Solana Price Faces Brief Correction Post Recent Rally to $161 Level

• If the price breaks below $154 level, then it will likely test $147 support level.
• At the time of writing, SOL is trading at $157.65, down 0.62% in the last 24 hours.

With $3.04 million active addresses per day, Solana is at the top of the list. This statistic sheds light on how active the networks’ users are. The network has gained a lot of attention this year, especially during the meme coin craze, which has increased the number of users.

New protocols have been introduced to the blockchain, such as Pump.Fun, which has greatly enhanced the network’s meme coin trading capabilities. Also, more and more people are interested in investing in Solana after the launch of SOL liquid staking.

However, significant selling from the Pump.fun fee account and a normal decline after a three-week surge are the likely causes of the increased selling pressure lately. In the last five days, the Pump fun fee account has sold 122,250 SOL, which is about $18.9 million, according to Lookonchain.

The account’s activity has been substantial, as it has generated 773,617 SOL (equivalent to $120.68 million) in revenue. The platform’s revenue has been steadily rising as a result of the rising popularity of meme coins. So far, 398,313 SOL, or $62.13M, have been sold via this account. 

Brief Correction Underway

At the time of writing, SOL is trading at $157.65, down 0.62% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 42.21%. The price recently climbed all the way till $161 level and faced brief correction. The SOL price is up 8.84% in the last 7 days due to the recent rally.

If the price manages to climb above the recent high of $161 level, then it will likely climb further to test $174 resistance level. Breaking above this level, will likely see price testing $186 mark. Conversely, if the price breaks below $154 level, then it will likely test $147 support level.