Onchain data To the left network-supported decentralized exchanges (DEXs) saw a 400% increase in trading volume in the past week. However, a closer analysis suggests that the increase may not reflect actual user engagement. The increase in trading volume across DEXs within the Solana network is primarily due to the recent surge in memecoins traded on Pump Fun.
What’s Happening on the Solana Front?
To the left This memecoin creation platform based on has gained popularity in the last few weeks because it allows users to launch these memecoin projects for free. The platform gained significant traction towards the end of June and has dominated activity on Solana DEXs since then. Data from Dune Analytics shows that since August, Pump Fun-related transactions have consistently outpaced other activity on these exchanges. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
For example, on August 18 Pump Fun which accounts for 70% of all activity on Solana DEXs, compared to just 30% for other transactions. This dominance highlights how the platform is shaping the trading dynamics in Solana’s decentralized finance (DeFi) ecosystem.
Despite this increase in DEX trading, user activity in the Solana ecosystem has not seen a corresponding increase. On the contrary, daily active addresses on Solana have fallen by 20% in the past week. This decline in users has also led to a decline in the network’s daily transaction count. According to Artemis data, transactions have decreased by 6% in the last seven days. The primary impact of lower user activity and transactions on a network is reduced fees and revenue. During the period under review, Solana’s transaction fees and network revenue fell by 34%.
LEFT Graphic Analysis
At the time of writing To the left It is trading at $147.3 and price action on the one-day chart indicates a possible uptrend. Currently, the MACD line (blue) is positioned to move above the signal line (orange). The MACD indicator tracks changes in direction and momentum in price trends.
When the MACD line crosses above the signal line, it usually signals a reversal from a bearish to bullish trend, indicating a potential short-term rally. If SOL completes this crossover and demand increases, its price could reach $148.27. However, if buying pressure decreases and bearish momentum prevails, SOL’s value could drop to $133.64.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
