Solana, an open-source blockchain platform renowned for its high throughput and fast settlement times, continues to set records for user activity and network growth. Despite these milestones, the SOL token remains stuck well below previous highs, presenting a divergence between network fundamentals and market performance.
Network and User Growth Accelerate
In the week ending July 6, Solana processed over 1 billion non-vote transactions, reaching an all-time high in network utilization. Meanwhile, the number of unique wallets actively participating on the platform surged from 16.8 million to 29.7 million in just two weeks. These figures underscore rapid ecosystem expansion and growing adoption.
Crypto analyst Ali Charts commented on this trend, noting that Solana is currently averaging 8.4 million new address creations per week. This steady addition of new users further supports the platform’s growth trajectory.
Solana is attracting significant growth, with an average of 8.4 million new addresses created every week, reflecting strong ongoing user interest.
Total tokenized assets on Solana have also climbed, reaching $3.3 billion—up $1.1 billion since early May. The platform commands a dominant presence in on-chain tokenized equity trading, accounting for about 97% of market share with $318.7 million in tokenized stocks hosted.
| Metric | Value (July 2026) | Previous Value | Change |
|---|---|---|---|
| Active wallets (14 days) | 29.7 million | 16.8 million | ↑ 12.9 million |
| Non-vote transactions (weekly) | 1 billion+ | N/A | N/A |
| Total tokenized assets | $3.3 billion | $2.2 billion (May 9, 2026) | ↑ $1.1 billion |
| Tokenized equity value | $318.7 million | N/A | N/A |
Upcoming Stablecoin Launch and Ecosystem Impact
Further momentum may arrive later this year when Open USD (OUSD), a new stablecoin backed by more than 140 financial institutions including investment powerhouse BlackRock, goes live natively on Solana. OUSD’s launch is expected to bring substantial new liquidity to the network, as the consortium behind it selected Solana as their main blockchain for adoption.
Despite these bullish developments, Solana’s fee and token-burning structure has limited the direct benefit to SOL holders. Transaction fees on the network remain extremely low, leading to less than 1% of newly minted coins being burned. Without adjustments to Solana’s tokenomics, increases in on-chain activity have yet to result in proportional support for token value.
Mini dictionary: BlackRock is the world’s largest asset management firm, overseeing trillions of dollars in assets. OUSD refers to Open USD, an upcoming stablecoin backed by a consortium of financial institutions including BlackRock. Stablecoins are cryptocurrencies designed to maintain a stable value by pegging their price to assets such as fiat currency.
SOL Price Analysis: Under Pressure Despite Growth
At present, SOL trades near $75, reflecting ongoing bearish sentiment despite the platform’s robust network statistics. Technically, the token broke below an ascending channel after being repeatedly rejected at descending trendlines in the $78 to $79 range.
Should SOL remain below the key $78 to $79 resistance range, the next significant support resides at $73 to $74. A breakdown below $75 could potentially expose prices to the $60 zone, while a successful reclaim above $78.50 would move the next major target to $95.
While Solana’s $318.7 million in tokenized equity has grown markedly, it still lags behind Ethereum’s $648.9 million in this category, despite Solana’s significantly higher network activity and lower fees.
| Blockchain | Tokenized Equity Value | Share of Market |
|---|---|---|
| Solana | $318.7 million | 97% |
| Ethereum | $648.9 million | N/A |
The disconnect between Solana’s surging usage and the sideways movement of SOL’s price remains a central focus for investors, as the network awaits both technical catalysts and potential structural changes to its economic model.
