Solana Token Issuance Hits 80-Day High Driven by Memecoin Platform Pump.fun
- Surge in Token Issuance: As of June 30, the number of new tokens issued on the Solana blockchain reached 47,619, marking an 80-day high and indicating a significant increase in network activity, particularly from token creation platforms.
- Increase in Token Graduations: On the same day, 764 tokens graduated, with the majority coming from the Pump.fun platform, which accounted for 740 of those graduations, highlighting its dominant role in token issuance.
- Market Drivers: SolanaFloor noted that the surge in issuance coincided with the launch of the ANSEM memecoin, suggesting that memecoin-related activities continue to be a primary driver of new token issuance, reflecting speculative trends in the cryptocurrency market.
- Enhanced Network Engagement: The spike in token issuance is a positive signal for Solana's network engagement, indicating active building and trading by developers and users, but it raises concerns about the sustainability of such activity, particularly if heavily reliant on memecoin hype.
Get Real-Time Alerts for Any Crypto Movement
Technical Analysis for PUMP
Technical Sentiment Analysis for Pump.fun (PUMP). As of , Pump.fun (PUMP) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 2 indicators are flashing buy, while 5 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for PUMP stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, PUMP is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Pump.fun (PUMP) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.000669 | 0.00091 | 0.00118 | 0.00142 | 0.00168 | 0.00192 | 0.00219 |
| Fibonacci | 0.00091 | 0.0011 | 0.00122 | 0.00142 | 0.00161 | 0.00173 | 0.00192 |
About PUMP
About the author
