Points of Focus

• Solana reclaimed the No. 1 blockchain revenue spot for the first time in nearly five months, generating $5.35 million in daily protocol fees.
• Analyst Gum said SOL faces little historical resistance before $125, implying about 64% upside from current levels.
• ETF inflows stayed below $1 million for two straight weeks even as Solana’s onchain activity strengthened.

Solana (SOL) traded at $76.42 at the time of writing after reclaiming the top spot among all blockchains by daily network revenue for the first time in nearly five months. The milestone comes as higher fee generation and user activity reinforce Solana’s improving onchain momentum.

The renewed onchain strength also coincides with a technical assessment from crypto market analyst Gum, who said Solana faces little historical resistance before the $125 level. Even so, softer derivatives positioning and muted exchange-traded fund (ETF) inflows suggest the market is still looking for broader confirmation before backing a larger breakout.

Solana network revenue growth strengthens the bullish case

According to DefiLlama data, Solana ranked first among all blockchains by daily network revenue on July 18 for the first time in nearly five months. The network generated $5.35 million in 24-hour protocol fees and $2.24 million in application revenue and processed 72.6 million transactions across 1.72 million active addresses.

DATA: Solana topped every blockchain in daily network revenue on July 18 — the first time in nearly five months.

Solana generated on July 18:
• $5.35M in 24-hour protocol fees
• $2.24M in application revenue
• 72.6M transactions

Priority fees jumped 44% above the preceding… https://t.co/Q6LD6XLYP1

— Solana 🧭 Compass (@SolanaCompass) July 20, 2026

Priority fees rose about 44% above the previous four-day average, indicating greater competition for block space during periods of elevated trading activity.

Pump.fun remained the largest contributor to fee generation, while Axiom, Meteora, Jupiter, Jito, and Raydium also produced meaningful revenue across trading, liquidity, and staking services. Revenue came from trading, liquidity, and staking applications rather than a single protocol, suggesting activity was spread across multiple parts of the ecosystem.

Analyst sees limited resistance before the $125 level

The improving network metrics also align with a recent technical analysis by crypto market analyst Gum, who identified a large historical price imbalance between $75 and $140. According to the analyst, SOL previously rallied through that range with relatively little resistance before later retracing through the same zone with limited support, creating a technical structure that, according to Gum, leaves relatively little historical resistance until the $125 area.

$SOL

> Up only from $75 to $140 last cycle
> Down only from $140 to $75 this cycle

Both times this range offered no resistance/support leaving a really large imbalance area

There is no resistance until $125 which even at this current price is a 64% gain

Flip $125 and imagine… pic.twitter.com/Ewpxe5g0HR

— gum (@gumsays) July 19, 2026

Based on that historical structure, Gum argues the next major technical barrier doesn’t appear until $125, representing a gain of about 64% from current prices. The analyst expects the $125-$143 area to become the next region where the price may spend more time building acceptance before attempting a larger move.

Beyond the chart structure, Gum also pointed to several longer-term catalysts for Solana. These include a proposal to reduce Solana’s inflation rate, discussions around a network usage-based token burn mechanism, continued growth in tokenized real-world assets, expanding perpetual futures competition, and strong user retention across the ecosystem.

Stablecoin expansion adds to Solana’s network activity

Recent stablecoin data also points to broader ecosystem growth. Solana’s non-USDC and non-USDT stablecoin supply reached a record $4.81 billion, driven by the expansion of World Liberty Financial’s USD1 and the Global Dollar Network’s USDGO, both of which surpassed $1 billion on the network.

The milestone follows rapid growth in alternative stablecoins on Solana, with their combined supply expanding roughly 15 times since January 2025. A larger stablecoin base typically supports higher trading volumes, lending activity, and onchain settlement, all of which can increase network fee generation.

DATA: Solana's non-USDC/USDT stablecoin supply hit a new all-time high: $4.81 billion.

Two stablecoins crossed $1B on Solana simultaneously:
• $USD1 (World Liberty Financial): $1.02B
• USDGO (Global Dollar Network): $1.00B

Solana's alternative stablecoin tier has grown 15x… https://t.co/kTKoxqhUtm

— Solana 🧭 Compass (@SolanaCompass) July 20, 2026

ETF demand and derivatives still present a near-term limitation

Institutional demand remains more cautious than the network’s onchain metrics suggest.

Data from SoSoValue shows Solana spot ETFs attracted less than $1 million in net inflows in each of the past two weeks, with weekly inflows totaling about $948,000 and $930,000. The muted figures, combined with several zero-flow sessions and intermittent outflows, suggest institutional demand has yet to match the network’s improving onchain momentum.

Derivatives positioning also remains cautious. CoinGlass data shows futures open interest has edged lower to around $4.77 billion, while funding rates have slipped slightly below neutral. At the same time, technical resistance around $77.30 remains an important level for bulls to reclaim before attention shifts toward the $79-$82 region.

Those factors don’t invalidate Gum’s longer-term framework, but they suggest traders are still looking for stronger confirmation before pricing in a move toward the analyst’s $125 target. For now, Solana’s improving network activity supports Gum’s longer-term technical outlook. 

Whether SOL can move toward the $125 region may depend on stronger participation from ETF investors and derivatives traders alongside the recent gains in onchain activity.