Solana Network Activity Hits Record Highs — Can SOL Avoid $60?

Solana’s network activity is breaking records at a pace that would typically send a token’s price soaring. Instead, SOL is grinding sideways below $80, caught between extraordinary on-chain momentum and a tokenomics structure that quietly absorbs that energy without converting it into price appreciation. The disconnect is sharp enough to deserve a close look.

Key takeaways

• Solana processed over 1 billion non-vote transactions in the seven-day span ending July 6 — an unprecedented milestone for the network.
• Weekly active wallets nearly doubled from 16.8 million to 29.7 million in just 14 days, with an average of 8.4 million new addresses joining each week.
• Tokenized assets on Solana reached $3.3 billion, up $1.1 billion since May 9, with the network commanding 97% of on-chain tokenized equity trading.
• Open USD (OUSD), backed by BlackRock and over 140 financial institutions, is scheduled for native deployment on Solana before year-end.
• SOL faces bearish pressure near $75, with resistance at $78–$79 and a potential breakdown target of $60 if support fails.

Record-Breaking Growth in Solana Network Activity

The numbers coming out of the Solana blockchain right now are genuinely hard to ignore. In the seven days ending July 6, the network cleared more than 1 billion non-vote transactions — a threshold that signals not just healthy usage but a platform operating at a different scale than most of its competitors.

Transaction Volume and Active Wallet Surge

User growth is accelerating just as fast. Weekly active wallet addresses jumped from 16.8 million to 29.7 million in a span of only 14 days — nearly a doubling. Crypto analyst Ali Charts flagged the trend on X, noting that Solana “continues to see strong network growth, with an average of 8.4 million new addresses joining each week.” That’s not a spike. That’s a sustained intake of new participants arriving at a clip most blockchains would envy.

What makes the figure more meaningful is that it holds even as the token price has stalled. New users aren’t being drawn in by speculative price action — they’re arriving for what the network actually does.

Expansion of Tokenized Assets and Market Share

The tokenized asset story adds another layer of institutional weight. The total value of tokenized assets on Solana has grown to $3.3 billion, reflecting a $1.1 billion increase since May 9 alone. In on-chain tokenized equity trading specifically, Solana is not just competitive — it holds approximately 97% market share, hosting $318.7 million worth of tokenized stocks.

That dominance is real, though worth contextualizing. Ethereum still hosts $648.9 million in comparable tokenized stock value, meaning Solana leads in share but trails on absolute volume. The gap suggests room for growth, but also reflects where institutional capital currently concentrates.

BlackRock-Backed Open USD Stablecoin Is Coming to Solana

The most consequential near-term catalyst for Solana’s ecosystem isn’t a price prediction — it’s a stablecoin. Open USD (OUSD), supported by over 140 financial institutions including asset management giant BlackRock, is scheduled for native deployment on Solana before the end of the year. The consortium chose Solana as its primary launch blockchain, a selection that carries both symbolic and practical weight.

A stablecoin with that kind of institutional backing could channel significant fresh liquidity directly into the Solana ecosystem. It would also deepen the network’s credibility as a settlement layer for real-world financial instruments — a positioning that aligns directly with the tokenized asset growth already underway. Whether that liquidity translates into SOL price appreciation, however, depends on a structural problem that no stablecoin deployment solves on its own.

Why Solana’s Tokenomics Work Against the Token Price

Here is the friction at the center of the SOL story. Network fees on Solana are exceptionally low — a feature that drives adoption and makes the platform attractive for high-frequency use. But that same design means only approximately 1% of newly issued coins are burned through fee destruction. Compare that to Ethereum’s burn mechanism, which can turn periods of high activity into net deflationary supply events, and the structural gap becomes clear.

High on-chain activity, in Solana’s current model, does not mechanically reduce token supply in any meaningful way. More transactions do not create scarcity. The result is a platform that can process a billion transactions a week and add millions of new users while the token price drifts sideways, because the economic feedback loop between usage and price appreciation is simply not tight enough. Unless the tokenomics framework evolves, growing Solana network activity alone won’t reliably push SOL higher.

Technical Analysis of SOL Price Reveals Bearish Pressure

The chart is not offering much relief. SOL currently faces downward pressure in the region of $75, having already broken below an ascending channel after repeated rejections at a declining trendline in the $78–$79 zone. That resistance band is the first ceiling buyers need to reclaim.

If they fail to do so, the nearest support sits at $73–$74. A decisive break below $75 opens a path toward the $60 price region — a level that would represent a significant pullback from current levels. On the upside, a sustained move back above $78.50 would improve the near-term technical picture meaningfully, with $95 as the subsequent major target.

The tension between those two scenarios captures the broader Solana narrative right now: exceptional fundamentals on one side, structural and technical headwinds on the other. The network is performing like a flagship blockchain. The token is not performing like the network would suggest it should.

Whether the arrival of OUSD and its institutional capital base changes that equation before year-end may be the most important question Solana holders are sitting with — and one the data cannot yet answer.

FAQ

Why is Solana’s price stagnant despite its growing network activity?

Solana’s network fees are very low, meaning only about 1% of new coins are burned per issuance cycle. This limits the deflationary pressure that would typically support price appreciation, so high network usage alone does not translate directly into token value gains under the current tokenomics structure.

What upcoming event could impact Solana’s liquidity?

The deployment of Open USD (OUSD), a stablecoin backed by BlackRock and over 140 financial institutions, is scheduled on Solana before the end of the year. It was selected as the primary launch blockchain, which could bring significant new liquidity into the Solana ecosystem.

What does technical analysis suggest about Solana’s token price?

Technical analysis shows bearish pressure near $75, with resistance in the $78–$79 range and support at $73–$74. A breakdown below $75 could expose a move toward the $60 level, while reclaiming $78.50 would open the path toward $95.

How significant is Solana’s tokenized equity trading compared to Ethereum?

Solana holds approximately 97% market share in on-chain tokenized equity trading and hosts $318.7 million in tokenized stocks. However, Ethereum’s comparable tokenized stock volume stands at $648.9 million, meaning Solana leads by share but still trails in total absolute value.

Article produced with the assistance of artificial intelligence and reviewed by the editorial team.