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The Solana network has experienced outages as frenzied buying of memecoins such as $TRUMP and $MELANIA cause huge price surges.
Solana brings in the most fees
Generally, the overall picture for Solana is extremely positive. In just about all measures, Solana is crushing the opposition. DEX volume on the network is streets ahead of any other blockchain and 67% of all transactions are now taking place on Solana.
In fees for Sunday, despite being the cheapest, the Solana network brought in $4.7 million, with Ethereum in second place at $2.8 million.
Solana literally unusable
However, all the action that took place on Solana on Sunday had its cost. The sheer weight of transactions by investors FOMOing into memecoins $TRUMP and $MELANIA caused some serious failures, with eventually 40% of transactions failing.
At one point the network was described as “literally unusable”. With such a deterioration for users leading to criticisms that the much-touted Solana high-transaction throughput network was still not ready for widespread adoption.
$SOL huge volatility
Source: TradingView
The daily chart for $SOL shows the huge volatility that the cryptocurrency is currently experiencing. That said, the breakout from the downtrend has been successful and a daily candle wick has been down to test the 0.618 Fibonacci, which is a healthy sign.
It might be expected that the price could get above the previous all-time high at $264, and start to consolidate there. A spike to $295 took place on Sunday. $323 is the level of the 1.618 Fibonacci, which could be the next target.
$TRUMP heading for $100?
Source: TradingView
Only having been launched last Friday, there is not much price action still for $TRUMP. However, given the interest in this memecoin, and having seen a good retrace from the high at $76, down to $37, further upward spikes could certainly take place. The 1.618 Fibonacci price level at $101 is perhaps a possibility.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
