Solana recorded a major increase in network activity during the third quarter, processing 14.2 billion non-vote transactions, according to Blockworks data. The figure marks a 45% rise from Q2 and highlights continued usage across the Solana ecosystem.
Despite the stronger network activity, the SOL price has struggled to clear a key resistance zone. The token has moved sideways for roughly a week, leaving traders focused on whether buyers can regain momentum and push the price toward higher technical levels.
Solana Activity Jumps 45% as Network Usage Grows
Solana processed 14.2 billion non-vote transactions during Q3, setting a new quarterly record for network activity. The figure excludes validator voting transactions and instead provides a clearer view of activity generated by users and applications operating on the blockchain.
The latest milestone represents a 45% increase from the previous quarter. It also reinforces Solana’s position as a high-activity blockchain, with network usage continuing to expand even while the broader market remains sensitive to price volatility.
Source: Solana’s X Post
The growth in non-vote transactions is particularly relevant because it reflects activity beyond the validator operations required to maintain network consensus. Continued increases can signal greater engagement across applications, trading activity, and other on-chain use cases.
Why Is the Market Watching SOL?
Recent information regarding the network makes for an excellent base upon which SOL can be considered at this crucial juncture in time. The increase in transactions means that Solana is still gaining traction despite the fact that the prices have not yet shown the same strength.
A high network activity level, however, does not necessarily mean that there will be a break above the price. There is still the resistance level that SOL must surpass. In this case, market players keep an eye on whether the rising network activity goes together with the rise in buying pressure.
In this context, the difference between record-high network activity and sideways price movement is quite evident. If SOL starts gaining momentum amid high network usage, then the market may start paying more attention to the sustainability of the ongoing recovery process.
Also Read: $QNT Solana Launch: Bullish $2B Volume After $400 Rally
What Does the Technical Setup Show for the SOL Price?
Newly released network data creates a solid foundation for the SOL price to take the next critical technical move forward. Increasing volume is seen as a signal of increased utilization by Solana, even though the price hasn’t managed to show the same.
The SOL price has had difficulty breaching the level of $120.80 resistance, as stated by More Crypto Online. The 161.8% extension is also among the critical levels in the blue target zone.
Source: More Crypto Online’s X Post
The token is consolidating sideways, with around a week passing, while the momentum that existed since the low of September 16 has now started to diminish.
However, the pullback has been modest enough to allow further upside action if buyers resume control of the situation. According to the Elliott Wave analysis performed by More Crypto Online, there have been three waves so far within the orange scenario.
Assuming that this uptrend persists, the analyst identified $127.70 and $133 as possible targets for the upside. Yet, they are merely tentative levels and not definite objectives.
The completion of a five-wave move should result in the emergence of a three-wave wave, with two retracements to form a higher low. In the meantime, the market will be observing if the SOL price could breach $120.80.
What Happens Next?
The $120.80 level is the key resistance level on the cards for SOL. If the SOL price manages to overcome this zone, then the existing bullish bias will be fortified. The more important resistance levels will come into play. Otherwise, rejection from this level will mean that the coin remains in the prevailing range.
Moving past the chart, Solana’s record-breaking Q3 transactions continue to be a key fundamental factor. The combination of increasing network usage along with a price forming consolidation towards the resistance level provides two things for the market to watch as the SOL price makes its next big move.
The most recent Solana update is indicative of ongoing ecosystem activity, despite the fact that the asset is still held back by an important resistance level. An impressive number of non-voting transactions is a positive fundamental background for SOL, but it will have to breach the $120.80 mark to improve its near-term outlook.
Also Read: Solana Price Sets Its Sights on $124 as Tokenized-Equity Holders Reach 1.2M
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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