Current Price Overview
As of now, Solana (SOL) is trading at $157.65, reflecting a 0.62% decline in the last 24 hours. If the price breaks below the $154 level, it is likely to test the $147 support level.
User Activity on the Solana Network
Solana has been experiencing significant user engagement, boasting 3.04 million active addresses per day. This statistic highlights the vibrant activity on the network, particularly during the recent meme coin craze, which has attracted new users.
Enhancements in Meme Coin Trading
New protocols, such as Pump.Fun, have been introduced to the Solana blockchain, enhancing its meme coin trading capabilities. Additionally, the launch of SOL liquid staking has piqued interest among investors.
Recent Selling Pressure
Despite the positive developments, significant selling pressure has emerged due to:
- Increased selling from the Pump.Fun fee account.
- A normal market decline following a three-week price surge.
In the past five days, the Pump.Fun fee account has sold 122,250 SOL, amounting to approximately $18.9 million, according to Lookonchain. This account has generated substantial activity, producing 773,617 SOL (approximately $120.68 million) in revenue as the popularity of meme coins continues to rise. To date, 398,313 SOL (or $62.13 million) have been sold via this account.
Price Correction and Future Outlook
At the time of writing, SOL is facing a brief correction after recently climbing to the $161 level. The trading volume has increased by 42.21%, indicating heightened market activity. The SOL price is up 8.84% over the last week, driven by a recent rally.
If the price breaks above the recent high of $161, it is likely to continue climbing, potentially testing the $174 resistance level. Should it break above this point, the next target could be the $186 mark. Conversely, a drop below $154 would likely lead to a test of the $147 support level.
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