preferred on
Points of Focus
- Solana trades near $100 despite a record 5.2B August non-vote transactions.
- August activity followed a 66% increase in block compute capacity.
- SOL ETFs drew $10.2M on Sept. 1 as price slipped below $103 support.
Solana (SOL) traded near $100 on Wednesday, about 9% below its Aug. 27 high near $110, even as the network posted its busiest month on record. Blockworks data showed 5.2 billion non-vote transactions in August, while Solana’s official X account said the total increased 19% from July’s previous record.
The transaction record hasn’t translated into stronger price action. Renewed US-Iran fighting pushed oil and Treasury yields higher and weighed on risk assets, while SOL fell more than 3% over 24 hours. Price is now lagging a network activity record that arrived as Solana expanded how much work each block can process.
Solana transaction record follows major capacity upgrade
Solana activated SIMD-0286 on July 29, raising maximum block compute from 60 million to 100 million compute units, a 66% increase. The change gave validators more capacity per block, while daily non-vote transactions reached 171.9 million on Aug. 10.
The 5.2 billion figure needs context. Non-vote transactions exclude validator consensus messages, but they can still include automated and reverted activity.
A Blockworks Q1 2026 report found that 25.6% of Solana’s 10.1 billion quarterly non-vote transactions reverted, often because automated strategies such as arbitrage bots failed their execution conditions. The August record therefore measures network workload, not 5.2 billion unique users or successful transfers.
BREAKING: Solana processed 5.2B non-vote transactions in August.
A new ATH, up 19% from July's record pic.twitter.com/zND3Av93VS
— Solana (@solana) September 1, 2026
Fees rose alongside activity. Solana’s seven-day average fee generation reached nearly 9,200 SOL on Aug. 27, more than 80% above its level three months earlier. That adds an economic signal to the transaction record because users and applications were also spending more on blockspace.
SOL price slips below $103 despite ETF inflows
ETF flows remained positive. SoSoValue data showed US spot Solana ETFs drew $10.19 million on Sept. 1, led by $6.17 million into Bitwise’s BSOL and $2.67 million into Fidelity’s FSOL. Cumulative net inflows reached $1.351 billion.
Derivatives leverage is cooling at the same time. CoinGlass showed SOL futures open interest near $6.52 billion, down from about $7 billion two days earlier. Lower open interest shows positions are being closed as SOL falls, though the metric alone doesn’t identify whether longs or shorts drove the decline.
Ali Martinez wrote on X within the past 24 hours that Solana had built a major support zone near $103, where roughly 39 million SOL were previously acquired. He marked $123 and $132 as the next resistance zones if support held.
Stop being bearish on Solana $SOL.
The setup is turning bullish, and I think it's time to lock in before the next major move.
Here's why. https://t.co/ZSU7TWB6MP pic.twitter.com/3IvK1lq709
— Ali Charts (@alicharts) September 1, 2026
With SOL now near $100, that cost-basis area has been lost, leaving the analyst’s bullish setup under pressure despite record transaction activity and positive ETF flows.
Share
Most read articles
