SOL has retraced, currently trading at $263.69, down 10% from its peak.

Coinglass data indicates that many futures traders opened short positions against SOL during Monday’s early Asian session. This was reflected in the funding rate, which dropped to -0.09%, signaling bearish sentiment. Negative funding rates indicate that short sellers are paying long position holders, suggesting a bearish outlook.

Solana Funding Rate. Source: Coinglass

However, market sentiment is shifting. SOL’s funding rate has now risen to 0.0059%, suggesting that traders are beginning to take long positions once again.

SOL Price Prediction: Can It Hit New Highs?

If bullish sentiment holds, SOL could resume its upward trend and retest its all-time high of $295.83. A successful breakout could turn this level into a support floor, potentially pushing the coin to new record highs.

On the other hand, if selling pressure intensifies, SOL’s price may decline further, potentially dropping to the $239.39 support level.

Conclusion

Solana’s explosive growth, driven by meme coin frenzy, showcases its strong market presence. However, traders should remain cautious and monitor key resistance and support levels to navigate potential volatility.

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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