Grayscale Data Shows Solana Processing 100M Transactions Daily

Solana News

Solana (SOL), a leading altcoin, is commanding renewed institutional attention as fresh network data underscores a widening gap between on-chain usage and a subdued token price. Figures highlighted by asset manager Grayscale show the network processes roughly 1,200 transactions per second, averages close to 100 million transactions per day, and serves about 4.3 million daily unique users. On-chain data also confirms more than 100 million dollars in transaction fees year-to-date. The report cited ecosystem applications such as Raydium, Pump.fun and Jito as core activity drivers, reframing Solana as a fundamental-value blockchain rather than a purely speculative venue for meme trading.

Institutional payment adoption is expanding in Asia. Singapore Gulf Bank has temporarily waived both gas costs and its own banking fees for stablecoin issuance and redemption on Solana, according to the bank’s official announcement. The waiver applies to corporate and high-net-worth clients converting fiat into a stablecoin and back through its regulated infrastructure. The service, launched on April 17, initially supports USDC transactions above 100,000 dollars, with USDT, Ethena’s USDe and Global Dollar (USDG) to follow. Chief executive Sean Chen said embedding minting directly into regulated banking rails lets firms move money across borders without traditional correspondent networks, with Solana chosen for its throughput and near-instant settlement.

Solana has also cemented a commanding lead in tokenized equities. On-chain data shows the network accounts for roughly 96 percent of all tokenized stock trading volume across public blockchains, with activity spiking toward 1.3 billion dollars in late June. The surge reflects growing demand for bringing traditional financial instruments on-chain, where trades settle in seconds at a fraction of legacy costs. Tokenized stocks let investors gain exposure to equities using blockchain rails and stablecoin settlement, and Solana’s dominance in the category strengthens its positioning as infrastructure for real-world asset tokenization rather than a speculative-only chain.

Decentralized application revenue on Solana reached a multi-month peak. On-chain data shows applications built on the network produced more than 20 million dollars in protocol revenue over the past week, the highest weekly total in 16 weeks. Pump.fun, the memecoin launch platform that pairs token creation with an automated market maker, remained the single largest revenue-generating application, underscoring persistent retail activity. Collector Crypt, a marketplace for tokenized collectibles, held the second spot for a ninth consecutive week, a sign that Solana’s consumer-facing products are seeing sustained rather than fleeting engagement. Rising fee revenue is often read as a proxy for genuine demand for blockspace.

SOL outperformed the broader market on Tuesday, climbing about 2.5 percent to trade near 75 dollars while much of the majors, including Bitcoin, lagged. Our reading of the weekly chart places the token just above a historical demand zone near 72.76 dollars that has repeatedly attracted buyers across previous cycles, following months of downward pressure. The relative strength stands out during a period of broad market weakness, and technicals held above the 20-day simple moving average. Buyers appear to be quietly absorbing available supply at levels that have marked cyclical lows, even as spot price action stays muted against surging network usage.

The paradox of booming usage and flat price leaves traders watching a narrow range, with SOL still far below its all-time high. Analysts highlight that if speculative demand returns, the next major zone sits near 120 dollars, roughly the level where earlier rallies stalled. The downside case is equally defined: a decisive break below the 60-dollar region would invalidate the accumulation thesis and expose deeper losses, since the absence of speculative demand can undercut even technically strong networks during a bear market. For now, SOL trades in a compressed band while historical support absorbs supply and momentum traders wait for a catalyst.

COINOTAG’s proprietary 42-indicator composite S/R scoring engine rates the immediate ceiling at 79.27 dollars a strong 79/100, driven by the confluence of the Fibonacci 0.500 retracement and Ichimoku Senkou B and cloud-top readings, while the 75.12 dollar resistance scores 65/100 from a prior swing high and the EMA 50. On the downside, the 68.32 dollar support rates 65/100 on the Ichimoku Kijun and previous-day low, with 60.13 dollars marking the line that invalidates the bullish setup. Derivatives read crowded: open interest sits near 1.66 billion dollars, perpetual funding is a mildly positive 0.0026 percent, and a long/short account ratio of 2.77 shows 73.5 percent of accounts positioned long. With RSI at 52.53, a bullish MACD against an intact downtrend, and a Fear and Greed reading of 11 (Extreme Fear), that crowded long book is the main risk should 68.32 dollars give way.