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Home CRYPTO

Solana Sees $120M Liquidity Inflow as Meme Coins Bounce Back — But Price Still Faces Resistance

by Drop Gorn
April 17, 2025
in CRYPTO, DEFI, FINANCE, MEMECOINS, OPINION, SOLANA
Reading Time: 4 mins read
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  • Over $120M in liquidity has returned to Solana, mostly from Ethereum and Arbitrum, fueled by renewed interest and surging memecoin prices like POPCAT and BONK.
  • Despite the hype, Solana’s fee generation has dropped sharply, with April fees sitting around $22M — far below January’s $400M peak.
  • SOL remains technically bearish, needing a daily close above $147 to flip bullish, while key support zones sit at $130 and $115 amid ongoing bearish divergences.

Over the last month, more than $120 million in liquidity has been bridged to Solana — a notable sign of renewed interest in the network. Most of that cash came from Ethereum — around $41.5M — followed by $37.3M from Arbitrum, according to data from Debridge. Even Base, BNB Chain, and Sonic chipped in with $16M, $14M, and $6.6M respectively. Money’s moving, no doubt.

From Exodus to Comeback?

Not long ago, it was a very different story. After the whole LIBRA memecoin fiasco in Argentina, which somehow roped in President Javier Milei (yeah, that happened), investors pulled $485 million out of Solana and moved it to chains like Ethereum and BNB.

Now? Things are flipping. Solana’s seeing memecoins fly again — names like POPCAT, FARTCOIN, BONK, and WIF have jumped 79%, 51%, 25%, and 21% just this past week. That kind of momentum tends to attract attention — and liquidity.

Solana Sol Utxo Realized Price Distribution urpd Ath Partitioned

Fees Are Lagging Behind the Hype

Despite the influx and meme coin mania, Solana’s actual fee generation isn’t keeping up. March saw just under $46 million in total fees. For comparison, January 2025? That number was over $400 million. April’s not looking much better so far — sitting around $22 million and counting.

So yeah, while the vibes are back, the actual revenue numbers… not quite.

Solana Total Generated Fees and Revenue

Technically Speaking: SOL Still Has Work to Do

Price-wise, Solana is still trying to break through some tough levels. Right now, it’s trading under $140, and the 50-day EMA is acting like a wall. To really shift the trend, SOL needs to close above $147 on the daily chart. Without that, the bearish structure stays intact.

Zoom into the lower time frame (LTF), and it’s not super pretty either. A bearish divergence has popped up again between price and RSI. If history repeats — and it has a few times this year — this could signal another dip incoming. Since January, we’ve seen four bearish divergences, all followed by corrections.

The setup looks eerily similar again: price briefly popped above the 50-day and 100-day EMAs on the 4-hour chart, but couldn’t hold. That move usually doesn’t end well.

Total Transferred Amount from Other Chains to Solana

Support and Resistance: The Key Levels to Watch

Looking ahead, Solana’s immediate demand zone sits between $115–$108 — that’s where buyers could step in again. But interestingly, there’s a bit of strength building around $130, too.

In a recent post on X, Glassnode noted that over 32 million SOL (that’s around 5% of total supply) was bought at the $130 level. That kind of concentration usually creates a strong support zone.

They added:

  • $129 is the pivot.
  • $117 could form the lower support.
  • $144.50 might be the top of the current range.

So, in short: Solana’s in a squeeze — momentum’s building, but unless it can punch through $144–$147, there’s still risk to the downside. At least for now.

Tags: $LIBRAFartcoinGlassnodePOPCATSolanaWIFX
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