Solana Wallets Surge 11.44 Million Amid NFT Projects, Price Tests $148 Support

Solana has reached a new milestone with over 11.44 million wallets now holding at least 0.1 SOL, marking a significant increase in user engagement on the blockchain. This surge in wallet activity is likely driven by new NFT projects and developer expansion across the ecosystem, indicating growing interest from both retail and institutional users. The rising wallet count suggests user confidence and longer-term accumulation patterns, offering insights into network growth despite ongoing market volatility.

Despite this growth in adoption, the price of SOL is currently testing a crucial support zone. At the time of writing, Solana is trading at approximately $148.98, following a recent pullback from highs near $167. Veteran trader Matthew Dixon has identified a horizontal support zone between $148 and $149, describing it as a make-or-break level. This zone aligns with the Wave 4 retracement level in Elliott Wave analysis. If support holds, bulls may regain control and push toward previous highs. However, a failure at this level could lead to a deeper retracement into the $135 to $126 zone.

The Relative Strength Index (RSI) for Solana has dropped from overbought levels and is now near 48, indicating weakening momentum in the price trend. A further decline below 40 could increase selling pressure. This coincides with a broader cooldown in the altcoin market, suggesting that buyers may be losing strength after the recent rally. Trader Most Angry Bull described SOL’s current setup as a wide consolidation, with the price rejecting the range top and remaining inside a tightening structure. This ongoing range offers clear levels for traders, with a clean break above resistance or below support potentially sparking the next major move.

Market participants are now awaiting confirmation of a trend direction amid narrowing price ranges. Analysts are eyeing a breakout or breakdown from the current range, with the $148 area being closely watched. A rebound or breakdown from this level could define the next move for SOL. Despite the rising wallet activity, the price has shown weakness near resistance, and traders are remaining cautious and range-bound until a clear direction emerges.