Solana (SOL) Network Growing Fast, User Activity Dwarfs Ethereum (ETH) as TRUMP Meme Coin Sparks Ecosystem Activity

Solana has been navigating a highly volatile market environment ever since the launch of the TRUMP meme coin, which has brought unprecedented attention to its ecosystem.

Solana's price has been on a wild ride ever since the launch of the TRUMP meme coin, attracting attention to its ecosystem and sparking a surge in network activity.

According to Glassnode, this event has led to a massive influx of users, with active addresses on Solana reaching an impressive 832,000 per hour. This dwarfs Ethereum's activity, which currently averages 31,000 active addresses per hour.

Solana's scalability and capacity to handle high transaction volumes have made it a network of choice for emerging projects, particularly in the meme coin sector. As investors assess Solana's potential, its robust fundamentals and growing ecosystem suggest it is well-positioned to lead the next phase of market growth.

If Solana manages to break past its all-time high and enter price discovery, it could ignite widespread enthusiasm across the altcoin market. With strong user activity and a growing base of developers and projects, Solana appears ready to solidify its position as a major player in the cryptocurrency space, rivaling Ethereum's dominance. The coming weeks will be crucial as Solana strives to maintain its momentum and deliver on investor expectations.

Solana's price action details: key supply levels

Solana (SOL) is currently trading at $256, maintaining its position above a key demand level that has provided strong support in recent sessions. This resilience has kept bullish sentiment intact, with traders eyeing further upside potential.

However, the focus now shifts to critical supply zones, particularly at $266 and Solana's all-time high (ATH) of $295. A successful push above $266 could act as a stepping stone for SOL to retest its ATH, signaling renewed momentum and attracting further buying interest.

Breaking and holding above $295 would not only confirm the bullish trend but also likely send Solana into price discovery, potentially igniting enthusiasm across the altcoin market.

Despite the promising outlook, maintaining support above $240 remains crucial for sustaining the bullish thesis. Losing this level could trigger increased selling pressure, potentially pushing Solana into a deeper consolidation or correction phase. Such a move would challenge the current upward momentum and dampen short-term investor sentiment.

For now, Solana appears well-positioned to continue its upward trajectory, provided bulls can defend key levels and reclaim important supply zones. The next few trading sessions will be pivotal in determining whether SOL can sustain its rally and deliver on the market's optimistic expectations.