Solana Hits Record Fees and Revenue as TRUMP and MELANIA Fuel Surge
Layer-1 (L1) blockchain Solana has seen a significant spike in activity, driven by the rising popularity of newcomer meme coins TRUMP and MELANIA. This surge has led to an all-time high in network fees and revenue as demand for transactions on the blockchain reaches a new high. 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. Source: DefiLlamaHowever, 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. Source: CoinglassHowever, 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. Source: TradingViewHowever, if selling pressure gains momentum, SOL’s price could continue its decline toward $239.39. Disclaimer In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated. Abiodun Oladokun is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including decentralized finance (DeFi), real-world assets (RWA), artificial intelligence (AI), decentralized physical infrastructure networks (DePIN), Layer 2s, and meme coins. Previously, he conducted market analysis and technical assessments of various altcoins at AMBCrypto, utilizing on-chain analytics platforms like Messari, Santiment... Abiodun Oladokun is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including decentralized finance (DeFi), real-world assets (RWA), artificial intelligence (AI), decentralized physical infrastructure networks (DePIN), Layer 2s, and meme coins. Previously, he conducted market analysis and technical assessments of various altcoins at AMBCrypto, utilizing on-chain analytics platforms like Messari, Santiment... READ FULL BIO