Solana (SOL) has surged by 30%, nearing a two-month resistance zone, driven by renewed interest in SOL-based meme coins. While network activity growth is fueled by this trend, it hasn't reached the frenzied levels seen in April. Despite lower weekly transaction fees compared to April's memecoin boom, Solana continues to see significant new address growth.
has gained by 30% in price. At the time of writing, it was on the cusp of a two-month resistance zone around $162-$165, with short-term sentiment around the token strongly bullish too.also seemed to be on the rise, a recent AMBCrypto report noted. In fact, the network activity growth appeared to be fueled primarily by the popularity of SOL-based mem coins, but it was not yet as frenzied as it got in April.In April, the number of new addresses on the Solana network was 1.14 million .
The priority fee was a third of the peak it reached in April. This suggested that the memecoin frenzy has not reached the Solana network. Q4 2024, widely anticipated to be bullish, could see a memecoin revival, but not all market participants would be thrilled by this development.Network activity seemed to be burgeoning, with the whale activity also encouraging long-term investors to hold on.
The funding rate was high and the Open Interest has trended higher since mid-September, alongside the market-wide sentiment shift following amove past $60k. However, social media engagement, at press time, was slightly negative – Giving mixed signals over the past ten days.Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017.
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