Transaction activity on the Solana blockchain reached a record high in July, preceding a sharp rally that pushed SOL above $100 for the first time since February amid a broader crypto market recovery.
Onchain data presented by The Kobeissi Letter showed that Solana processed a record 4.2 billion transactions in July, marking a 13.5% increase from the previous month. Transaction counts have risen by roughly 2 billion since December, representing a 91% increase.
This network growth coincided with a broader expansion in tokenized real-world assets (RWAs). Data from RWA.xyz cited by The Kobeissi Letter indicates that the value of distributed RWAs across tracked blockchain networks has climbed above $38 billion. On the Solana network specifically, the value of tokenized real-world assets reached nearly $4 billion, increasing by roughly 11.8% over the past month.
The surge in network activity accompanied a 40% rally in the price of SOL over an eight-day period, with the majority of gains coinciding with a wider cryptocurrency market rebound according to CoinMarketCap data.
Market momentum accelerated following an announcement by the US Treasury Department regarding plans to double certain long-dated bond buybacks to at least $4 billion per operation. The policy shift pushed yields lower and contributed to an increase in risk appetite across cryptocurrency markets.
