Solana (SOL) is showing renewed momentum across multiple key metrics, with August marking the network’s first positive monthly close in nearly a year. The shift coincides with record-breaking growth in real-world asset (RWA) tokenization and continued dominance in memecoin trading volume.
Technical Breakthrough: First Green Monthly Candle in 10 Months
After flashing red on the charts for almost a year, Solana finally finished a month in the green in August. The gains were powered by the monthly MACD, which moved close to a bullish crossover at press time. Additionally, SOL‘s monthly Relative Strength Index (RSI) broke a downtrend that had remained intact for nearly two years.
While this technical improvement signals a potential trend change, analysts caution that SOL remains well below its previous all-time highs. A single green monthly candle does not confirm a full trend reversal, though it provides a foundation for bulls to build upon after months of sustained selling pressure.
RWA Ecosystem Hits $4.35 Billion All-Time High
Solana’s real-world asset ecosystem crossed $4.35 billion in total value locked, setting a new all-time high. The number of RWA holders on the network also climbed above 420,000, placing Solana among the market’s largest chains for tokenized assets despite competition from Ethereum (ETH) and other Layer 1 networks targeting the same institutional market.
Memecoin Volume Dominance: 67% of Multichain DEX Activity
On September 7, Solana captured approximately 67% of spot decentralized exchange (DEX) memecoin volume across tracked chains. This figure nearly triples Robinhood’s 23% share, while BNB Chain accounted for another 9%.
Memecoin trading has historically been one of Solana’s strongest drivers of on-chain activity. Sustained dominance in this sector could continue to support transaction demand and liquidity across the broader ecosystem.
Key Takeaways
- August 2024: First positive monthly candle for SOL in 10 months.
- RWA Milestone: $4.35 billion total value locked, 420,000+ holders.
- Volume Leadership: 67% share of multichain memecoin DEX volume (Sept 7).
