Solana hits 1 billion weekly transactions as price stalls at $74

Solana processed more than 1.01 billion non-vote transactions in the week ended Aug. 2, a record for the network, while SOL traded near $74, below key technical resistance levels.

Memecoin trading generated 28 percent of weekly DEX volume on Solana, while application revenue rose 32 percent from April lows to $23.9 million during the week, according to data compiled by U.Today.

Weekly transaction volume has climbed steadily since 2025, regularly exceeding 800 million before crossing the 1 billion mark. Unlike earlier surges driven by memecoin speculation, the current increase reflects activity across DeFi, stablecoin transfers, token launches and consumer applications. Solana's high throughput, low fees and fast finality continue to attract developers and users who require inexpensive on-chain execution.

The gap between network fundamentals and price action is widening. SOL is trading around $74, below the 50-day exponential moving average at $79 and the 100-day EMA near $75, while the 200-day EMA sits at $91. The relative strength index is near 46, and trading volume has declined during the consolidation, suggesting market participants are waiting for a specific event to set a new trend.

Record Activity, Stalled Price

SOL has stabilized after a sharp drop in June that took it below $65. The token has since entered a sideways range between $72 and $76, with the 50-day and 100-day moving averages converging near the current price, suggesting a decisive move may be approaching.

The record transaction volume spans multiple use cases. DeFi protocols, stablecoin transfers, token launches and consumer applications are all contributing to baseline demand that persists beyond short-term speculative cycles. As more decentralized applications launch on Solana, transaction demand has become structural rather than episodic.

The divergence between on-chain usage and token price is not unique to Solana. Ethereum, the largest smart contract platform, and Bitcoin have both experienced periods where network activity grew ahead of price discovery. The question for SOL holders is whether the current record activity represents a leading indicator for price or a lagging one.

A break above the 100-day EMA at $75 could open a path toward the 50-day EMA at $79, while a drop below the $72 range floor would test the June lows. The convergence of moving averages near the current price suggests the market may soon pick a direction.

Solana's record activity comes as the broader crypto market trades in a subdued range. Bitcoin has also struggled to break out of its recent consolidation, and total market capitalization across digital assets has remained flat over the past month. If Solana's on-chain growth continues, it could eventually attract institutional attention and narrow the gap between network usage and token valuation.

This article is for informational purposes only and does not constitute investment advice.