Solana (SOL) price is about to conclude its second week of bullish recovery. With $140 in sight, its performance not only underscores a strong demand resurgence but also confirms that it is still one of the most appealing coins in the market.

Solana crypto was up 46% at its $139.5 press time price tag, and has successfully formed a double bottom pattern.

Solana price is set to conclude its second week of bullish recovery. With $140 in sight, its performance not only underscores a strong demand resurgence but also confirms that it is still one of the most appealing coins in the market.

Solana crypto was up 46% at its $139.5 press time price tag, and has successfully formed a double bottom pattern.

But can it maintain its bullish momentum as it approaches a previous resistance level near $145.

Solana price could potentially see some profit-taking in the coming days if market sentiment remains in fear territory.

Nevertheless, it was on track to conclude its first 2 weeks in the green after an extremely bearish Q1 performance.

Also worth noting is that a breakout above the short term resistance could fuel renewed demand.

This is because it will confirm SOL’s exit from its February and March bottom range.

Solid Q1 Performance Confirms that Solana is Still One of the Leading Chains

Although Solana price action took a massive bearish hit in Q1 as was the case with most coins, some aspects of its network performance still demonstrated strength.

For example, the network still managed to generate sizable revenue in Q1, which was roughly half of its total 2024 revenue.

The impressive feat in Q1 alleviated concerns that the network might not be able to keep up with the momentum it demonstrated in 2024.

Upon closer inspection, it turns out that that Solana was able to maintain robust activity in January.

Things have cooled down significantly since then, as evident by declining active addresses in the last 3 months.

For context, daily Solana active addresses peaked at 6.5 million addresses in January. The figure dropped to a fraction at about 1.67 million addresses as per the latest data.

Nevertheless, the network still continued to demonstrate significant activity even though things have cooled down. The declining address activity was a reflection of external macro-economic influences.

Can Solana still deliver strong performance outside of Pump Fun?

There is no doubt that Pump Fun played a significant role in Solana network activity over the last 12 months.

It was the mint through which new tokens made their way into the market at an aggressive pace.

But can Solana still maintain strong network activity and demand for the native Solana crypto outside Pump Fun?

On-chain data may offer insights revealing the extent of the network’s performance with and without Pump Fun.

The latter did contribute significantly to Solana volumes between November 2024 and February 2025.

Pump Fun had its highest token volume at $3.13 billion on 19 January. For context, its volumes have since declined aggressively.

Pump Fun volume dropped as low as $29.98 million on 18 April, which means its contribution to Solana network activity was heavily diminished over the last few weeks.

Meanwhile, Solana’s real economic value peaked at $56.82 million on 19 January, which means it was much lower than Pump Fun’s contribution.

However, the total real economic value was down to $2.83 million which was the last available data set.

This outcome does indicate that Pump Fun has been playing a pivotal role in most of the network activity on Solana.

Which could suggest that meme coins were a big factor in Solana’s performance. This also raises questions as to a decline in meme coin activity could influence Solana’s performance moving forward.

On the other hand, meme coins could still make a strong comeback during the market’s next phase of bullish excitement.

Also, Solana still has a broad ecosystem outside of meme coins which could still support robust network activity moving forward.