Solana transactions hit record 4.2B as SOL rallies 40%

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, up 13.5% from the previous month. Transaction counts have risen by roughly 2 billion since December, representing a 91% increase.

The growth has coincided with a broader expansion in tokenized real-world assets. The Kobeissi Letter cited RWA.xyz data showing that the value of distributed RWAs across tracked blockchain networks has climbed above $38 billion.

Source: The Kobeissi Letter

On Solana specifically, the value of tokenized real-world assets has climbed to nearly $4 billion, up roughly 11.8% over the past month.

The surge in network activity comes as SOL has rallied roughly 40% over eight days, with much of those gains coming alongside a broader crypto market rebound, according to CoinMarketCap data.

The rally accelerated after the US Treasury Department announced plans to double certain long-dated bond buybacks to at least $4 billion per operation, a move that pushed yields lower and helped lift risk appetite across crypto markets. 

Related: Standard Chartered analyst eyes $100K BTC as US Treasury doubles long-end buybacks