Solana is quietly building momentum while the rest of the market stalls. Despite a choppy macro environment and fading hype in other altcoins, Solana just hit a major milestone on the on-chain front.
At the same time, technicals are lining up in Solana’s favor. A steady trend of higher lows, a textbook ascending triangle near major resistance, and nearly $52 million in liquidation pressure stacked around $188 all suggest a possible sustainable upside.
Solana just clocked its highest-ever true transactions per second (TPS), averaging 1,318 in July, a number that sets a new standard not only for the network but for Layer 1 performance across the board. According to SolanaFloor, these are non-voted transaction metrics, meaning they reflect actual user activity.
Solana hits a record 1,318 true TPS in July, setting a new benchmark for Layer 1 network performance. Source: SolanaFloor via X
Transaction activity has been rising steadily for months, pointing to sustained adoption rather than short-term noise. If this level of throughput persists, Solana will start to see a positive impact on its price action as well. For now, the chain fundamentals are quietly setting the stage.
Solana continues to trend higher, defying broader market weakness, with a quiet but consistent pattern of higher lows. The latest chart shared by CryptoJelleNL highlights how SOL has reclaimed previous resistance zones and is now converting them into support, particularly the $140 to $150 region.
Solana reclaims key support at $140–$150, forming a bullish stair-step pattern with eyes set on the $200 breakout zone. Source: CryptoJelleNL via X
Structurally, this kind of stair-step formation often precedes larger breakouts, especially when it holds firm over multiple tests.
As Solana’s on-chain throughput hits record highs, the technicals now appear to be aligning with the fundamentals. A return above the $200 level could confirm a breakout from this extended range, potentially setting the stage for a run toward new all-time highs within the quarter.
The growing conviction in Solana isn’t just technical or on-chain, it’s also being echoed by smart money. As seen in the latest screenshot from TedPillows, a whale just moved $12 million worth of SOL from Binance to Kamino Finance, likely for staking.
A whale transfers $12M in SOL from Binance to Kamino Finance. Source: TedPillows via X
It’s a strong vote of confidence in Solana’s DeFi ecosystem at a time when transaction throughput is at an all-time high and the price structure remains technically sound. When major wallets make accumulation moves during dips, it’s often a signal that broader market participants are still underpricing the long-term potential.
The latest heatmap data from 5.0Trading reveals a dense liquidation cluster forming near the $188 level, with nearly $51.8M in open interest stacked at that price. This aligns well with Solana’s ongoing bullish structure and increasing whale activity. After holding the $140–$150 support and climbing steadily, this kind of liquidity overhead may act like a magnet if momentum continues building.
Solana’s liquidation heatmap shows $51.8M in open interest near $188, marking it as a key upside magnet. Source: 5.0Trading via X
Daniel Ramsey’s chart highlights a textbook ascending triangle pattern forming beneath Solana’s $185 to $210 resistance band. The structure shows consistent higher lows pressing against a relatively flat resistance ceiling, an encouraging sign of sustained buying pressure. With SOL holding above its multi-month trendline and consolidating near the breakout zone, this setup often precedes significant upward moves once a breakout confirmation is received.
Solana forms an ascending triangle below $210, with bullish structure pointing to a potential breakout toward $280–$300. Source: Daniel Ramsey via X
From a broader perspective, this pattern supports the growing bullish case for Solana. With liquidation heatmaps showing a $51.8M cluster near $188 and fundamentals improving by the week, the technical groundwork for a breakout is strengthening. If this ascending triangle resolves as expected, the next Solana price prediction points toward the $280 to $300 region, in line with mid-term pattern targets.
Solana’s price structure, on-chain performance, and whale behavior are starting to align in a way we haven’t seen since the last major run. With a clean ascending triangle forming near resistance, record-breaking TPS numbers, and $12M worth of accumulation from whales, all eyes are now on whether SOL can finally push past the $200 barrier. If that level flips into support, the roadmap toward $280 to $300 becomes more than just speculation; it becomes a technically supported probability.
