Solana
Solana network revenue hits four-month high on improving ecosystem metrics
Applications on the Solana network generated $82.9 million in July, the strongest month since February, as stablecoin supply reached an all-time $15.7 billion.
Activity across the Solana ecosystem strengthened in July, with network applications generating $82.9 million in revenue—the highest monthly total since February. Stablecoin supply reached a record $15.7 billion, while memecoin trading accounted for roughly 25% of decentralized exchange volume, signaling renewed interest in speculative assets on the chain.
Solana's share of total blockchain network revenue climbed to 16.5%, making it the third-largest network by that measure, ahead of Ethereum. The token itself rose from June's low of $60 to around $73.15 in early August, though it remains well below previous highs.
On-chain indicators suggest momentum is building despite market caution. The narrowing gap between the 50-day and 200-day exponential moving averages typically indicates buying pressure is gaining ground against persistent selling. The next technical level to watch sits near the 200-day EMA around $90. A break above that could open resistance zones at $97, $110, and $130, near the middle of a falling wedge pattern that may define longer-term recovery potential.
A bearish scenario remains possible if momentum falters. The price could revisit support below $60 and potentially extend toward $55 before any fresh recovery attempt.
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