Solana’s on-chain activity has accelerated sharply, with network participation reaching its strongest level in months. The number of daily active wallets rose to an all-time high of 4.51 million, considering how long that peak has been since February.
The increase in activity was driven by the rapid rise of tokenized equity, an increase in xStocks activity, and a resurgence in DeFi activity. With the return of the user base, Solana (SOL) regained significant technical points.
This shows that the Solana network is now supporting prices through increased usage, not just because prices have increased. However, continued adoption of the network will depend on whether new users continue to use the platform after the rise.
The continued increase in the number of new users using the platform will create a more solid foundation for Solana’s recovery. A short-term increase in usage followed by a decrease will indicate a temporary increase in usage by users.
Tokenized shares increase Solana’s utility
Renewed network activity is increasingly supported by the expansion of real-world financial applications rather than merely speculative trading. There are a growing number of users for tokenized stocks solana.
Stablecoin supply remains high, and continued increases in net bridge inflows, TVL, and DEX trading volume suggest that capital flowing into the Solana ecosystem remains in place rather than rapidly flowing out.
The continued acceleration of the adoption rate of tokenized assets will likely strengthen long-term network growth. Conversely, it is possible that the momentum of Solana network activity may decrease or even slow down if capital inflows slow down.
Recovery faces its biggest test
Solana’s latest rebound is increasingly testing whether the long downtrend is finally losing momentum. SOL rose 7.48% from $69.74 to a session high of $76.49 on Monday, June 29. The altcoin later dropped to $73 as of the time of writing.
The recovery also moves Solana closer to printing its first monthly green candle after nine consecutive red months, signaling increased buyer confidence. Even so, the $78-$82 resistance zone remains the market’s biggest test after several previous rallies were rejected.
A break above this range indicates that buyers have regained long-term control and could open the way to $92. However, $72 remains the level that bulls must defend.
Holding above this will reinforce the high-high, high-low structure that develops. Otherwise, another rejection could signal that a broader recovery still lacks lasting conviction.
