Solana Reports $87 Million Revenue, Outpacing Ethereum and Bitcoin
Solana (SOL) declined for the fifth consecutive session, closing 4% lower at $166.23, marking a 16% drop from its Monday peak of $182. This decline follows disappointing US labor data, with non-farm payrolls adding only 73,000 jobs in July, significantly below the expected 110,000. Revised job gains for May and June were adjusted down by 258,000, indicating ongoing labor market weakness.
Despite price declines, Solana's on-chain fundamentals remain strong:
- Generated $87 million in network revenue in July 2025, leading all Layer 1 and Layer 2 chains.
- Tron generated $61 million, Ethereum $55 million, and Bitcoin DeFi transactions generated $16 million during the same period.
- Revenue figures emphasize Solana's role as a preferred blockchain for economic transactions.
The recent approval of staking for crypto ETFs by the US SEC may attract institutional capital towards Solana, especially in light of its growing network revenue.
Technical analysis indicates Solana is trading below the 20-day EMA of $179.41 and experiencing bearish momentum. Key levels to watch include:
- $160 as immediate support; failure here could lead to a drop toward $150.
- Potential resistance near $182, with a break above opening further upside toward $190.
In summary, while Solana's long-term outlook remains positive due to its network strength and regulatory environment, short-term performance depends on maintaining key support levels amidst volatile macro conditions.