Solana's network processed more than 1.01 billion non-vote transactions in the week ending August 2, a new all-time high. SOL's price, however, is trading near $74, well below its major moving averages. The disconnect between network fundamentals and price action is becoming increasingly noticeable.
Weekly transactions cross one billion for the first time
Solana's network handled more than 1.01 billion non-vote transactions during the week ending August 2, the strongest level of activity in the blockchain's history. Throughout 2025, weekly transaction counts climbed steadily, regularly exceeding 800 million before finally crossing the one-billion mark.
Unlike earlier spikes driven mainly by memecoin speculation, the current increase looks more sustained. It spans decentralized finance, stablecoin transfers, token launches and a growing set of consumer applications. High throughput, low fees and fast finality keep attracting developers who need cheap on-chain execution, so baseline demand has risen rather than fading after short-term speculative cycles.
SOL's price lags the network's growth
Despite the record activity, SOL trades near $74, below its major moving averages despite stabilizing after June's sell-off. The token sits under pressure from the descending 50-day EMA near $79 and the 100-day EMA around $75, while the 200-day EMA sits substantially higher around $91.
After rebounding sharply from June lows below $65, Solana has entered a sideways range between roughly $72 and $76. The 50-day and 100-day moving averages have started converging near the current price, suggesting a decisive move may be approaching. The Relative Strength Index is hovering near 46, showing neither buyers nor sellers have established a meaningful advantage, and trading volume has declined during the consolidation.
The disconnect is hard to miss: Solana is processing more transactions than ever, yet its token keeps trading below key technical resistance.
Source: U.Today
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