Solana Price Reclaims Crown as Network Revenue Tops Ethereum, Bitcoin

The Solana price is holding near $76 as the network posts its strongest revenue numbers in nearly five months. SOL traded at $76.53 on July 20, up 0.6% on the day, according to derivatives data reviewed for this report.

Solana reclaimed the number one spot among all blockchains by daily network revenue on July 18, generating $974,626 in a single day. That put it ahead of Tron, BNB Chain, Bitcoin, and Ethereum for the first time in months.

Why is Solana price up today?

Stablecoin growth on Solana is also picking up steam. Non-USDC/USDT stablecoin supply on the network hit a new all-time high of $4.81 billion, led by USD1 and USDG0 tokens.

This growth in stablecoin liquidity often signals more trading activity and capital sitting ready to deploy across Solana-based apps.

What are the key support and resistance levels for $SOL?

Looking at the daily chart, SOL is trading inside a pattern that has held since early June.

Price is currently sitting near $76.55, right between the 20-day EMA at $76.43 and the 50-day EMA at $76.60. This tight clustering often points to a period of low volatility before a bigger move.

The Relative Strength Index sits at 50.91, which is neutral. Neither buyers nor sellers have full control right now.

A daily close above $80 could open the door toward the $93 zone. A break below the wedge support near $72 would likely bring the June lows back into play.

Is the Allbridge hack affecting Solana price?

Sentiment took a hit after Allbridge, a cross-chain bridge protocol, was exploited for roughly $1.65 million.

The attacker drained $1.65 million from Allbridge Core protocol funds and quickly moved the stolen assets from Solana to Ethereum.

The exploiter swapped the funds into ETH shortly after the bridge transfer, a common move to avoid tracking and freezing attempts.

This marks the latest in a string of bridge exploits that continue to challenge trust in cross-chain infrastructure, though it appears isolated to the Allbridge protocol rather than Solana's core network.

Are traders bullish or bearish on Solana right now?

Futures volume on $SOL jumped 85.80% to $5.70 billion, showing traders are active despite the sideways price. Open interest slipped slightly to $4.79 billion.

The long/short ratio on Binance sits at 2.57, meaning more traders are betting on higher prices.

But 24-hour liquidations hit $5.35 million, split between $2.39 million in longs and $2.96 million in shorts, showing volatility is already shaking out leveraged positions on both sides.

Will SOL price go up this week?

The combination of rising network revenue, growing stablecoin supply, and heavy futures activity suggests traders are watching Solana closely this week.

Whether SOL can turn its revenue lead into a price breakout may depend on whether it clears the $80 resistance zone in the days ahead.

A failure to hold current support near $76 could see price test lower levels first.

Nothing here is a certainty. Markets can move fast in either direction, and the Allbridge exploit is a reminder that ecosystem risks remain even when core metrics look strong.

Disclaimer

This article is for informational purposes only and does not constitute financial, investment, or trading advice. Cryptocurrency markets are highly volatile and carry significant risk. Always do your own research and consult a licensed financial advisor before making any investment decisions.