Solana Token Launches Hit Record High as Price Faces Key Resistance

Solana's token launch activity has reached an all-time high, with over 263,000 new tokens created in a single day. This surge in network activity comes as the SOL price remains near $105, facing resistance between $104.5 and $105.5.

Circle minted another 250 million USDC on Solana over the past 24 hours, adding to the picture of fresh stablecoin supply on the network.

The recent activity is not limited to token launches, as Solana apps generated $5.09 million in revenue in a single day, with the figure being about 50% higher than the next network on the list.

Bitwise has bought $107.4 million worth of Solana through its BSOL ETF over the past month, with most trading sessions seeing money flowing into the fund.