Solana has achieved a remarkable milestone, with over 11.44 million wallets now holding at least 0.1 SOL. This surge reflects heightened user engagement, fueled by new NFT projects and ecosystem expansion. The growing wallet count signals robust network adoption, even as SOL's price tests a critical $148 support zone.
Surging Wallet Activity: A Sign of Ecosystem Growth
The Solana blockchain continues to attract users, evidenced by:
- 11.44 million wallets holding minimal SOL balances.
- Increased participation in NFT launches and developer initiatives.
- Rising institutional and retail interest.
This trend highlights long-term accumulation patterns, suggesting strong user confidence despite market fluctuations.
SOL Price Tests Critical Support
While adoption grows, SOL's price faces a pivotal moment:
- Current price: ~$148.98 (down from recent highs near $167).
Key support zone: $148–$149, identified by traders as a make-or-break level.
- Aligns with Elliott Wave 4 retracement.
- Breakdown risks a drop to $135–$126.
Technical Indicators Show Weakening Momentum
RSI at 48, down from overbought territory.
- A drop below 40 could intensify selling pressure.
- Altcoin market cooldown suggests buyer exhaustion post-rally.
Market Outlook: Awaiting a Breakout
Traders are watching for decisive moves:
- Consolidation range: SOL rejected range highs, remaining in a tightening structure.
Breakout triggers:
- Clear breach above resistance or below support.
- $148 level: Critical for determining next trend direction.
FAQs
Q: What’s driving Solana’s wallet growth?
A: Expansion in NFT projects and developer activity are key factors.
Q: Why is $148 important for SOL?
A: It’s a major support zone; holding could lead to a rally, while losing it may deepen corrections.
Q: How does RSI affect SOL’s price?
A: Declining RSI signals weakening momentum, potentially increasing downside risk.
👉 Explore Solana’s latest NFT trends
Analysts emphasize patience until SOL confirms its next directional move. The interplay between rising adoption and technical pressure makes this a pivotal phase for traders.
👉 Stay updated on SOL’s key levels
### Key Takeaways
- **Formatted for SEO**: Headings, bullet points, and keyword integration (e.g., "NFT projects," "$148 support").
- **Engaging Anchor Texts**: Added 2 clickable links as instructed.