Key Takeaways
The asset’s growth over the past day coincided with its highest revenue in August, while stablecoin trading volume hit a four-month high. Transaction counts and active network users have continued to surge simultaneously, reinforcing a $252 price target.
Solana [SOL] started the month strongly, rising 13% in the past day, as SOL was trading at $201, at press time, bringing its monthly gain to roughly 18% on the charts.
Analysis shows that increased network activity has fueled the asset’s growth, with the potential for a further rally still in play. AMBCrypto examined how these factors could support SOL’s performance in the coming days.
Volume soars, revenue grows
SOL’s trading activity and the blockchain’s generated revenue have steadily risen.
Stablecoin trading volume has been the standout metric, crossing a four-month high by reaching $1.2 billion in a single day—a level last seen in March.
Source: Artemis
This comes at a time when stablecoin-related developments are dominating the market, including the GENIUS Act and Circle’s launch of Arc—a dedicated Layer 1 blockchain for stablecoins.
The trading volume surge coincides with a sharp rise in revenue generation. According to Artemis, the chain generated $163,400 in the past day—its highest for August.
These positive network developments have likely impacted SOL’s price as market usage for the asset increases.
Real users driving SOL’s growth
User activity and interest have remained high alongside the network’s latest developments.
Daily Active Addresses, which measure how interactive users are based on transactions, have risen notably.
Source: Artemis
Artemis data at press time showed that the network hosted 3.8 million active users—higher than in recent days.
Similarly, 100.6 million transactions surge suggesting that each user finalized an average of 26 transactions in the past day.
This surge in activity has boosted SOL’s utility and demand, contributing to the on-chain momentum seen recently.
Is a rally in play?
SOL currently targets $300, but the potential rally depends on overcoming several resistance levels ahead.
At press time, the asset has breached the 0.5 Fibonacci line at $195.55, a level that previously triggered price declines on the 21st and the 23rd of July.
Momentum at this level appears strong, reflecting growing market demand for the asset. If sustained, SOL’s next resistance would be at $219.21.
The final two resistance levels before the $300 target are $252.91 and $296.83. The former carries more weight, as it has caused multiple pullbacks in the past.
For now, overall demand remains strong both on-chain and off-chain, which could maintain the bullish momentum.
Source: TradingView
