Solana's network just posted record on-chain activity, yet SOL still cannot reclaim $80 and sits below key resistance. Analysts point to tokenomics in which heavy usage does not necessarily translate into token scarcity, and to weak momentum indicators that leave $60 in view.
Solana is running one of the strongest fundamental stretches in its history, but SOL's price refuses to follow. The token has struggled to reclaim the $80 level and remains below key technical resistance, even as the blockchain sets on-chain records. That gap is why some analysts warn the token could still slide toward $60.
Record activity, stalled price
The network's numbers are hard to argue with. During the seven days ending July 6, Solana processed more than 1 billion non-vote transactions, an all-time milestone for one of the highest-throughput chains in the industry.
User growth matches the throughput. Weekly active wallet addresses surged from 16.8 million to 29.7 million in two weeks, with the network adding roughly 8.4 million new addresses each week, according to on-chain data shared by analyst Ali Martinez. Institutional interest is building too: tokenized assets on Solana have climbed to approximately $3.3 billion, up around $1.1 billion since early May. The network now accounts for roughly 97% of on-chain tokenized equity trading.
Why usage isn't lifting the token
The disconnect traces back to tokenomics. Unlike Ethereum, where heavy activity can burn ETH and cut circulating supply, Solana's transaction fees stay extremely low, so only a small portion of newly issued SOL is offset through fee burning. As a result, record transaction counts do not automatically create greater token scarcity.
Competition adds to the pressure. Ethereum continues to dominate institutional capital despite Solana's gains, while Layer-2 networks offer cheaper alternatives for developers. One potential catalyst still sits ahead: Open USD, a stablecoin backed by more than 140 financial institutions including BlackRock, is expected to launch natively on Solana before year-end.
Technicals point lower
The chart tells the bearish side of the story. SOL has faced repeated rejections between $78 and $79, leaving it below its descending trendline and the 50-day EMA near $76.6.
Momentum readings back that up. The RSI has slipped below the neutral 50 level as buying pressure fades, while the MACD has printed a bearish crossover. Immediate support sits around $73-$74, but many analysts view $67.50 as the next major defensive level, with a deeper move toward $60 on the table if it fails.
Source: CCN.com
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