Solana (SOL) Price Prediction Has Taken Centre Stage As The Cryptocurrency Staunchly Defends The $140 Support Level

Solana price prediction has taken centre stage as the cryptocurrency staunchly defends the $140 support level. This resilience is propelled by the extraordinary success of a Solana meme coin launchpad, PumpFun.

Recently, PumpFun has surpassed Ethereum in yearly fees, having generated $294 million in the first four months of 2024, compared to Ethereum’s $249 million. This milestone highlights a surge in Solana network activity that could significantly influence SOL’s future value.

Greater than Ethereum in yearly fees

The meteoric rise of PumpFun, a platform designed for fair token launches without presales or team allocations, showcases Solana’s growing ecosystem and its appeal to traders seeking high-volume opportunities.

As Solana outpaces other blockchains in revenue generation, investors are keenly watching whether SOL can shatter its current resistance and soar to new heights.

Rise of PumpFun and its impact on Solana

Having eclipsed Ethereum, PumpFun underscores Solana’s scalability and cost-effective transactions, making it a magnet for meme coin traders.

This launchpad, boasting a 24-hour transaction count of 10.41 million and a trading volume of $952.35 million according to GeckoTerminal, emerges as a powerhouse for rapid-fire trading on the Solana network.

Top performers like LLJEFFY, stickman, and Fartcoin have fueled this momentum, achieving impressive market caps and trading volumes that reflect Solana’s bustling activity.

Beyond a passing craze, PumpFun’s success signals a deeper shift, with Solana’s infrastructure proving ideal for decentralised applications (DApps) and trading platforms.

In April alone, Solana’s DApps amassed over $162 million in revenue, a clear sign of a thriving ecosystem poised to rival giants like Ethereum.

As PumpFun continues to draw users and generate substantial fees, it cements Solana’s status as a top-tier blockchain for high-throughput applications.

This heightened adoption and investment could propel Solana’s network value, setting the stage for a bullish Solana price prediction in the months ahead.

Solana price forecast

Short-term Solana price prediction is bearish, with the Moving Average Convergence Divergence (MACD) indicator hinting at a bearish crossover and the Relative Strength Index (RSI) showing higher lows that suggest shifting momentum.

Should SOL slip below the $140 support, a drop to $112, historically a strong buying zone, could be on the horizon.

However, the robust ecosystem growth, driven by PumpFun’s dominance and soaring revenue, lays a sturdy groundwork for a potential price recovery.

Those who prefer a more technical approach may find solace in the weekly chart. Here, the Chaikin Money Flow (CMF) indicator shows bullish divergence, while the MACD is displaying a decreasing selling pressure.

A recovery in trading volume, which stalled at the 200-week MA, could be pivotal. It could propel SOL to break out of its current resistance at $180, paving the way for a rally towards $200 or even $300.

Furthermore, a return of the candle into the rising parallel channel, which began in 2023, could spark a significant price surge, enabling SOL to outpace other leading cryptocurrencies.

Recently, Solana addressed a vulnerability in its confidential transfers, which was quickly patched with the help of zero-knowledge proofs. This swift response to a critical issue, despite the complexities of decentralised updates, ultimately strengthens investor trust in Solana’s long-term resilience.

As PumpFun continues its roll and Layer 2 innovations are on the horizon, Solana price prediction leans bullish, positioning SOL as a prime contender for investors seeking the next cryptocurrency to explode.