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Solana traded at $72.50 on Monday, extending its seven-day decline to 5.1% as active trading wallets climbed to a seven-month high. The higher wallet count shows more addresses trading across Solana-based markets, but the activity has yet to translate into a sustained price recovery. CoinGecko valued SOL at about $42.1 billion.
SolanaFloor reported that 609,000 unique wallets executed trades during July, the highest monthly total in seven months. The rise came while SOL remained below $75, showing that higher address activity had not yet lifted the token above nearby resistance.
📈Report: @Solana’s active trading wallets rose to a seven month high in July, with 609,000 unique wallets executing trades during the month. pic.twitter.com/sCaELAyuOQ
— SolanaFloor (@SolanaFloor) August 2, 2026
Active wallet counts do not equal verified users because one trader or bot may control multiple addresses. A July 30, 2026 study by researchers from Zhejiang University, Nanyang Technological University and Monash University linked 200 Solana bot addresses to more than 44 million transactions and cited bot-driven DEX volume above $250 million per day in January 2026. The study shows why July’s wallet count should not be treated as a direct measure of new retail users.
Solana also activated SIMD-0286 on July 29, raising the block compute limit from 60 million to 100 million units, a 66% increase. The added capacity gives applications more room during demand spikes, but the upgrade does not create demand for SOL by itself.
At $72.60, SOL traded below its 10-day EMA at $72.80, 20-day EMA at $72.91 and 50-day EMA at $73.06. The 100-day and 200-day EMAs stood at $73.28 and $73.84, placing several resistance levels close to the market price.
The four-hour RSI near 45 and daily RSI near 43 showed weak momentum without reaching oversold territory. On the daily chart, the Moving Average Convergence Divergence (MACD) line at -0.89 remained below its -0.53 signal line, while the histogram stayed negative at -0.36. Both readings kept the short-term setup bearish.
CoinGlass showed about $4 billion in 24-hour futures volume, compared with $188.1 million in spot volume, while open interest stood near $4.49 billion. The figures show derivatives activity far exceeded spot trading, making leverage a key factor in short-term price action despite the rise in active wallets.
A daily close below $71.30 would expose the $66.81 Fibonacci level. On the upside, SOL first needs to reclaim the 50-day EMA near $73.06, followed by the $75.68 to $76.06 resistance zone. At $72.50, the token remained 1.7% above its nearest support.
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