Solana’s $87M Revenue Tops Crypto Charts as Weak Jobs Data Weighs on Markets

Solana just clinched another monthly revenue crown. But despite the $87 million network haul in July, investors aren’t cheering — at least not this week. A rough stretch in the markets, triggered by softer-than-expected US job figures, has pulled SOL down sharply from its highs, snapping a strong rally.

The cryptocurrency, which soared to $182 on Monday, has since slumped 16%, landing at a two-week low. Traders, it seems, are more focused on macro jitters than blockchain fundamentals.

Cracks Show in US Labour Market, Crypto Follows Suit

The market wasn’t ready for a miss this big. The US Bureau of Labor Statistics reported just 73,000 jobs were added in July — miles off the 110,000 forecast. That’s not just a blip.

It’s a signal that the labour market might be cooling faster than the Federal Reserve anticipated. For risk assets like crypto, that’s a curveball. Why? Because slower job growth could delay or reduce the number of interest rate cuts expected this year — the very cuts investors have been counting on.

Solana, like other altcoins, took the news badly. After rallying hard earlier in the week, SOL slid for five straight sessions, closing Friday at $166.23. Investors are clearly spooked.

Solana Still Leads the Pack — And It’s Not Even Close

While the price action’s been ugly, Solana’s fundamentals are quietly impressive. The network pulled in $87 million in revenue last month — more than any other blockchain. Again.

That’s ten months in a row Solana’s topped the leaderboard.

Tron came in second with $61 million, while Ethereum and Bitcoin lagged further behind. Ethereum, for comparison, recorded about $50 million in protocol revenue during the same period, while Bitcoin trailed due to its low transaction fee structure.

Quick takeaways from July network revenue:

• Solana: $87M

• Tron: $61M

• Ethereum: ~$50M

• Bitcoin: Significantly lower due to its fee model

So yes, prices fell. But the network is buzzing.

Technical Setup Turns Cautious, But Not Bearish Yet

There’s a chart story here, too. The $160 level has been acting like a trampoline for SOL — bouncing the price back every time it’s touched over the last month.

But it’s now being tested again.

Technical analysts are eyeing $160 as a make-or-break support. If it holds, a rebound toward $182 is still on the table, especially if macro sentiment steadies. ETF speculation could also give it a kick.

1. Below $160, things could get messy.

2. Above $170, bulls might start creeping back in.

Some traders are already nibbling at the dip, betting that ETF enthusiasm — especially around a Solana spot ETF — could return to headlines in the coming weeks.

Revenue Comparison: Solana vs the Rest

Here’s a look at how Solana stacked up against its rivals in July based on network revenue:

Solana’s strength here is no accident. With higher user activity, cheaper fees, and a growing number of developers, the protocol’s traction has been clear — even if the token price doesn’t always reflect it.

But it’s also worth noting that these numbers are backward-looking. Traders care about what happens next.

What’s Driving the Disconnect Between Revenue and Price?

On paper, Solana looks strong. In reality, SOL is down 16% this week. So what’s going on?

There’s a growing disconnect between what blockchain networks are generating and how their tokens are trading. And macro events are muddying the waters.

Rate expectations, inflation pressures, ETF delays — it’s a volatile stew. Even strong projects are being sold off when the broader market flinches.

This isn’t unique to Solana. Ethereum has seen similar detachment from its network strength. Bitcoin, while more stable, also failed to break new ground this week.

But SOL’s steep drop is notable, especially in light of its revenue dominance. Traders might be asking if this is a buying opportunity — or just a breather before more pain.

Where Solana Could Go From Here

There’s cautious optimism, but the market remains jittery. If the broader economic data stabilises and rate cut hopes come back into focus, Solana could catch a second wind.

Until then, it’s a balancing act between hard data and hard emotions.

Some are betting the worst is behind us. Others say this could just be the start of another leg down. But either way, Solana’s fundamentals are doing a lot of heavy lifting right now — and eventually, the market tends to notice.