Solana's network activity is hitting record highs, but SOL remains under pressure. Here's why analysts say the token could still fall toward $60. | Credit: CCN.com
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Key Takeaways
Solana processed more than 1 billion non-vote transactions in a single week, while weekly active wallets surged.
Tokenized assets on Solana have reached $3.3 billion, and the network now accounts for roughly 97% of on-chain tokenized equity trading.
SOL is trading below its 50-day EMA, while the MACD and RSI suggest weakening momentum and growing selling pressure.
Solana has rarely looked stronger from a fundamental perspective. The blockchain is processing record transaction volumes, onboarding millions of new wallet addresses, expanding its lead in tokenized equities, and preparing to welcome one of the year’s most significant institutional stablecoin launches.
Yet SOL’s price is telling a very different story.
Despite unprecedented on-chain activity, the token has struggled to reclaim the $80 level and remains below key technical resistance.
The disconnect has left investors asking an uncomfortable question: if record network growth isn’t enough to lift SOL today, what will be?
The answer may lie in Solana’s tokenomics, where explosive ecosystem growth does not necessarily translate into increased scarcity for the native token.
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By nearly every on-chain metric, Solana is enjoying one of the strongest periods in its history.
During the seven days ending July 6, the network processed more than 1 billion non-vote transactions, an all-time milestone that reinforces its position as one of the highest-throughput blockchains in the industry.
User growth has been equally impressive. Weekly active wallet addresses surged from 16.8 million to 29.7 million in just two weeks, while the network has been adding roughly 8.4 million new addresses each week, according to on-chain data shared by analyst Ali Martinez.
SOLANA: BUY SIGNAL
A new buy signal has emerged for Solana. But one massive resistance zone stands between the current price and a potential rally to $100–$127.
Here’s the level that could decide the next major move for $SOL.
The value of tokenized assets on Solana has climbed to approximately $3.3 billion, up around $1.1 billion since early May.
The network now accounts for roughly 97% of on-chain tokenized equity trading, highlighting its growing appeal for real-world asset (RWA) applications.
Another potential catalyst is scheduled before year-end.
Open USD (OUSD), a stablecoin backed by more than 140 financial institutions, including BlackRock, is expected to launch natively on Solana.
Introducing Open USD: a stablecoin built for the internet economy, designed by the businesses growing it.https://t.co/jqgDRs6mKf
If successful, the deployment could inject substantial liquidity into the ecosystem and further strengthen Solana’s position as an institutional settlement layer.
Meanwhile, ongoing technical improvements such as QUIC networking, local fee markets, and the long-awaited Firedancer validator client continue to address one of Solana’s biggest historical weaknesses: network reliability.
Taken together, the ecosystem appears healthier than ever.
Why Record Activity Isn’t Translating Into Higher SOL Prices
The obvious question is why SOL continues to underperform despite these impressive fundamentals.
The answer lies largely in Solana’s economic design.
Unlike Ethereum, where periods of heavy network activity can significantly increase ETH burning and reduce circulating supply, Solana’s transaction fees remain extremely low.
While this makes the network attractive to users and developers, it also means that increased usage exerts relatively little upward pressure on the token itself.
Only a small portion of newly issued SOL is offset through fee burning. As a result, record transaction counts do not automatically translate into greater token scarcity.
This creates an unusual dynamic.
The blockchain can generate enormous utility, attract millions of users, and dominate emerging sectors such as tokenized stocks without producing the kind of supply-demand imbalance that typically supports sustained price appreciation.
Competition also remains intense.
Ethereum continues to dominate institutional capital despite Solana’s gains in tokenized assets, while Layer-2 networks offer increasingly inexpensive alternatives for developers.
Regulatory uncertainty surrounding cryptocurrencies in the US and Europe also continues to weigh on investor sentiment across the sector.
In other words, Solana’s ecosystem appears to be winning users faster than SOL is winning investors.
That distinction has become increasingly important as crypto markets mature and investors place greater emphasis on token economics rather than network usage alone.
Technical Indicators Point to a Critical Test
The technical picture currently favors caution.
SOL has struggled to regain momentum after repeated rejections between $78 and $79, leaving the token trading below both its descending trendline and the 50-day exponential moving average (EMA) near $76.6.
The Relative Strength Index (RSI) has slipped below the neutral 50 level, suggesting that buying pressure continues to fade, while the MACD has generated a bearish crossover, pointing to strengthening downside momentum.
Immediate support lies around $73-$74, but many analysts view $67.50 as the next major defensive level after a successful rebound in late June.
If that area fails to hold, the technical outlook becomes considerably more bearish, with $60 emerging as the next significant downside target.
On the upside, reclaiming $78.50 would improve sentiment and potentially reopen the path toward the psychologically important $95 level.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors.
Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.
