Solana price is holding steady above the $140 level after PumpFun overtook Ethereum in fee generation. This development reflects rising meme coin activity on the Solana blockchain. It also indicates growing investor interest in Solana-based applications.

Solana Price Holds $140 Support Level

The current market value of Solana stands at $143 with a 1% decline recorded during the past day. Solana’s prices show a minor drop but the $140 support line remains unbroken. Previous Solana price rebounds in history relied significantly on this lower boundary.

According to TradingView data, the last time SOL lost this support, it fell to around $105. However, when the price held this level in prior cases, the token rebounded sharply. The $140 mark remains a crucial zone for SOL bulls.

The market for cryptocurrencies faces growing negative pressure in the market. Bitcoin fell beneath $95,000 which helped create a bearish market environment. SOL maintains its position above the fundamental support level.

PumpFun Pushes SOL Ahead of Ethereum in Fees

PumpFun, a meme coin launchpad on Solana, has generated more fees than Ethereum this year. According to Token Terminal, PumpFun fees have reached $294 million year-to-date. In contrast, Ethereum’s yearly fees stand at $248 million.

A SOL-based dApp established history by generating more transaction fees than Ethereum-based dApps. The data indicates Solana’s growing dominance in blockchain operations. On the Solana network, the PumpFun meme token ecosystem drives improved overall system activity.

DeFiLlama statistics demonstrate that SOL network utilization continues to grow. During April, Solana outpaced Ethereum by matching its decentralized exchange (DEX) trading volumes. Solana registered $70 billion in DEX activity compared to Ethereum’s $56 billion.

Meme Coin Activity Drives Price Forecast

Increased meme coin activity often precedes a rally in Solana price. Analysts say this may create bullish momentum for SOL. The rising activity supports the belief that Solana could retest its all-time high of $300.

Network analytics show clear patterns while technical signals display potential market threats. Technical market research indicates that MACD sits presently beneath the signal line. The pattern based on technical indicators shows upward trend indications but warns about future market shifts towards selling.

The Relative Strength Index (RSI) indicator moves lower steadily. Technical indicators signal a potential sell signal when the RSI index drops below 50. Solana would probably decline to $112 if these conditions materialize.

SOL Price Outlook Amid Market Volatility

Despite bearish indicators, the strong $140 support level may encourage buyers to reenter the market. If the price holds, SOL may aim for the next resistance at $180.

Crossing the $180 barrier could trigger a bullish run. It may also increase Solana’s chances of outperforming Ethereum in other metrics.

Investors should track both technical and on-chain signals. The increasing usage of blockchain represents a constructive development. In addition to managing risks, traders need to address the volatile nature of crypto markets.