🟣 Can Solana’s strong network demand offset July’s token unlock pressure?

On paper, Solana’s [SOL] July token unlock calendar couldn’t look more bearish.

At the macro level, the market is already in a bear phase, with large-cap assets breaking below key support levels and kicking off Q3 with clear capitulation signals. Against that backdrop, Solana’s latest token unlock schedule couldn’t have arrived at a worse time, coming right after SOL closed June down more than 10%.

Fourteen Solana-based tokens will unlock in July, as the chart below shows. PUMP tops the list, with $123.65 million worth of tokens scheduled to enter circulation on the 12th of July, increasing its circulating supply by a massive 21.35%.

Under normal circumstances, a wave of token unlocks is typically a bearish overhang. As more tokens enter circulation, the market generally expects higher sell-side pressure, which can weigh on both token prices and ecosystem sentiment. From a technical perspective, though, Solana is telling a different story.

Despite ending June down more than 10%, the SOL/ETH pair climbed over 13% during the month, showing that Solana continued to outperform most large-cap assets on a relative basis. If anything, that relative strength suggests the market is already absorbing the expected supply overhang, potentially allowing SOL to diverge from the broader market once again.

🔸 Can Solana’s July token unlock fuel a SOL divergence?

The memecoin launchpad recently overtook both Hyperliquid and Polymarket in 24-hour revenue, underscoring the level of user activity still flowing through the Solana ecosystem.

The chart below reinforces that view. Solana continues to process around 1,200 transactions per second (TPS), averages roughly 100 million daily transactions, attracts 4.3 million unique Daily Active Users, and has generated more than $100 million in transaction fees year to date.

#SOL | #Solana | $SOL
{spot}(SOLUSDT)