On occasions, the Solana network has faced interruptions due to intense purchasing activity of meme tokens like $TRUMP and $MELANIA, leading to significant price spikes.
Solana brings in the most fees
In summary, Solana’s outlook is largely favorable. Across various key indicators, Solana appears to be dominating its competitors. The decentralized exchange (DEX) volume on the network significantly surpasses that of other blockchains, and an impressive 67% of all transactions are now happening on Solana.
On Sundays, the Solana network generated a revenue of $4.7 million, making it the highest earner among all days, even though it’s the least expensive. In comparison, Ethereum earned $2.8 million on the same day, coming in second place.
Solana literally unusable
On Sunday, activities on Solana resulted in costs due to the influx of transactions from investors rushing into memecoins such as $TRUMP and $MELANIA. This excessive activity led to several malfunctions, with approximately 40% of all transactions ultimately experiencing failures.
At some stage, the network was deemed “completely unworkable”. This severe degradation caused users to voice concerns that the Solana network, boasted as having high transaction throughput, was yet to be fully prepared for broad usage.
$SOL huge volatility
Today’s SOL price chart indicates significant fluctuations in the value of this cryptocurrency. Despite these wild swings, it’s worth noting that the recent breakout from the downtrend seems promising. Intriguingly, the daily candle has a long wick pointing downwards, suggesting a test of the 0.618 Fibonacci level – a positive development signifying potential stability.
It’s possible that the price may surpass its previous record high at $264 and then stabilize around this level. On Sunday, a significant increase to $295 occurred. The $323 mark represents the 1.618 Fibonacci level, which could potentially serve as the next goal.
$TRUMP heading for $100?
Launched just last Friday, there hasn’t been much movement yet in the price of $TRUMP. But with the high level of interest surrounding this memecoin and considering its recent dip from a peak of $76 to $37, it’s quite likely that further increases might occur. The Fibonacci price level at around $101 could potentially be reached.
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2025-01-20 15:17