Solana (SOL) declined 1.45% over the past 24 hours, falling from $151.41 to $149.21 between July 6 at 19:00 UTC and July 7 at 18:00 UTC, according to CoinDesk Research’s technical analysis model. As for the broader crypto market as gauged by the CoinDesk 20 Index (CD20), it is down 0.56% during the past 24-hour period.
The token traded within a wide $4.58 range, peaking at $153.67 before a sharp sell-off drove prices below the key $150 psychological level. Increased volume near the session low suggested buyer interest at the $149 support zone, helping SOL recover slightly to $149.31 at the end of the period.
Despite recent short-term weakness, new on-chain data highlights Solana’s growing network strength.
According to data from analytics platform Artemis, Solana matched the combined monthly active addresses of all other L1 and L2 blockchains in June 2025. This user growth comes alongside record-setting network revenue, with Solana generating more than $271 million in Q2 2025, according to data from Blockworks. It was the blockchain’s third consecutive quarter leading all chains in network revenue, which consists of transaction fees and out-of-protocol tips.
Together, these metrics underscore Solana’s position as one of the most actively used blockchain in the industry, both in terms of real users and economic throughput. The consistent rise in network revenue also reinforces the sustainability of Solana’s fee model and ecosystem activity, even amid volatile market conditions. As developers and users continue to adopt Solana’s high-speed infrastructure, these usage trends could support long-term value even in the face of near-term price resistance.
Technical Analysis Highlights
- SOL fell 1.45% from $151.41 to $149.21 between July 6 at 19:00 UTC and July 7 at 18:00 UTC.
- The trading range spanned $4.58 (3.07%), with a session high of $153.67 and low of $149.09.
- A major resistance formed at $153.67 following a volume spike of 925,497 tokens during the 21:00 UTC hour on July 6.
- In the final four hours, price broke decisively below the $150 psychological level with heavy volume, confirming bearish short-term sentiment.
- Between 17:41 and 18:40 UTC on July 7, SOL dropped from $150.27 to $149.72.
- A sharp sell-off occurred from 18:16 to 18:17 UTC, with price hitting $149.42 on volume exceeding 57,000 tokens.
- Buyers defended the $149 support zone in the final minutes, triggering a 0.37% rebound from session low.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.