Solana (SOL) may be showing early signs that its prolonged downtrend is losing momentum. The cryptocurrency recorded its first positive monthly close in August 2026 after ten consecutive months of declines, giving bulls a potential foundation for a broader recovery.
The change in momentum was also reflected in Solana’s longer-term technical indicators. Its monthly MACD moved toward a bullish crossover, while the monthly RSI broke above a declining trendline that had remained intact for nearly two years.
However, the latest improvement should be viewed cautiously. SOL is still trading significantly below its previous peaks, and one positive monthly candle is not enough to establish that a sustained trend reversal has begun.
Still, the combination of improving technical signals and stronger network activity provides traders with a more constructive backdrop than they had seen during much of the previous year.
Solana’s RWA Market Reaches a Record
Beyond price action, Solana’s real-world asset (RWA) sector has continued to expand.
The total value of tokenized real-world assets on the network recently surpassed $4.35 billion, marking a new record for Solana. At the same time, the number of wallets holding RWA-related tokens climbed beyond 420,000.
The growth highlights Solana’s increasing role in the tokenization sector and puts the network in closer competition with established blockchain ecosystems such as Ethereum.
Growing participation in tokenized assets could become an important source of activity for Solana as blockchain-based representations of traditional financial assets continue to gain traction.
Memecoins Continue to Drive Solana Activity
Memecoin trading is another area where Solana has maintained a strong position.
🚨JUST IN: @Solana widened its memecoin volume lead over @RobinhoodCrypto yesterday, capturing 67% of activity across all chains, nearly three times Robinhood’s 23% share. pic.twitter.com/uBSosmmJIE
— SolanaFloor (@SolanaFloor) September 8, 2026
On September 7, Solana accounted for roughly 67% of spot decentralized-exchange memecoin volume among the chains tracked by SolanaFloor. That was nearly three times Robinhood’s reported 23% share, while BNB Chain followed with approximately 9%.
The figures underline how important memecoin activity remains to Solana’s on-chain economy. High trading volumes can contribute to greater liquidity and transaction activity across the network, although this segment is also highly speculative and can change rapidly.
A More Constructive Picture, but Confirmation Is Still Needed
Taken together, Solana’s first positive monthly performance in ten months, improving momentum indicators, record RWA value, and dominant share of tracked memecoin volume paint a more optimistic picture for the network.
That does not guarantee that SOL has entered a new bull market. Price confirmation will be important, particularly given how far the token remains from its earlier highs.
For now, however, the latest data suggests that Solana’s market structure and underlying activity are both showing signs of improvement. The coming months should reveal whether August’s turnaround was the beginning of a lasting recovery or simply a temporary pause in the broader trend.
