Solana (SOL) Slides 1.45% as Buyers Hold $149 Support Amid Network Growth

Solana (SOL) slipped 1.45% over the past 24 hours, falling from $151.41 to $149.21 between July 6 at 19:00 UTC and July 7 at 18:00 UTC, according to CoinDesk Research. The broader crypto market, tracked by the CoinDesk 20 Index, declined 0.56% over the same period.

SOL traded within a 3.07% range, peaking at $153.67 before a sharp sell-off pushed the price below the key $150 psychological level. A volume spike of 925,497 tokens during the 21:00 UTC hour on July 6 marked the session high as resistance. The token later dipped to a low of $149.09 before recovering slightly.

Heavy trading activity in the final hours confirmed short-term bearish sentiment. Between 17:41 and 18:40 UTC on July 7, SOL dropped from $150.27 to $149.72. A sharp one-minute decline at 18:16 UTC brought the price to $149.42 on volume exceeding 57,000 tokens. However, strong buyer interest at the $149 support zone helped SOL rebound to $149.31 by session close.

Despite recent price weakness, Solana’s network fundamentals remain strong. On-chain data from Artemis shows Solana matched the combined monthly active addresses of all other L1 and L2 blockchains in June 2025. Additionally, Blockworks reports Solana generated over $271 million in Q2 2025 revenue—leading all chains for a third consecutive quarter. This revenue, driven by transaction fees and out-of-protocol tips, highlights Solana’s robust ecosystem and scalable fee model.

As user adoption and network activity surge, Solana continues to strengthen its position in the blockchain space. While near-term volatility may persist, the network’s economic throughput and high-speed infrastructure could support long-term value for SOL investors.