Solana Network Sees Increase in Activity with 11 Million Wallets Holding 0.1 SOL or More—Analyst Reports
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Solana has experienced an increase of over 22% since last Thursday, benefiting from a resurgence of positive momentum in the larger cryptocurrency market. As Bitcoin approaches historical highs and Ethereum breaks prominent resistance barriers, Solana has demonstrated impressive resilience. The price hit a local peak of $181 before facing resistance, currently stabilizing just below that threshold in search of support to propel further gains.
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As price fluctuations stabilize at a crucial juncture, on-chain analytics highlight substantial growth in Solana’s user community. Data from Glassnode reveals that the number of wallets containing at least 0.1 SOL has surged to 11.04 million over the last two weeks. This swift increase in wallets owned by smallholders indicates a growing trend in adoption and user engagement, particularly as interest in altcoins rises.
The current consolidation below $181 might serve as a beneficial pause if bullish sentiment continues. With the market gaining traction and retail interest resurging, the existing price structure may present a strong foundation for a significant breakout in upcoming sessions. The mix of positive price movements and increasing user participation suggests Solana could be gearing up for a more substantial role in the forthcoming bullish cycle.
Solana Maintains Essential Support Amidst Positive Wallet Growth
Solana is at a critical juncture as it consolidates just under the $181 resistance level. Following a notable 22% surge over the past week, it is vital for bulls to safeguard current levels to confirm the uptrend and sustain momentum. Maintaining positions above the $170–$175 support zone would validate strength and could lead to a renewed effort toward the $200 mark. However, the road ahead involves some risk. The broader economic climate remains shaky, with ongoing concerns regarding a global downturn and uncertainties around inflation and interest rate strategies.
In spite of these challenges, the cryptocurrency market is experiencing a robust recovery, with Solana being among the standout performers. This rally could signify more than just a temporary rebound—it might represent the initial phase of a larger bullish trend with significant upside potential. Sentiment among investors is improving, as is user interaction across key platforms.
Prominent analyst Ali Martinez has provided noteworthy on-chain data supporting this viewpoint. According to Glassnode, the count of wallets holding at least 0.1 SOL has climbed to 11.04 million in the last fortnight. This rapid increase in smaller holders indicates a rising retail interest and a broadening user demographic—key indicators for long-term stability.
If bulls can retain dominance at current levels and macroeconomic conditions remain stable, Solana may be on the brink of a significant move. The blend of technical strength and increased on-chain engagement offers a robust foundation for the next upward surge. Attention is now on whether the $181 resistance will be breached or if Solana requires additional time to solidify strength before the upcoming rally phase commences.
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Solana Encounters Resistance as Price Retraces to Test Support
Solana (SOL) is currently stabilizing just below the $181 mark after a significant 22% increase over the past week. The chart demonstrates that the price surged beyond both the 200-day EMA ($161.88) and 200-day SMA ($181.11), indicating a resurgence of bullish momentum. However, the recent pullback from $180 to about $173.48 highlights that the $181 level is functioning as a crucial resistance point, having served as a rejection zone multiple times previously.
Transaction volume remains strong, reflecting robust market activity. However, for bulls to maintain control, it’s crucial to hold the $170–$172 range. A successful retest of this level as support could set the stage for a breakthrough above $181. Conversely, failing to remain above this range might initiate a correction back toward the $160–$165 area, aligning with the 200 EMA.
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From a technical perspective, SOL is attempting to disrupt a prolonged downtrend and is establishing a higher high structure for the first time since late December. The confluence of moving averages indicates a critical moment for the asset. If buyers become active with clarity, a move towards $200 is feasible. Until then, traders will carefully monitor the $181 level for any significant breakout or reversal signs.
Featured image from Dall-E, chart from TradingView
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