Solana’s price remains on the path to recovery as on-chain activity peaks
Solana price held above key technical support even after slipping 1.7%, while US-listed Solana ETFs continued to attract new inflows as Bitcoin and Ethereum currencies recorded weekly withdrawals.
Summary
- Solana holds more than significant support as a $5.75 million ETF inflows versus Bitcoin and Ethereum fund exits.
- Solana ranked second in weekly spot trading volume, while non-voting transactions surpassed 1 billion for the first time.
- Growing active users, strong DApp revenue, and improved technical indicators continue to support Solana’s recovery.
After rising more than 15% last week, the price of Solana (SOL) encountered selling pressure near the level of 80 dollars, where traders once again protected resistance amid a broader market pullback. Even after the recent recovery, the token remains about 73% below its all-time high of $294.33 reached on Jan. 19, 2025.
Meanwhile, Bitcoin fell by 1.65% during the same period, dragging the total cryptocurrency market capitalization down 1.47% to $2.14 trillion.
ETF demand remains positive despite market weakness
Fund flow data showed Solana breaking away from the two largest cryptocurrencies in the latest reporting period. Spot Bitcoin ETFs recorded net outflows totaling $527 million between June 29 and July 2, extending their losses to eight consecutive weeks. Spot Ethereum ETFs also registered an outflow of approximately $13.67 million.
In contrast, US-listed Solana ETFs attracted $5.75 million in inflows over the same period. The earnings showed that investors continued to add exposure despite weakness in the overall digital asset market.
Capital has also moved into other altcoin investment products. XRP ETFs recorded $17.19 million in inflows, while HYPE ETFs added another $4.32 million during the week.
Apart from the flow of funds, the on-chain activity continued to strengthen. According to SolanaFloor, Solana ranked second in global crypto trading volume for the second week in a row, processing $12.25 billion in medium and extended trades. That total remained ahead of Bybit’s $10.57 billion, although Binance maintained the top position among exchanges during the reporting period.
SolanaFloor also reported that weekly non-voting transactions surpassed one billion for the first time. Unlike authentication voting activity, non-voting transactions represent actual network usage generated by users, decentralized applications, and merchants. A sharp increase in early July points to heavy activity in the entire ecosystem.
The technical structure still favors consumers over the essential support
Network participation is accelerated near acquisition. According to Artemis data, Solana’s weekly active addresses increased from 16.8 million to 29.7 million in just two weeks, an increase of 12.9 million wallets, or about 76.8%. The rollbacks followed slower activity in mid-June as users returned to default settings across the network.
Different ecosystem levels have also kept Solana at the top of several blockchain performance metrics. The network led all Layer 1 and Layer 2 chains in both 24-hour and seven-day app revenue while recording the highest amount of exchange trading between those periods. Polygon, Ethereum, Base, BNB Chain and Hyperliquid trailed behind in all tracked categories.
Price action continues to support evolving network data. On the daily chart, the Solana remains above its 20-day, 50-day and 100-day moving averages, while the MACD indicator is still in bullish territory despite losing momentum after last week’s rally.
On the 4-hour chart, the Supertrend indicator continues to hold the bottom price near $78.30, and the Chaikin Money Flow remains above zero, indicating modest buying pressure.
The recent consolidation has left immediate resistance around the recent highs near $84, while the Supertrend level near $78 and the Fibonacci support around $76 remain the first areas that buyers may need to protect if sales return to pressure. Along with steady ETF inflows and rising network activity, those technical levels suggest that Solana’s recovery remains intact unless those support zones yield.
Disclosure: This article does not represent investment advice. The content and materials presented on this page are for educational purposes only.
