Pump.Fun’s Daily Trading Volumes Hit New Record

Notably, Pump.fun booked its highest single-day volumes at $2 billion, although trading fees are still relatively low.

Fees are often the primary driver for an increase in $PUMP’s price. If these higher volumes translate into a larger number of tokens being created through the platform, that could result in a significant price expansion for this platform’s native asset.

Despite this uptick in DEX volumes, we can still see that weekly transactions remain heavily depressed compared to the days when SOL was rising above $180. Back then, weekly transactions peaked at 816 million in late July.

The price went on to climb to $240, but that uptick became unsustainable as transactions started to drop sharply.

Data from Artemis² shows that weekly transactions currently sit at 487 million, or 40% below that recent peak. Hence, unless we start seeing network activity pick up dramatically, SOL’s latest recovery could still be categorized as a bear market rally.

SOL Reversed Its Downtrend, But How High Can It Go?

After breaking out of its falling wedge, Solana seems headed to retest the $160 area. This is a level where a former area of support and the 200-day exponential moving average (EMA) are in confluence, which increases its technical relevance.