Solana Network Momentum Grows as Revenue and Stablecoin Supply Soar

The Solana network has seen significant growth in recent months, despite its token price trading below previous highs. Revenue generated by Solana applications reached $82.9 million in July, the highest monthly figure since February.

This milestone marks a new high for Solana's share of total network revenue, which climbed to 16.5% and placed it ahead of Ethereum as the third-largest blockchain by that metric.

The growth is also evident in the stablecoin supply, which reached an all-time high of $15.7 billion, indicating continued capital flowing into the ecosystem.

Memecoins have also seen a resurgence, accounting for approximately 25% of all Solana DEX volume as trading activity rotated back into the sector.

The chart has started showing subtle changes, with the narrowing gap between the 50-day EMA and 200-day EMA bands indicating buying demand returning to the market. However, if momentum weakens again, the Solana price could revisit liquidity below $60 or extend towards $55 before attempting another recovery.