Solana Network Activity Soars as Token Price Remains Cautious

The Solana network has shown continued growth and momentum despite its token price remaining below previous highs. In July, the network saw significant activity, including a new all-time high in stablecoin supply at $15.7 billion and revenue reaching $82.9 million, marking the highest monthly figure since February.

This is a significant milestone for Solana, as it shows continued capital flowing into the ecosystem. Additionally, memecoins have returned to prominence, accounting for roughly 25% of all Solana DEX volume in July.

The technical structure of Solana is also showing signs of demand returning. The narrowing gap between the 50-day EMA and 200-day EMA bands indicates buying pressure beginning to close the gap with selling pressure. However, confirmation still depends on future price action.

Key resistance levels for Solana are near $90, which represents a turning point if buyers can reclaim that level. Higher resistance zones around $97, $110, and even $130 may also become areas of focus. On the other hand, if momentum weakens again, the price could revisit liquidity below $60.