The Solana ecosystem recently resolved a network congestion issue through an update. This led to a decrease in interest among users active in the ecosystem as the SOL price faced significant selling pressure. To understand more about the Solana ecosystem, let's analyze the on-chain data and SOL charts together.
Updates in the Solana Ecosystem
Ongoing network congestion in the Solana ecosystem caused difficulties for users in completing transactions. This created problems for airdrop hunters and memecoin investors.
Although it may be early to predict a positive phase for the Solana ecosystem after the recent update, several data points indicate a possible favorable trend. According to data from Token Terminal, transaction fees surpassed $3 million on April 2, marking the highest level in a month. By April 20, these fees dropped to $997,446, indicating continuing developments in the ecosystem.
The daily trading volume in the Solana ecosystem reached $1.95 billion on April 9. Subsequently, with increased memecoin activity, this volume surged to $6.47 billion on April 20. The recent fluctuations in trading volume are noteworthy.
The daily active users in the ecosystem declined to 749,000 on April 14 but rose to 851,000 by April 20. This number needs to rise from the peak of the last month, 1.2 million, as the decrease might be linked to rug-pull incidents on the network.
Continued Memecoin Trends
Recent data from Dex Screener indicates that Raydium, a DEX platform in the Solana ecosystem, experienced a trading volume of $476 million in the last 24 hours. The GUMMY/SOL pair had the highest trading volume of $52.7 million, showing a 110,000% increase and becoming a profitable project for investors.
In the two-hour Solana chart, there was a successful breakout on the falling trend line, boosting price momentum. However, the rise faced resistance at the EMA 200 (red line), leading to potential selling pressure in the short term. Support for Solana lies at the $153.17 level, with $160.87 as resistance.
This article was first featured on COINTURK NEWS.
