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.
Record Network Throughput
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 over the period.
The surge in activity has coincided with a broader expansion in tokenized real-world assets. Citing RWA.xyz data, The Kobeissi Letter reported that the value of distributed RWAs across tracked blockchain networks has climbed above $38 billion.
On Solana specifically, the value of tokenized real-world assets has reached nearly $4 billion, up roughly 11.8% over the past month.
SOL Reclaims $100
The network milestone preceded a price rally in which SOL gained roughly 40% over eight days, according to CoinMarketCap data, breaking back above the $100 mark for the first time since February.
Much of the gain came alongside a broader crypto market rebound that accelerated after the US Treasury Department announced plans to double certain long-dated bond buybacks to at least $4 billion per operation. The move pushed yields lower and lifted risk appetite across crypto markets.
Real-World Assets as a Growth Driver
The figures highlight how tokenization of traditional financial assets — from Treasury bills to funds and credit products — has become a measurable driver of blockchain network activity rather than a narrative. Solana's near-$4 billion RWA base places it among the leading non-Ethereum networks for tokenized asset issuance.
The combination of record throughput and expanding RWA value suggests the July activity high was driven by more than speculative trading volume, though network transaction counts include both economic transfers and program interactions.
For the year ahead, the key question is whether the growth in tokenized assets continues to compound — RWA.xyz's $38 billion cross-network figure has been climbing steadily as traditional financial institutions extend issuance to multiple blockchains.