Solana Wallets Hit All-Time High Amid ETF Speculation

Solana has recently regained attention due to speculation surrounding the potential approval of a Solana ETF. Although not yet confirmed, market insiders suggest that regulatory approval may be imminent. The approval of a Solana ETF would represent a significant milestone for the ecosystem, potentially opening the door to traditional capital flows and broader institutional exposure, similar to the experiences of Bitcoin and Ethereum following their own ETF breakthroughs. For long-term investors, this development could lay the groundwork for a new phase of sustainable growth.

This optimistic outlook is supported by recent data from Glassnode, which indicates that the number of wallets holding over 0.1 SOL has reached a new all-time high. This milestone signifies an increase in retail participation and growing confidence in Solana’s long-term potential. As the network continues to mature, the rise in small holders also signals expanding grassroots adoption, which is an encouraging sign during a period of market uncertainty.

While short-term price movements may still be influenced by broader macro trends, sentiment around Solana is clearly improving. If ETF approval becomes a reality, the combination of increased accessibility and rising on-chain adoption could significantly boost Solana’s market position in the coming months.

Solana is currently trading below the $150 mark after experiencing a sharp retracement from its May high. The asset has lost more than 20% in value since peaking earlier this cycle, driven largely by broader market consolidation and declining risk appetite across altcoins. Despite the recent pullback, SOL continues to hold a strong support zone near the $135–$140 range, which has proven resilient during previous sell-offs.

Analysts remain cautiously optimistic, noting that a sustained push above key supply zones—particularly the $155–$165 range—could reignite bullish momentum. However, the market remains in a phase of indecision. Price action across major assets, including Solana, reflects uncertainty as traders wait for a clear breakout or breakdown to confirm the next move. Without a strong catalyst, SOL may continue to consolidate alongside the broader altcoin market.

Amid the sideways price action, one encouraging signal is the growing on-chain adoption. Top analyst Ali Martinez shared data from Glassnode showing that the number of wallets holding over 0.1 SOL has reached a new all-time high, now exceeding 11.44 million. This steady rise in non-zero wallets points to expanding retail participation and long-term holder confidence, even as short-term volatility persists.

The divergence between price action and user adoption suggests that Solana’s fundamental growth remains intact. If momentum returns and macro conditions improve, Solana may be well-positioned for a breakout, especially with ETF rumors fueling speculative interest. For now, the $150 level remains a psychological pivot as the market watches for signs of direction.

Solana (SOL) is currently trading at $149.30, just below the key resistance confluence of the 50-day, 100-day, and 200-day moving averages, all clustered between $150 and $151. This area has acted as a strong technical barrier, and SOL’s repeated failure to reclaim it reflects the market’s hesitancy amid broader uncertainty. After rallying to $159.99 earlier in the session, bears stepped in and pushed the price back down, closing the candle with a bearish wick, signaling ongoing selling pressure.

The chart reveals a prolonged consolidation pattern that has developed since the mid-May rejection near $180. Despite several bounce attempts, SOL has not been able to regain bullish momentum. The volume profile also suggests fading interest during upswings, a common trait during accumulation or exhaustion phases. Notably, price remains above the March low, preserving a key higher low structure, which is crucial for the broader bullish outlook.

If SOL breaks above the $151–$155 range with sustained volume, it could trigger a move toward $180. However, failure to clear this resistance might lead to another test of support around $135. Traders should watch for a decisive close above the moving average cluster to confirm trend continuation, especially with ETF speculation fueling long-term optimism.