Solana Network Booms as Revenue Hits New High

Solana's network activity has continued to build strength in July, according to recent data. The blockchain saw its highest monthly revenue since February, with applications generating $82.9 million in revenue and Solana claiming a 16.5% share of total network revenue. This puts it third behind Ethereum.

The stablecoin supply on the Solana network has also reached an all-time high of $15.7 billion, indicating continued capital flow into the ecosystem. Memecoins have accounted for approximately 25% of all Solana DEX volume as trading activity rotated back into the sector.

Despite the improving network metrics, the Solana price has yet to fully reflect this trend, currently trading at around $73.15 after a June low of $60. Technical analysis suggests that demand is beginning to close the gap with selling pressure, with key resistance levels near $90 and further targets at $97, $110, and $130.

However, if momentum weakens again, the Solana price could revisit lower liquidity below $60 or even extend toward $55 before attempting another recovery.