Solana's price is currently holding steady around the $143 mark, supported by a significant level at $140. This comes as the meme coin platform PumpFun has made headlines by surpassing Ethereum in yearly fee generation, bringing in $294 million compared to Ethereum's $248 million. This development has increased speculation about Solana's potential to reach an all-time high of $300, bolstered by a boom in meme token activity that has historically driven its prices upwards. Despite this current support, there are warning signs, as bearish pressures loom. The MACD indicator has indicated a sell signal, suggesting a downward trend could be starting, and the RSI is showing signs of decline. To protect against further losses, traders are advised to keep an eye on the key support at $140. If this level holds, it could lead to a rebound, with resistance levels observed at $150 and $180 in the short term. Failing to maintain this support could open the door for a decline to $112. The recent uptick in meme coin transactions has kept Solana's activity vibrant, which continues to attract investor interest. Analyst perspectives are cautious yet optimistic, as the volatile nature of the market demands attentiveness to these shifts in sentiment and trading patterns. In summary, the landscape for Solana remains mixed as the price holds its ground despite the overarching bearish indicators, presenting both risks and potential upside for investors.
Solana Defends $140 Support as PumpFun Outpaces Ethereum in Fees
Solana's price remains at $143, defended by strong support at $140, fueled by the success of the meme coin launchpad PumpFun, which now generates higher fees than Ethereum.
Jamie Bennett
Crypto Analyst
3 minutes min read
25,729
Analysis
Market Sentiment
Bearish
Neutral
Bullish
News Impact
8/10
Credibility: 8/10
Trading Recommendation
SOL
SOL
BUY
Entry Price
$143
Confidence
80%
Stop Loss
$139
Take Profit
$150 - $180
With the potential for a price bounce and positive sentiment around meme coin activity, a tactical buy at current levels with tight stop loss is warranted.
