Solana record activity as SOL rallies above $100 on rising on-chain use
Solana (SOL) is seeing record network usage alongside a sharp price rally. Onchain data cited by The Kobeissi Letter shows Solana processed 4.2 billion transactions in July, a monthly record and up 13.5% vs. June. Weekly non-vote activity also hit a new high, while DefiLlama reported about 109 million transactions and 2.7 million active addresses in a 24-hour window.
Trading and DeFi activity increased with the market move. DefiLlama data showed Solana-based DEX volume reached about $20.14 billion over seven days (up 103% week-over-week), with daily volume near $3.02 billion. Solana stablecoin supply rose to roughly $15.94 billion in the same dataset, with USDC at 44.95% of the stablecoin market.
Real-world assets (RWA) on Solana also expanded. RWA.xyz estimated distributed RWA value at about $3.97 billion as of Aug. 25 (up 11.81% over 30 days), with 1,243 tracked assets and around $125.9 million in represented asset value. Broader tokenized government-debt themes remain significant, though providers’ methodologies differ.
Price action: SOL gained about 40% in eight days and traded above $100 for the first time since February, briefly topping $102.88. Analysts flag nearby resistance around $100 and mixed momentum signals after the run.
Macro catalyst: The US Treasury announced it would at least double long-dated liquidity-support buybacks (from $2B to at least $4B per operation from Sept. 9), coinciding with a strong one-day crypto rally. However, resistance levels and potential momentum cooling could affect follow-through after the breakout.
Bullish
This news is broadly bullish because it links Solana (SOL) price strength to multiple confirming fundamentals: a record 4.2B monthly transactions figure, rising DEX volume, higher stablecoin supply, and expanding RWA value. In past crypto breakouts, such “usage + liquidity” alignment (more transactions/DEX volume alongside better token liquidity) often supports follow-through beyond the initial headline move.
In the short term, SOL has already shown momentum by reclaiming the $100 area, which can attract momentum traders and ETF/institutional attention. The US Treasury buyback expansion is also a clear liquidity-tailwind catalyst, similar to prior macro-driven “risk-on” sessions where yields fell and crypto broadly rallied.
However, traders should watch for two risks reflected in the article: (1) technical resistance around $100 and potential bearish momentum signals after the spike, and (2) the possibility that elevated activity data includes multiple transaction definitions (non-vote vs. total), which can create volatility in metrics. If SOL fails to hold reclaimed moving averages or loses the $100 breakout structure, a pullback toward recent support is likely. Long-term, continued RWA growth and sustained stablecoin/DEX usage would reinforce the bull case, but confirmation via sustained volume and address growth matters.