The daily token creation activity on the Solana network spiked, and the market is anticipating a memecoin season. Despite the daily token creation on launchpads hitting an 11-month high, the SOL prices have crashed to a 9-month low.
The crypto market is crashing, as Bitcoin plummeted to $81K from yesterday’s price of $85K, with the prevailing geopolitical turmoil. Amidst such adverse conditions, the memecoin creation on Solana launchpads reached an 11-month high of 44.5K, just a few days ago. Most of the coin creation is concentrated on the Pump.fun launchpad.Â
Out of the total of 44.5K, there were more than 38.7K coins created on Pump.fun, which is around 87% of the total coin creation. However, after reaching this pinnacle, the coin creation has dropped to 38.7K as of yesterday.
Memecoins thrive in healthy markets
When the memecoins start to blow up on networks, it shows that the market is maturing and the liquidity is high. Memecoins don’t boom in dry markets. Such behavior further shows the increased risk appetite of the traders.Â
However, looking at the market, it does not look very encouraging. The market cap crashed below the $3 trillion mark and is now $2.79 trillion. Bitcoin slipped to $81K, liquidating more than $750 million within an hour. Despite the gloomy background, Solana traders are hanging tight onto their Solana tokens.Â
Long-term SOL HODLers increase
According to Glassnode, the HODL Waves data shows a significant increase in the 3-month to 6-month holding group. In just a matter of 48 hours, this group’s share of Solana supply rose from 21% to 24%. This cohort largely consists of investors who entered positions around October 2025. Hence, there is a conviction of a recovery even as Solana staggers below the $120 price level.
In the chart above, SOL has crashed to its 11-month low of $113 as it still tries to find stable ground to change its direction of motion. Technically, the Relative Strength Index (RSI) shows a bullish divergence, where the price makes a lower high while the RSI makes a higher high. This pattern indicates that SOL is gaining and building momentum despite not showing any visible change on the charts.
Given that Solana recovers, it will first test the resistance level close to the 50-day moving average, which is at $132. However, if SOL fails to recover from this support, a fall below this could be fatal and may take the price to two digits.
