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Solana (SOL) traded at $81.34 at the time of writing as the network reached a record milestone of more than 1 billion weekly non-vote transactions, highlighting sustained application activity despite weeks of volatile price action.
The milestone comes as several onchain indicators continue to strengthen, including rising total value locked (TVL) and long-term holder accumulation. At the same time, traders remain focused on resistance between $82 and $84 and additional token supply scheduled to enter the Solana ecosystem this month.
Blockworks data showed Solana processed more than 1 billion non-vote transactions during the week ending July 6, surpassing the previous weekly record of 962.4 million. Unlike validator vote messages used to secure the blockchain, non-vote transactions represent user activity such as decentralized exchange trades, token transfers, stablecoin payments, gaming interactions, and AI applications.
The latest figure also extends a broader growth trend. Monthly non-vote transactions climbed from 3.4 billion in February to 3.77 billion in June, while the first week of July has already pushed the network to a new weekly high. Weekly active users also increased from 16.8 million to 29.7 million within two weeks, indicating that higher transaction counts are being supported by expanding participation rather than isolated bursts of activity.
📈DATA: In just two weeks, @Solana's weekly active users surged from 16.8 million to 29.7 million, an increase of 12.9 million wallets (+76.8%). pic.twitter.com/bbHWaJfitL
— SolanaFloor (@SolanaFloor) July 6, 2026
SolanaFloor data also ranked the network first in daily network REV on July 6, while Circle minted about $3.5 billion worth of USDC (USDC) on Solana during the past week. Both metrics add context to the record transaction count by pointing to continued activity across trading and stablecoin payments.
📈NEWS: For the first time in 4 months, @Solana has reclaimed the #1 spot among all blockchains by daily Network REV. pic.twitter.com/Fp53xpRZJQ
— SolanaFloor (@SolanaFloor) July 6, 2026
Recent onchain data also points to stronger capital inflows.
DefiLlama data showed Solana’s total value locked (TVL) climbed from $4.66 billion on June 26 to $5.11 billion by early July, its highest level in five weeks. During the same period, Glassnode data showed wallets holding SOL for one to two years increased their share of the circulating supply from 14.64% to 15.60%, indicating continued accumulation by longer-term investors despite recent market volatility.
Santiment data points to a healthier market structure. Open interest declined from around $2.41 billion on July 4 to about $2.20 billion after leveraged long positions were flushed from the market. Funding rates also cooled, while SOL recovered toward $81, suggesting recent buying relied more on spot demand than highly leveraged futures positioning.
US spot Solana exchange-traded funds (ETFs) also recorded another week of positive net inflows, adding $5.75 million, while total net assets approached $1 billion. Although these products remain much smaller than Bitcoin or Ether (ETH) ETFs, continued inflows indicate institutional interest has remained positive during SOL’s recovery from the low $60 range.
solana spot etfs saw positive inflows last week.
another $5.75M flowed in, while total net assets climbed to nearly $1B as sol recovered from the low $60s to the $80 range.
the smart money keeps buying when others hesitate. pic.twitter.com/NTl6kVY3Yi
— Zensei (@zensei) July 7, 2026
Despite stronger onchain fundamentals, several risks remain.
The $80-$82 range has repeatedly attracted selling pressure in recent sessions, while the area around $84 remains the next important resistance before a broader breakout can develop. Market participants are also monitoring July’s ecosystem token unlock schedule, including the July 12 PUMP token unlock, which is expected to release $123.65 million worth of tokens into the ecosystem.
Those risks help explain why SOL hasn’t yet translated stronger onchain activity into a decisive breakout. Network usage continues to improve, yet traders still need confirmation that buying demand can absorb additional supply while pushing through nearby technical resistance.
For now, Solana’s record of more than 1 billion weekly non-vote transactions, rising TVL, growing long-term holder accumulation, and steady ETF inflows point to improving network usage and investor participation at the same time.
The next test lies between $82 and $84, where SOL has recently faced repeated selling pressure and where stronger demand will be needed to extend the recovery.
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