SOL is flexing its muscle again. In July, on-chain usage smashed records monthly non‑voted transactions hit new highs, and network throughput soared to a blazing 1,318 TPS, according to SolanaFloor. Total Value Locked (TVL) is also at a 3‑year peak, showing real DeFi strength.
Solana Signals Mixed: Network Strong, Whales Quietly Dumping
Still, SOL price is locked in the $164–$168 range, showing weak breakout momentum despite the on-chain sizzle.. Multiple whales including Galaxy Digital unstaked over 250K SOL (~$40M) and sent to Binance, sparking fears of sell pressure even while usage climbed.
Technicals are flashing caution. Solana is forming a descending triangle pattern, with support near $160, and resistance capping rallies around $171–$172, showing compression ahead of potential volatility. On-chain user activity via Artemis shows a sharp 16% drop in daily actives, signaling cooling DeFi use and weakening sentiment.
Despite this, fundamentals remain solid: SOL still boasts ultra-high throughput, 99.99% uptime, and upcoming upgrades like Firedancer that could light a fuse under its price.
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