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Solana (SOL) traded at $74.54 during Wednesday’s session as buyers attempted to push the token back above the closely watched $75 level, with fresh research from Grayscale drawing attention to the network’s accelerating onchain activity. The asset has recovered from last month’s weakness as traders assess whether stronger network fundamentals can support a sustained move above the key $75 resistance, while institutional demand remains uneven.
Grayscale’s latest research highlighted that Solana has averaged 100 million daily transactions, processed about 1,200 transactions per second, and attracted around 4.3 million unique daily users this year. Data cited from Artemis also showed the network has generated more than $100 million in transaction fees during the period, suggesting network activity has remained elevated through much of 2026.
Solana $SOL @solana continues to see significant onchain activity — 1,200 TPS, averaging 100M daily transactions, 4.3M unique daily users, and over $100M in transaction fees year to date.
Notable dApps in the ecosystem include:@Raydium, @Pumpfun, and @GEODNET.
Read more on… pic.twitter.com/8eGoAXf6Xy
— Grayscale (@Grayscale) June 30, 2026
Those figures help explain why Solana continues to attract developer activity across multiple sectors. Grayscale pointed to applications such as Raydium, Pump.fun, and Geodnet as major contributors to network usage.
DefiLlama data cited in the report also showed Solana-based decentralized exchanges processed more than $360 billion in trading volume during the 30 days ending June 17, reinforcing the chain’s position among the busiest blockchain ecosystems.
The research arrives as more payment and stablecoin projects continue expanding on Solana.
Open USD recently confirmed it will launch natively on the network, while SoFiUSD’s supply grew to $300 million from $100 million in five weeks, with the majority of that growth occurring on Solana, supporting the network’s expanding stablecoin activity.
A bank-issued stablecoin went from $100M to $300M in five weeks.@SoFi's stablecoin SOFID held flat on Ethereum until it expanded to @solana, where supply climbed past $200M in under a month.
Data: @artemis pic.twitter.com/8fWNMcEyEA
— Eco (@eco) June 30, 2026
Recent derivatives data suggests retail sentiment has improved. CoinGlass data showed Solana open interest has stabilized above $5 billion, while positive funding rates indicate traders are paying a premium to maintain long positions. The combination suggests traders have started rebuilding long positions after last month’s deleveraging.
Institutional positioning presents a more balanced picture. SoSoValue data showed Solana spot exchange-traded funds (ETFs) recorded a $5.52-million net inflow on June 29 before reversing to a $2.5-million net outflow on June 30, while cumulative net inflows remained around $1.13 billion. The back-to-back shift suggests institutional demand has yet to establish a consistent accumulation trend. Stronger institutional buying has historically helped sustain rallies in large-cap digital assets alongside improving retail participation.
The mixed-flow picture also provides an important counterpoint to Grayscale’s report. Strong network activity doesn’t automatically translate into immediate price appreciation, particularly while broader crypto market liquidity remains subdued.
The $75 area has become SOL’s immediate technical hurdle because it coincides with the 50-day exponential moving average (EMA), a widely watched trend indicator among technical traders. A decisive move above that resistance would improve the technical outlook and shift attention toward higher resistance near the 200-day EMA around $99.
Momentum indicators have also improved. The daily relative strength index (RSI) has climbed above the neutral 50 level, while the moving average convergence/divergence (MACD) indicator has continued strengthening after moving closer to positive territory. Together, the indicators point to improving momentum, although neither confirms a breakout without a decisive close above resistance.
On the downside, support remains around $67-$68, an area that previously attracted buyers during June’s correction. Holding above that zone would help preserve the current recovery structure even if Solana fails to reclaim $75 immediately.
For now, SOL continues testing the $75 resistance with strong onchain activity behind it, while ETF flows remain mixed despite cumulative net inflows holding around $1.13 billion.
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