- Solana leads blockchain fee revenue, topping $1.2M in 24 hours amid high activity
- Technical signals hint at bullish SOL path with targets near $320 and $500 zones
- Derivatives data shows rising interest in SOL despite $8.13M in liquidations
Solana continues to dominate the blockchain landscape as it tops network fee revenue charts, generating over $1.2 million in the past 24 hours. With Q2 2025 closing on a high note, Solana has outperformed all other chains in revenue generation, signaling increasing network activity and user adoption.
Despite a slight pullback in price, the broader trend paints a bullish picture. The growing interest in Solana, both from retail and institutional players, underscores the chain’s rising relevance in the crypto ecosystem. Many are now questioning how Ethereum will respond in Q3, especially with Solana rapidly gaining ground.
GM crypto gang!#Solana smashing top fees in the last 24 hours with over $1,2M 👀 pic.twitter.com/iuNGJOJQLE
— Crypto Rand (@crypto_rand) July 8, 2025
Technical Analysis Supports Bullish Outlook
Solana (SOL) is currently priced at $151.14, down slightly by 0.77% in the past 24 hours. Despite the small dip, the weekly price change is up by 1.34%. According to Mags, an analyst analysis, the token recently bounced off a critical support zone near $117.73, which aligns with the 1.618 Fibonacci extension.
Historically, SOL has exhibited strong breakouts after periods of consolidation under diagonal resistance. Chart analysis points to a potential path toward $320 and even $500, suggesting a high-conviction buying zone at current levels.
The technical indicators reflect a cautiously optimistic outlook. The MACD line at 0.89 sits just above the signal line at -0.27, trending upward and signaling modest bullish momentum. While not yet strong enough to suggest a breakout, this alignment indicates growing upward pressure.
Meanwhile, the RSI stands at 51.49, placing it in a neutral zone. This suggests the market is neither overbought nor oversold, leaving room for further price movement in either direction depending on upcoming momentum.
Derivatives Activity Reflects Mixed Sentiment
Coinglass derivative market data presents a mixed but active landscape. Solana’s total derivatives trading volume rose by nearly 16%, now standing at $12.55 billion. This surge highlights heightened interest among traders. However, open interest has slipped slightly by 0.15%, resting at $6.94 billion. This minor drop suggests some positions are being closed or rotated.
Meanwhile, the options market is showing robust growth. Options volume spiked by over 49%, hitting $839,510. Open interest in options also climbed by 8.69%, totaling $5.72 million. However, liquidation figures signal caution. Over the last 24 hours, $8.13 million in positions were liquidated, with long traders bearing the brunt at $6.88 million.
