Solana News: Bulls Battle to Maintain $240 Support Amid Bearish Pressure

Solana's price action is currently under intense scrutiny as bulls work to counteract bearish pressures, striving to keep the cryptocurrency above the critical $240 support level. This level has emerged as a key indicator of market sentiment, serving as a crucial defense point for buyers aiming to sustain the ongoing uptrend. The battle around the $240 mark underscores its dual role as both a technical support zone and a psychological barrier, which could significantly influence Solana's price trajectory in the near term.

Solana Bulls Counter Bearish Pressure To Keep Price Above $240

Solana's price action is intensifying as bulls strive to counteract bearish pressures, aiming to sustain the cryptocurrency above the crucial $240 support level. This level has become a significant indicator of market sentiment, acting as a pivotal defense point for buyers to maintain the ongoing uptrend. The struggle around the $240 mark highlights its dual role as a technical support zone and a psychological barrier, which could dictate Solana's short-term market direction. A successful hold at this level may rejuvenate market confidence and potentially trigger a rally. Conversely, failing to sustain this support could lead to further declines.

Solana Hits Record Fees and Revenue as TRUMP and MELANIA Fuel Surge

Solana's network fees and revenue have reached an all-time high due to increased demand for transactions on the blockchain. This surge is primarily driven by the popularity of meme coins TRUMP and MELANIA, which have attracted a significant number of users and traders to the Solana network. According to DefiLlama, Solana's daily network fees totaled $36 million on Monday, marking a 176% increase from the previous day's $13 million. Similarly, the revenue derived from these fees reached $18 million, up 200% from Sunday's $6 million. Despite the surge in activity, the network faces challenges in handling the increased demand.

Mr Beast Dismisses Rumors of Launching a Memecoin on Solana

Mr Beast, a popular YouTuber, has shut down rumors suggesting he might launch a memecoin on the Solana blockchain. Speculation began when Solana's official account followed Mr Beast on X, leading fans to believe he might join other celebrities like Iggy Azalea and Caitlyn Jenner in the memecoin space. Mr Beast addressed the rumors directly, stating that while he could potentially make hundreds of millions of dollars from a memecoin, he finds the idea 'icky' and has no plans to pursue it. The rumors were further fueled by a post from Crypto Beast, who claimed to have insider information about an upcoming memecoin from Mr Beast. However, Mr Beast quickly dismissed these claims, reaffirming his disinterest in the memecoin trend.

Coinbase Scales Solana Infrastructure Amid TRUMP Token Surge

Brian Armstrong, co-founder and CEO of Coinbase, has addressed concerns regarding slow transaction times on the platform, particularly related to Solana. Armstrong assured users that the team is actively working to scale Solana's infrastructure to handle the unexpected surge in activity. The surge is attributed to increased interest in the TRUMP token and other Solana-based transactions. Coinbase, a leading cryptocurrency exchange, is prioritizing the resolution of these delays to improve user experience.