   
Solana (SOL) has become a notable player in the crypto market, rising 4.48% to $240.16. The rally, supported by record memecoin activity within its ecosystem, solidified Solana’s position as a blockchain powerhouse. But is this the beginning of a a sustained “Solana season” or will the momentum fade?
Data from DefiLlama reveals a remarkable increase in fees generated by Solana decentralized applications (dApps). Raydium (RAY) led the charge with $69 million in fees over the past week, ranking just behind Tether (USDT). Solana itself took third place, generating $49 million in fees, with Jito, Photon and Pump.fun rounding out the top ten.
Solana did 7 TIMES more volume than Ethereum in the last 24 hours. pic.twitter.com/SZ6YM4M5Lk
— gum (@0xGumshoe) November 18, 2024
Pump.fun, a trending hub for Solana meme coins like Peanut the Squirrel (PNUT) and Goatseus Maximus (GOAT), took home 11th place in the fee rankings. PNUT has a market cap of $1.6 billion, while GOAT has a market cap of $1.1 billion.
The increase in memecoin transaction volumes has significantly increased Solana’s transaction fees, fueling the network’s growth.
Solana Memecoin Market Cap Increases
The total market capitalization of Solana-based memecoins increased by more than 10% in the last 24 hours. At the time of writing this article, it stood at $22,334,091,293, – CoinGecko. At the top of the ranking are Dogwifhat (WIF) worth $3.7 billion, Bonk coin (BONK) worth $2.8 billion and PNUT in third place.
 These tokens have dominated the coin space and have seen a notable increase in trading volumes, reflecting increased user engagement.
The technical dynamics of SOL
Solana’s rally broke through key resistance levels, supported by trading volumes above 515,000. Technical indicators indicate sustained bullish momentum. The MACD shows continued bullish pressure, while the RSI remains elevated at 76, signaling an overbought condition. Despite this, positive market sentiment points to further gains.
The combined impact of increased memecoin activity and bullish market conditions has created a fertile environment for SOL Price Growth.
Solana showed the ecosystem’s capacity and strong user engagement to capitalize on meme coin trends. The increase in dApp fees and market capitalization of meme coins also indicates that the ecosystem is thriving and still attracting retail and institutional investors.
But traders should not rest on their laurels. Overbought conditions and high levels of whale profit-taking could lead to near-term corrections. However, the long term remains optimistic. Solana has an ever-expanding ecosystem and use cases for the coin, making it a significant player in the crypto market.
Solana’s recent rally could be the start of a broader uptrend. As meme coins continue to dominate activity and SOL metrics reach new highs, all eyes are on the network to see if it can maintain this momentum.