Solana Network Gains Momentum as Revenue and Stablecoin Supply Hit New Highs
The Solana price has been struggling to recover from its June low of $60, but activity on the network suggests that momentum is building.
In July, the network saw significant growth in revenue and stablecoin supply. According to data, Solana applications generated $82.9 million in revenue during July, marking the highest monthly figure since February.
This growth has pushed Solana's share of total network revenue to 16.5%, making it the third-largest blockchain by that metric and surpassing Ethereum. Meanwhile, stablecoin supply reached an all-time high of $15.7 billion, indicating continued capital flow into the ecosystem.
The Solana price has yet to reflect this growth, but technical indicators suggest that demand is returning. The narrowing gap between the 50-day EMA and 200-day EMA bands indicates buying pressure increasing, although confirmation depends on future price action.