Solana recorded $271 million in network revenue during the second quarter of 2025. This figure placed it ahead of all other Layer-1 and Layer-2 blockchains, including Tron, Ethereum, and Bitcoin. The data comes from Blockworks and marks the third consecutive quarter of Solana leading in total revenue.
Tron followed with $165.26 million, while Ethereum posted $129.09 million in Q2. Bitcoin remained further behind with $50.48 million in revenue. In total, all major blockchains generated $685.97 million in network revenue, with Solana accounting for nearly 40% of the total.
This consistent lead signals strong demand across Solana’s ecosystem. Revenue has remained stable over time, while other chains show sporadic spikes. The data suggests that Solana’s network activity is more sustained and reliable.
DApps and Meme Coin Platforms Drive Network Usage
Solana’s decentralized applications (DApps) have been the top weekly earners for 10 consecutive months. This shows the ecosystem’s strength as a development environment and its high user engagement. The chain supports a wide variety of applications, including DeFi, NFT platforms, and meme coin launchpads.
Projects like LetsBonk and Pump.fun gained strong traction in Q2. Both platforms allow users to create and trade meme coins with minimal effort. Their popularity helped boost network usage and transaction fees, which directly contribute to revenue.
Solana’s low fees and fast finality continue to attract developers. The surge in meme coin-related activity also pulled in a large number of retail users, adding to the chain’s transaction volume and economic throughput.
Bitcoin Trading Volume Hits New High on Solana
Solana saw a record in Bitcoin trading activity during the second quarter of 2025. This increase in cross-chain trading suggests growing interest in using Solana’s infrastructure for non-native asset transactions. It also shows that Solana can support decentralized finance (DeFi) beyond its own token economy.
High-speed transactions and low fees made Solana an attractive option for users trading wrapped BTC. The data from SolanaFloor highlights a clear rise in volumes during Q2, aligning with the broader increase in on-chain revenue.
This shift positions Solana as a core platform for DeFi participants who want to trade across ecosystems. The growing BTC activity underlines its role in expanding liquidity and market access.
Tokenized Real-World Assets on Solana Reach $418 Million
Solana’s real-world asset (RWA) market cap rose to $418 million, setting a new record. This development follows the broader trend of integrating traditional financial assets with blockchain infrastructure. RWAs include tokenized versions of commodities, securities, and other off-chain instruments.
At $418 million, Solana ranks second in RWA total value, trailing only Aptos, which recorded $538 million. This growth reflects institutional interest in the chain’s performance and efficiency for asset representation.
The increase in RWA adoption signals that Solana is gaining recognition beyond retail and developer circles. Its integration with real-world financial instruments may open the door to future partnerships with traditional firms.
SOL Faces Short-Term Pressure Amid Long-Term Momentum
Despite strong network fundamentals, SOL may experience short-term price pressure. Technical analyst RuzTV shared on X that the token could drop to $143 before making a bullish breakout. At the time of analysis, SOL traded at $151.
RuzTV’s chart showed key resistance and support levels, with $143 acting as a potential short-term correction point. However, the analyst indicated that long-term indicators still favor upside momentum once the correction completes.
Market sentiment remains mixed in the short term, but continued DApp activity, Bitcoin trading, and RWA growth could support the token’s recovery.
Rising Competition From Ethereum L2s and New Entrants
Arbitrum and Optimism, two major Ethereum Layer-2 networks, are narrowing the revenue gap with Solana. Both chains offer scaling solutions that improve Ethereum’s speed and reduce its gas fees. As these platforms evolve, they could draw developers away from Solana.
Ethereum itself is also undergoing updates to improve scalability. These efforts aim to make the mainnet and its L2s more competitive with standalone Layer-1 chains. Solana must continue releasing technical upgrades and expanding ecosystem incentives to maintain its lead.
The Layer-1 race remains dynamic. While Solana leads in revenue, Ethereum’s large developer base and strong brand continue to pose a challenge.
Solana Prints Bullish Flag Pattern, Eyes 78% Price Surge Toward $231
Solana SOL/ USDT formed a bullish flag pattern on its daily chart on July 9, 2025, based on data from Coinbase via TradingView. The price closed at $153.04 after reaching a daily high of $153.88. The chart was published at 07:40 UTC and uses 50-day exponential moving average (EMA) as a trend indicator.
A bullish flag pattern occurs when the price makes a sharp upward move (the “flagpole”), followed by a downward-sloping consolidation range (the “flag”). Traders consider this a continuation pattern, signaling that the previous uptrend may resume once the consolidation ends.
In this case, Solana broke out of the flag’s upper resistance near $151. That breakout indicates potential for a continued rally. If the pattern plays out fully, the projected upside target could reach approximately 78% above the breakout point. That gives a price target near $231.33, shown as a key horizontal resistance level on the chart.
The move aligns with a similar rally seen in late April and early May 2025, where SOL surged from around $116 to $180. That earlier rally also formed the base of the current flagpole. Since then, SOL entered a downward channel but held support above its 50-day EMA.
Volume remained stable during the pullback phase, which supports the flag pattern’s validity. Breakouts with low selling pressure often signal strength. As long as price stays above the breakout level and the 50-day EMA at $151.26, the bullish setup remains intact.
If buying momentum continues and price sustains above current levels, the next major resistance stands at $231, which aligns with the projected target from the bullish flag breakout.
Solana RSI Crosses Key Threshold, Momentum Turns Positive
Solana’s Relative Strength Index (RSI) showed a shift in momentum on July 9, 2025. According to the chart published at 07:46 UTC via TradingView, the 14-day RSI crossed above its 14-day simple moving average (SMA), signaling potential bullish momentum.
The RSI stood at 53.15, while its moving average hovered at 50.15. The RSI measures the speed and change of price movements. Readings above 50 suggest increasing buying pressure, while readings below 50 indicate weakness.
The current reading shows SOL moving from neutral toward moderately bullish territory. This move comes after several weeks of sideways RSI action within the 40–60 zone, suggesting consolidation. The recent crossover signals renewed interest from buyers, especially after the bullish flag breakout seen on the price chart earlier the same day.
Historically, RSI values between 50 and 70 often align with sustained uptrends when supported by volume and price structure. If SOL maintains this upward momentum and RSI pushes toward 60 or above, it could support a continuation of the current bullish setup.
Solana’s Balance of Power Indicator Turns Positive at 0.37
The Balance of Power (BoP) indicator for Solana turned positive on July 9, 2025, reaching 0.37, based on the chart published via TradingView at 07:48 UTC. The BoP indicator helps assess the strength of buyers versus sellers during a specific time period. It ranges from -1 (total seller control) to +1 (total buyer control), with zero marking a neutral balance.
A reading of 0.37 signals that buyers are currently in control, although not overwhelmingly. The line continues to show volatile oscillations, but the positive value aligns with Solana’s breakout from a bullish flag pattern and an RSI (Relative Strength Index) above 50.
Over the past year, Solana’s BoP chart has fluctuated between extreme highs and lows, reflecting short-term trading activity and frequent power shifts between bulls and bears. However, the current positive reading supports the recent upward momentum seen in SOL’s price and technical indicators.
If BoP remains in positive territory, it may suggest continued buying pressure, reinforcing bullish sentiment. Still, frequent reversals in this indicator suggest that traders should watch for confirmation from other metrics like volume and moving averages.