Solana’s on-chain activity has accelerated sharply, with network participation reaching its highest level in months. The daily number of active wallets reached a record high, at 4.51 million, in terms of the duration of this peak also since February.
The increase in activity is driven by the rapid rise in tokenized stocks, the surge in xStocks activity, and the resurgence of DeFi activity. With the return of the user base, Solana (SOL) has regained important technical points.
This indicates that the Solana network is now supporting prices through growing usage, and not just because prices are increasing. However, continued adoption of the network will depend on whether new users continue to use the platform after the rally ends.
The continued increase in new users using the platform will create a stronger foundation for Solana’s turnaround. A short-term increase in usage and then a decline would indicate a temporary increase in user usage.
Tokenized Shares Expand Solana’s Utility
This renewed network activity is increasingly supported by the expansion of real financial applications rather than just speculative trading. There are more and more users of tokenized stocks on Solana.
Stablecoin supply remains high and the continued increase in net bridge inflows, TVL and DEX transaction volume suggests that capital entering the Solana ecosystem is remaining in place rather than flowing out quickly.
The continued acceleration in the adoption rate of tokenized assets would likely strengthen the network’s growth in the long term. Conversely, it is possible that the dynamic activity of the Solana network will be reduced, or even slowed down, if capital inflows slow down.
Recovery faces its biggest test
Solana’s latest bounce increasingly tests whether its prolonged downtrend is finally losing momentum. SOL gained 7.48% on Monday June 29, rising from $69.74 to a session high of $76.49. The altcoin then returned to $73 at press time.
The rally also leaves Solana poised to print its first green monthly candle after nine straight red months, signaling improving buyer confidence. Despite this, the $78-$82 resistance zone remains the market’s biggest test after rejecting several previous rallies.
A break above this range would suggest buyers are regaining control in the long term and could pave the way to $92. However, $72 remains the level that bulls must defend.
Staying above would strengthen the developing structure of higher, higher and lower levels. Otherwise, a further rejection could indicate that the broader recovery still lacks lasting conviction.
