Solana has set a new record in network usage rather than price.

On Aug. 5 (local time), blockchain outlet U.Today reported that Solana processed more than 1.01 billion non-vote transactions in the week ended Aug. 2, a weekly record.

The figure marks the most active period in Solana’s history. It shows Solana is establishing itself as one of the most widely used blockchains in the crypto industry in terms of network usage.

The rise in transactions is not a sudden trend. Solana’s weekly transaction volume has steadily increased since 2025, staying above 800 million a week before finally crossing the 1 billion mark. While previous surges were heavily driven by speculative demand for memecoins, this increase can be seen as more sustained. The network is seeing activity across areas including DeFi, stablecoin transfers, token launches and expansion of consumer applications.

The record also aligns with Solana’s technical strengths. High throughput, low fees and fast transaction finality continue to draw developers and users. As the number of decentralised applications grows, transaction demand has been confirmed as underlying demand that does not fade even after short-term speculative phases end.

But strong network metrics are not immediately leading to a price recovery. SOL is trading around $74 and has stabilised after a sharp drop in June, but it remains below key moving averages. The 50-day exponential moving average is around $79 and the 100-day exponential moving average is near $75, acting as downward pressure. The longer-term 200-day exponential moving average is around $91, above those levels.

Price action has yet to find a clear direction. After rebounding from a low below $65 in June, SOL has recently entered a sideways range between $72 and $76. The 50-day and 100-day averages are also starting to converge near the current price, suggesting the market may soon move in one direction.

Momentum indicators remain in neutral territory. The relative strength index (RSI) is around 46, with neither buyers nor sellers holding a clear edge. Trading volume has also declined during the range-bound consolidation, suggesting market participants are waiting for a strong catalyst to set a new trend.

Ultimately, the key issue in the market is the gap between network fundamentals and price action. Solana is processing the most transactions on record, but the token price is still trading below major technical resistance levels. In this situation, the market is watching whether expanding on-chain activity will be reflected in the price, or whether strong network performance and price stagnation will continue for now.