SOL Price Surges Past $245 as Solana Network Activity Hits Record Levels

TLDR

• Solana DApps hitting record fee levels, with Raydium generating $69M in weekly fees
• SOL price trading at $248.16, up 4.48%
• Memecoin market cap on Solana reaches $21.8B
• dogwifhat (WIF) leads memecoin market cap at $3.7B
• Technical indicators show strong bullish momentum with RSI at 76.77

The Solana ecosystem is experiencing unprecedented growth, driven by a surge in memecoin activity that has pushed network fees and usage metrics to record levels.

Recent data from DefiLlama shows Solana-based decentralized applications (dApps) generating extraordinary fee revenue, with several platforms ranking among the top fee earners across all blockchain networks.

Raydium, a leading decentralized exchange on Solana, has emerged as the second-highest fee generator in the cryptocurrency space, collecting over $69 million in fees during the past week.

This places it just behind Tether in terms of revenue generation, marking a notable achievement for the Solana ecosystem.

The Solana network itself has secured the third position in fee generation, accumulating more than $49 million in fees. This metric demonstrates the platform’s growing adoption and increased transaction activity.

Other prominent dApps within the ecosystem, including Jito and Photon, have also claimed positions within the top ten fee-generating protocols.

A key driver of this fee surge has been Pump.fun, a platform that hosts numerous trending Solana memecoins. The platform has claimed the eleventh position in overall fee generation, highlighting the impact of memecoin trading on network activity.

The memecoin sector on Solana has shown remarkable growth, with tokens like Peanut the Squirrel (PNUT) and Goatseus Maximus (GOAT) leading the charge.

PNUT has achieved a market capitalization exceeding $1.6 billion, while GOAT follows closely with a $1.1 billion market cap.

Trading volumes for these memecoins have seen substantial increases over the past 24 hours, indicating strong user engagement and sustained interest in the Solana memecoin ecosystem. This heightened activity has contributed directly to the increased fee generation across the network.

The total market capitalization of Solana memecoins has grown by more than 10% in the last 24 hours, reaching $21.8 billion according to CoinGecko data. Leading this category is dogwifhat (WIF) with a market cap of $3.7 billion, followed by Bonk (BONK) at $2.8 billion, and PNUT securing the third position.

These impressive market capitalizations reflect growing investor interest in Solana-based memecoins, which has led to increased transaction volumes and network usage. The rising activity levels have directly contributed to the spike in fees across the ecosystem.

The native SOL token has responded positively to these developments, showing strong price action with a 4.48% increase to reach $248.16. Trading volumes have remained robust, exceeding 515,000 in recent sessions, indicating sustained market interest.

Technical analysis of SOL’s price movement reveals several bullish indicators. The daily chart shows the token breaking through key resistance levels, while the Moving Average Convergence Divergence (MACD) indicates maintained bullish momentum.

Solana Price on CoinGecko

The Relative Strength Index (RSI) stands at 76.77, suggesting overbought conditions but reinforcing the current positive market sentiment.

The price action has formed a bullish trend line with support near the $237 level, as observed on hourly charts. Resistance levels are currently positioned at $245 and $248, with $250 representing a key psychological barrier for traders.

Short-term support levels have established themselves at $230, corresponding to the 50% Fibonacci retracement level of the recent upward movement from $212 to $248. Additional support can be found at $220, which could serve as a safety net in case of any market corrections.

The combination of increased network activity, rising fee generation, and strong price action suggests a robust ecosystem development phase for Solana. The platform’s ability to handle increased transaction volumes while maintaining performance has been particularly noteworthy.

Looking at immediate price levels, SOL is currently consolidating gains above the $230 mark and the 100-hourly simple moving average. The market structure remains bullish with near-term resistance at $245, followed by the recent high at $248.

Trading volume data indicates sustained interest from both retail and institutional investors, with daily volumes maintaining healthy levels above the 500,000 mark. The increased activity across dApps and memecoins continues to drive network usage and fee generation.

The latest data shows the MACD gaining momentum in the bullish zone, while price action remains supported above key moving averages. Immediate support exists at the $237 level, coinciding with the established bullish trend line.