Solana faces price resistance amid record transaction volume

Solana is experiencing a period of technical consolidation, with the SOL token trading in a narrow range between $72 and $78. Analysts note that the price is facing significant resistance near the $77 to $78 level, with the 200-day moving average at $82.58 acting as a structural ceiling for potential rallies.

Despite the price stagnation, the network has seen significant operational growth. Solana recorded a new all-time high of 171.9 million daily transactions on August 10. Additionally, MoneyGram has expanded its crypto-to-cash services on the Solana blockchain, connecting its global network of 500,000 retail locations and 60 million customers across 170 countries to the network.

Solana Foundation president Lily Liu described these developments as a move toward building real-world financial applications at a global scale.