Despite falling from $215, Solana shows bullish signs.
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Key Takeaways
In August, Solana processed 2.9 billion transactions and doubled active addresses to 83 million.
Addresses holding ≥10,000 SOL continue to grow, signaling confidence from high-value investors.
Despite dropping from $215 to $177, SOL remains in an ascending channel with bullish indicators.
August proved decisive for the broader crypto market, but it was more than price gains for Solana (SOL). The blockchain notched several key milestones, indicating its growing strength and adoption.
Still, SOL’s price fell short of retesting its all-time high. These achievements may be laying the groundwork for a sustained rally. The momentum behind Solana suggests higher valuations could be on the horizon.
Solana Hits New Milestones
Solana generated $148 million in application revenue, a 92% increase year-over-year (YoY), surpassing every other blockchain network.
On the trading front, the ecosystem saw an all-time high in perpetual futures volume at $43.8 billion and recorded $144 billion in decentralized exchange (DEX) volume, marking a 180% YoY surge.
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More importantly, Solana processed 2.9 billion transactions, a 46% YoY jump and more than four times the combined volume of competing blockchains.
The number of active addresses doubled year over year to 83 million, reflecting accelerating user engagement.
New token creation flourished, with 843,000 new tokens launched in August alone, up 138% YoY. Of these, 357 tokens reached valuations of over $1 million.
A key driver of this optimism lies in the rising number of addresses holding balances above 10,000 SOL.
The steady growth of these high-value wallets indicates confidence among deep-pocketed players.
Such accumulation can have a dual effect: it reduces circulating supply available on exchanges while simultaneously reflecting a long-term bullish outlook.
SOL Number of Addresses with Balance ≥ 10k | Credit: Glassnode
If this trend continues, the concentration in larger addresses could increase SOL’s price, possibly pushing it toward $250.
On the daily chart, SOL trades within an ascending channel, a formation that typically signals sustained bullish momentum as long as support levels hold.
Adding to this positive outlook, the Supertrend indicator’s green line sits below the current price, reinforcing the bullish bias.
Meanwhile, the Moving Average Convergence Divergence (MACD) continues to print positive readings,
Taken together, these technical signals point to a favorable setup for Solana. If buyers maintain control within the ascending channel, SOL’s price could breach the $218.55 resistance.
If successful, this could drive the altcoin to reach $252.10 near the 0.786 Fib level. However, failure to break the overhead resistance could send the cryptocurrency as low as $171.42.
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.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
