In July, activity on the Solana network reached a record level. Then $SOL rose above $100 for the first time since February amid a recovery in the crypto market.
On-chain data presented by The Kobeissi Letter showed: in July, Solana processed a record 4.2 billion transactions — 13.5% more than in the previous month. Since December, the number of transactions has increased by approximately 2 billion, or 91%.
The growth coincided with the expansion of the real-world tokenized assets market. The Kobeissi Letter cited data from RWA.xyz: the volume of deployed RWAs across tracked blockchain networks exceeded $38 billion.
Source: The Kobeissi Letter
On Solana, the volume of tokenized real-world assets approached $4 billion, increasing by approximately 11.8% over the past month.
The surge in network activity coincided with a roughly 40% increase in $SOL over eight days. A significant part of the rise occurred during the crypto market recovery, according to CoinMarketCap data.
The rally accelerated after the US Treasury Department announced plans to double the volume of buybacks for some long-term bonds — to at least $4 billion per operation. This lowered yields and increased investor risk appetite in crypto markets.
Related materials: Standard Chartered analyst forecasts BTC rise to $100,000 amid US Treasury doubling long-term bond buybacks
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