Ethereum’s long-awaited Pectra upgrade took a major step forward as its final test went live on the Hoodi test network. This marks a critical phase before the upgrade is officially launched on Ethereum’s mainnet. If all goes well, developers expect Pectra to go live in the next 30 days. With Pectra’s final test in motion, experts believe the ETH price will see a price surge.
Pectra’s Final Test on Hoodi
The Hoodi testnet is the last of three test networks to run the Pectra upgrade. The first two tests, on Holesky and Sepolia, faced technical issues, making this final test crucial.
Meanwhile, Ethereum developers created Hoodi to ensure all bugs were fixed and that Ethereum’s network runs smoothly before the upgrade officially launches. Thus Pectra aims to improve Ethereum’s user experience by introducing smart contract functionality to wallets.
This means users may soon be able to pay transaction fees using cryptocurrencies other than Ether (ETH), making transactions more flexible and user-friendly.
Why Testnets Matter?
Testnets like Hoodi act as practice grounds for major blockchain upgrades. Developers use them to check for bugs and prevent any issues before launching new updates on the main Ethereum network.
If the Hoodi test runs without problems, Pectra will be closely monitored for 30 days before its official launch.
Ethereum Price Outlook
While the network upgrade is gaining attention, Ethereum’s price has also been making waves. Last week, ETH rebounded nearly 7% from the $1,861 support level and is currently trading around $2,025.
IF it maintains this momentum, Ethereum could aim for its March 7 peak of $2,258. However, for this to happen, the Relative Strength Index (RSI) must move past 39 and cross the neutral 50 mark.
Further market sentiment is showing signs of improvement, with Ethereum’s long/short ratio reaching 1.2287, indicating that long positions are outpacing shorts by 55%. This signals strong buying interest, which could help Ethereum maintain its upward trajectory.
At the beginning of 2025, Layer-1 (L1) blockchain network Solana found itself in the spotlight, thanks to meme coins.
Donald Trump’s Official Trump (TRUMP) meme coin launch on January 17 ignited a flurry of activity across the network, driving demand to levels unseen since the 2021 bull cycle.
While these volatile assets boosted Solana’s network activity and pushed up SOL’s price, they also present a paradox. They have brought in liquidity, users, and attention—but at what cost?
Presidential Memes Pump Solana Into Overdrive
Solana’s cheap, lightning-fast transactions and highly composable DeFi infrastructure make it one of the most preferred blockchains for launching meme coins. So when newly elected Donald Trump launched his TRUMP meme coin on the network in January, it came as no surprise to many.
Following TRUMP’s launch on January 17, demand for Solana skyrocketed, driven on the one hand by developers eager to launch their own meme coins and on the other by the frenzy of trading activity surrounding them.
Melania Trump followed her husband’s lead by launching her MELANIA meme coin on the same chain two days later. This move exacerbated the meme hype and drove significant trade volumes across multiple meme coins, both existing and newly created.
For example, within a day of launch, MELANIA’s trading volume soared 396%, jumping from $1.33 billion to $6.6 billion, according to CoinGecko data.
Solana Memes Took It to the Moon, Then Back Down
This development drove significant user engagement on Solana. According to Glassnode, by January 24, the network was processing 832,000 active addresses per hour, over 26 times more than Ethereum, which recorded just 31,000 per hour.
Due to the huge influx of new users on the network, transaction fees rocketed. Per Glassnode, Solana’s total transaction fees climbed to an all-time high of $32.43 million on January 19 after MELANIA launched. On the same day, SOL climbed to an all-time high of $293.
However, market exhaustion set in shortly after this price peak was reached. The meme coin mania began to fade, taking Solana users with it. Daily active addresses and new demand for the L1 plunged, dragging down DEX volume, SOL’s price, and DeFi TVL.
For example, SOL’s DEX volume hit an all-time high of $36 billion on January 19. But as the meme coin hype cooled off, by January 31, it had plummeted to just $3.8 billion, dropping nearly 90%. As of April 15, this totaled $1.5 billion.
Solana’s network revenue was not spared. Daily revenue, which rose to an all-time high of $16 million on January 19, plummeted to under $5 million by the end of January. Yesterday, the network’s total revenue from all transactions completed was under $115,000.
While TRUMP, MELANIA, and the slew of other meme coins that launched on Solana in the first few weeks of the year drove unprecedented network activity and boosted SOL’s value, the drop in their values and overall trading volumes has impacted the network’s performance.
It then raises the question of whether Solana’s actual value is now tied to this highly volatile, borderline chaotic asset class.
In an exclusive interview with BeInCrypto, Binance Research spokesperson Marina Zibareva noted that while these meme assets contributed to the network’s growth at the beginning of the year, Solana’s performance remains “increasingly driven by broader ecosystem fundamentals.”
According to Zibareva:
“We’ve seen DeFi TVL grow nearly 4x in SOL terms since January, and stablecoin supply has increased over 6x – pointing to lasting interest in real utility. Developer activity is also accelerating, with smart contract deployments rising almost 6x, suggesting strong long-term potential beyond the speculative wave.”
Although Solana’s inherent features make it a go-to destination for launching meme coins via platforms like Pump.fun, Jupiter, and Meteora, Zibareva sees a future for the network that stretches beyond meme coins.
“Meme coins have brought attention and users, but the long-term trajectory likely points toward use cases like DeFi, DePIN, Gaming, and SocialFi. Solana’s daily active addresses have increased nearly 6x year-to-date, and with its infrastructure battle-tested, we expect to see more developer activity focused on sustainable value creation,” she added.
The layer 1 blockchain Sui has garnered substantial investor optimism recently as it led the broader market gains with a price rally of nearly 70% in a week. On-chain metrics have indicated that the crypto’s price rally came against the backdrop of robust stats regarding the TVL, DEX Volume, and stablecoin growth on the network. Mentioned below are some of these key factors that appear to be driving the current price rally.
Sui Token Price Rallies Over 70% Weekly; A Brief Breakdown
SUI coin’s price is trading at $3.55 as of press time, marking gains worth over 17% intraday. Besides, the weekly price chart for the crypto showcased gains worth 69%. This bullish trajectory comes riding the back of a stockpile of optimistic market statistics.
Lookonchain’s data suggested that the crypto’s TVL, DEX volume, and stablecoin growth primarily contributed to the recent price upswing. Particularly, the network’s TVL increased by 38% over the week while surging nearly 7% in a day to reach $1.641 billion.
On the other hand, the 24-hour DEX volume saw a staggering 177% increase from last week, now resting at the $599 million mark. Meanwhile, stablecoins on Sui also witnessed robust growth over the past two months, zooming past from $482 million to $879 million and marking an 82% increase.
Bottom line? Recent on-chain stats indicated that the DeFi ecosystem is heating up, and market participants are gushing into the network. This chronicle potentially brings more users and locked assets to the ecosystem, thereby raising trading activity and liquidity while also ushering in growth.
It’s also worth keeping in consideration that the phenomenal stablecoin growth within the network further highlighted increased capital inflows. As a result, SUI token’s price rallied nearly 70% over the week, undermining major cryptos in the interim and leveraging market support.
Meanwhile, Bitcoin (BTC) price surged nearly 10% in the past seven days, closing in at $93K. Other major league altcoins like ETH, XRP, and SOL also gained 6%-14% over the week, with their gains comparatively lesser than L1 crypto mentioned above.
Besides, Coinglass data has further underlined burgeoning market interest in the L1 coin. SUI price rose alongside a 24% surge in its futures OI to $1.51 billion. Moreover, the crypto’s derivatives market volume saw a 37% increase to $10.90 billion.
In turn, market watchers are now eagerly eyeing the crypto, anticipating a sustained price rally amid bullish market dynamics. A recent report by CoinGape added that SUI token could rally to $10, citing bullish price chart formations.
The BTC price is again eyeing a breakout to new all-time highs (ATHs). This time, a potential agreement between the US and China in the ongoing trade war talks looks likely to be the catalyst. The flagship crypto blasted past $104,000 following Donald Trump’s statement on the “good meeting” between the two largest economies.
Donald Trump Says The US And China Had A Good Meeting
In a Truth Social post, Trump stated that they had a very good meeting with China on May 10 in Switzerland. He further remarked that they discussed many things and agreed on several things. He added that both sides negotiated a total reset in a “friendly, but constructive manner.”
The president also mentioned that he wants to see China open up to American business for the good of both China and the US. Donald Trump again affirmed that they have made great progress.
His statement comes just as CoinGape reported that the first round of the US China trade talks concluded without an official announcement of an agreement. As a result, both sides plan to continue trade talks on May 11, with US Treasury Secretary Scott Bessent and US Trade Rep Jamieson Greer leading discussions for the Americans.
It is worth mentioning that the Bitcoin price surged past the $104,000 resistance following Trump’s statement. The president’s statement undoubtedly provides optimism that the US and China could soon reach an agreement, which would be bullish for BTC and other crypto assets.
Market expert and president of the ETF Store, Nate Geraci, also commented on the BTC price action following Donald Trump’s statement. He noted that Bitcoin is pushing to the $105,000 price level and could soon make a run at its all-time high.
In line with this, he stated that the flagship crypto’s performance is undoubtedly on the radar of institutional investors and allocators. The expert added that he is highly interested in watching the Spot Bitcoin ETF flows over the next several weeks, which could be significant.
BTC Price Could Soon Hit New ATH
Crypto analyst Titan of Crypto has suggested that the BTC price could soon hit a new ATH amid Donald Trump’s statement. In an X post, he stated that a Bitcoin bullish crossover is happening. The analyst added that the MACD is flipping bullish on the weekly chart.
Titan of Crypto also revealed that BTC’s momentum is shifting, which could be the start of a bigger move. His accompanying chart showed that the Bitcoin price could rally to as high as $135,000 on this move.
A CoinGape market analyst also indicated that a BTC rally to $120,000 may be imminent. Based on the analysis, a breakout above $105,000 could ignite a rally toward the $112,000–$120,000 range.
