Solana-Backed Platform Pump.fun Introduces 'Project Ascend' Upgrade
Project Ascend Launch: Pump.fun has launched "Project Ascend," an upgrade to its revenue-sharing system on the Solana network, aimed at enhancing creator earnings and implementing dynamic fee structures for sustainable growth.
Impact on Solana Ecosystem: The update is expected to boost Solana's network activity, with notable crypto influencer Ansem highlighting that Pump.fun generates more daily earnings than Solana itself, leveraging the blockchain's low transaction fees.
Market Response: The market has responded positively to Project Ascend, with Pump.fun reporting significant daily platform fees, which could stabilize trading patterns for the PUMP token despite it being below its ICO price.
Growth Potential: Innovations introduced in Project Ascend, such as dynamic fees and faster processing, are designed to foster creator retention and align with community interests, aiming for a 100x growth in the Pump.fun ecosystem.
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Technical Analysis for SOL
Technical Sentiment Analysis for Solana (SOL) As of , Solana (SOL) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 1 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for SOL 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 stock.
Support, Resistance & Moving Averages From a structural perspective, SOL 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 $-.
Solana (SOL) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 15.727 | 41.614 | 67.077 | 92.964 | 118.427 | 144.314 | 169.777 |
| Fibonacci | 41.614 | 61.229 | 73.348 | 92.964 | 112.579 | 124.698 | 144.314 |
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