Solana’s quest to dominate blockchain activity shows no signs of relenting, according to on-chain metrics provider Solana Sensei, which reports the network has accounted for more than 50% of daily total crypto transactions over the past five months.
This momentum has gained steam to the point that Solana recently processed roughly twice as many transactions as all other major chains combined, reflecting growing demand for its ecosystem and its ability to handle substantial transaction volumes.
Will Solana’s Major Support Hold?
On the price action front, Solana is navigating an important technical level, with market analyst Wealthmanager pointing out that the 7th-largest cryptocurrency by market cap is pulling back toward a support zone that ought to be given a keen eye.
After reaching a high of $126, SOL has formed a series of lower highs and is now drifting toward the same support area.
Per CoinGecko data, Solana is trading at $118, putting it in a critical position: if it defends the support zone, the broader bullish structure will remain intact and could give buyers another chance to push the price higher.
Nevertheless, a decisive breakdown could set up a deeper correction.
On the other hand, attention is also turning toward Solana’s $100 support wall since more than 40 million SOL have changed hands around this price region, making it a delicate demand zone.
Therefore, the $100-$118 region could determine whether the current pullback becomes a healthy reset or the beginning of a deeper correction.
Meanwhile, leading meme coin Shiba Inu (SHIB) recently went live on Solana, creating new opportunities for liquidity, users, and trading activity across the blockchain. This development was significant: SHIB’s trading volume surged 199%, reflecting heightened interest in the expansion.