TLDR
- SOL price declined 1.7% but maintained crucial support zones as Bitcoin and Ethereum ETF products experienced capital outflows
- Spot Solana ETF products in the United States attracted $5.75 million in net capital inflows
- Non-vote transactions on Solana exceeded 1 billion weekly for the first time ever recorded
- Active wallet addresses jumped from 16.8 million to 29.7 million within a two-week timeframe
- The network claimed the top position among all Layer 1 and Layer 2 blockchains for decentralized application revenue and DEX trading volume
Solana (SOL) experienced a 1.7% price decrease, settling near the $79–$80 range throughout the most recent monitoring window, mirroring Bitcoin’s 1.65% decline. The aggregate cryptocurrency market valuation dropped 1.47% to reach $2.14 trillion. Nevertheless, SOL maintained its position above critical support thresholds.
The digital asset remains approximately 73% beneath its peak valuation of $294.33, achieved on January 19, 2025.
The most notable development this week involved the contrasting performance of Solana’s ETF capital flows compared to broader market trends. Bitcoin spot ETF products registered $527 million in net withdrawals between June 29 and July 2—marking their eighth consecutive week of negative flows. Ethereum spot ETFs witnessed $13.67 million in outflows throughout the identical period.
Solana exhibited opposite momentum. U.S.-based spot SOL ETF products accumulated $5.75 million in net inflows. XRP ETF vehicles captured $17.19 million, while HYPE ETF products secured $4.32 million.
On-Chain Activity Breaks Records
Blockchain utilization achieved an unprecedented benchmark during the previous week. SolanaFloor validated that weekly non-vote transactions surpassed the one billion threshold for the first time in history. These represent genuine user interactions, application usage, and trading activity—excluding validator consensus votes—establishing this as a significant indicator of authentic network engagement.
Market analyst Michaël van de Poppe provided commentary on Solana’s technical positioning. He stated the fundamental thesis on $SOL remains intact—the price is re-entering its established range, and a minor retracement preceding upward momentum continuation is anticipated. He emphasized the importance of maintaining the $75–$77 zone as support, projecting potential advances toward $100 and possibly $120 throughout upcoming weeks and months if this level holds.
Weekly active wallet addresses experienced substantial growth, escalating from 16.8 million to 29.7 million across two weeks—representing approximately 76.8% expansion. Solana additionally secured first place among all Layer 1 and Layer 2 blockchain networks for both 24-hour and seven-day decentralized application revenue metrics, while simultaneously leading DEX volume measurements across both intervals. Polygon, Ethereum, Base, BNB Chain, and Hyperliquid trailed behind.
Price Sits Between $80 Support and $85 Resistance
Regarding trading activity, Solana secured the second position globally for the consecutive second week, facilitating $12.25 billion across centralized and decentralized exchange platforms. This performance surpassed Bybit’s $10.57 billion, although Binance retained the leading position overall.
Examining the daily chart, SOL trades above its 20-, 50-, and 100-day moving average indicators. The MACD continues displaying bullish signals, though upward momentum has moderated following the previous week’s 15% price surge.
The RSI indicator on the four-hour timeframe registered near 51–53, indicating neutral momentum conditions. The Supertrend indicator positioned below price action near $78.30. Immediate overhead resistance exists around $84–$85, while foundational support levels at $78 and $76 represent critical zones for monitoring.
The most recent price at the time of publication was approximately $80.34.
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