Solana Network Surges as Revenue and Stablecoin Supply Reach New Milestones

The Solana price has been struggling to recover from its June lows, but data suggests that the network is continuing to gain momentum. In July, revenue and stablecoin supply on the Solana network reached new highs, with stablecoin supply reaching an all-time high of $15.7 billion.

This influx of capital into the ecosystem has also led to a surge in memecoin trading, which now accounts for around 25% of all Solana DEX volume. Despite these positive trends, the Solana price remains below previous highs, testing an important support area near $60.

However, technical analysis suggests that demand is beginning to return to the market. The narrowing gap between the 50-day EMA and 200-day EMA bands indicates buying pressure, although confirmation still depends on future price action.

If buyers can reclaim the 200-day EMA around $90, higher resistance zones may become the next areas of focus. However, if momentum weakens again, the Solana price could revisit liquidity below $60, potentially extending toward $55 before attempting another recovery.