Despite trading below previous highs, Solana’s network activity has been on the rise. While the token saw a climb from $60 in June to $73.15 in early August, various on-chain indicators point to a growing ecosystem even in a cautious market.
July was a particularly active month for the network, with revenue, stablecoin supply, and memecoin trading all showing upward trends.
Solana Network Activity Keeps Building Strength
The latest data reveals a bustling picture, with Solana applications generating $82.9 million in revenue in July, the highest monthly figure since February. Additionally, Solana’s share of total network revenue increased to 16.5%, positioning it as the third-largest blockchain by this measure, surpassing Ethereum.
In the same period, stablecoin supply hit a record high of $15.7 billion, indicating a continuous influx of capital into the ecosystem. Memecoins also saw a resurgence, accounting for approximately 25% of all Solana DEX volume as trading activity shifted back to this sector.
Solana Technical Structure Shows Demand Returning
Although the Solana price has yet to reflect the improving network metrics, subtle changes are noticeable on the chart.
In June, the Solana price tested a significant support area, aligning with the lower boundary of a falling wedge pattern before bouncing back to the current range.
Another noteworthy technical development is the narrowing gap between the 50-day EMA and 200-day EMA bands. This usually signals that buying demand is starting to catch up with selling pressure, although confirmation depends on future price movements.
Key Resistance Levels Come Into Focus
The next obstacle lies near the 200-day EMA around $90. This level could be a turning point, and if buyers successfully reclaim it, higher resistance levels around $97, $110, and potentially $130 (near the middle line of the falling wedge pattern) might become the next areas of interest.
Despite these positive developments, the bearish scenario remains a possibility. If momentum weakens, the Solana price may retest support below $60, possibly dropping to $55 before attempting another recovery. Currently, the combination of improving ecosystem metrics and a strengthening technical structure indicates that the market is closely monitoring whether these fundamentals will eventually translate into price gains.
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