Solana’s Ecosystem Expands as PumpSwap and Stablecoin Supply Surge
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Recent developments in the Solana ecosystem have caught the attention of the cryptocurrency community, with Pump.fun’s PumpSwap and a significant increase in Solana’s stablecoin supply driving excitement and potential growth opportunities.
Pump.fun Surges with PumpSwap Launch
Pump.fun, a prominent meme coin creation platform, has seen its income rebound since launching PumpSwap, a decentralized exchange on Solana’s blockchain. Despite facing lawsuits and criticism, Pump.fun has become one of the largest protocols by fees and revenue. PumpSwap has grown quickly, managing over $2.62 billion in trade volume in less than two weeks.
Solana’s Stablecoin Supply Surges by $106M: Can this Drive a Rally?
Over the past 24 hours, Solana (SOL) has seen a notable surge in its stablecoin supply, with $106.8 million added to the network. This indicates rising demand for SOL. Accumulation in the spot market has also increased over the past five days, suggesting a shift in sentiment among investors. Despite its recent bearish trend, SOL has remained relatively stable over the past 24 hours, dropping slightly by 1.05%. The growth in stablecoin supply and investor accumulation are clear indications of a prevailing bullish sentiment in the market.
Solana (SOL) Holds Steady After Decline—Breakout or More Downside?
Solana (SOL) started a fresh decline below the $132 support zone and is now consolidating. The price might struggle to recover above the $126 resistance. SOL recently started recovering from the $122 support zone but is still trading below $130 and the 100-hourly simple moving average. A key rising channel is forming with support at $124 on the hourly chart. If the bulls clear the $126 zone, SOL could start a fresh increase. A low was formed at $122.64 before the consolidation phase began.
Solana (SOL) Price in Trouble Amid Whale Sale
Solana (SOL) has seen a 5% price drop to $125.19 after a whale dumped 60,289 tokens worth $7.67 million. Network growth remains robust with 11.12 million addresses holding SOL, but the sale exposes near-term stability weaknesses. Traders are watching a key support level, which if broken, could amplify losses.
