Solana’s ecosystem is witnessing unprecedented growth as the network reaches a significant milestone in user adoption. According to recent Glassnode data, over 11 million wallets now hold at least 0.1 SOL, marking a substantial increase in retail participation amid the broader crypto market rally.
The surge in wallet addresses comes as Bitcoin tests the crucial $105,000 resistance level, creating a ripple effect across major altcoins. Solana has emerged as one of the primary beneficiaries, posting an impressive 22% gain since last Thursday.
Network Metrics Signal Strong Fundamental Growth
The latest on-chain data reveals several bullish indicators for Solana’s ecosystem:
- Total active wallets: 11.04 million (holding ≥0.1 SOL)
- Price performance: 22% weekly gain
- Current price level: $173.48
- Key resistance: $181
Technical Analysis Points to Further Upside
SOL’s price action shows strong technical positioning:
- Breaking above 200-day EMA ($161.88)
- Testing 200-day SMA ($181.11)
- Critical support zone: $170-$175
- Next major target: $200
Frequently Asked Questions
What’s driving Solana’s recent growth?
The combination of broader market recovery, increased retail participation, and growing gaming ecosystem has contributed to Solana’s recent surge in adoption and price appreciation.
Is Solana a good investment at current levels?
While showing strong fundamentals, investors should consider their risk tolerance and conduct thorough research. The current technical setup suggests potential for further upside, but market conditions remain volatile.
What are the key resistance levels to watch?
The immediate resistance lies at $181, with $200 representing the next major psychological level. Breaking above these could signal continuation of the bullish trend.