Solana Wallets Surpass 11.4 Million as Price Rebounds 10%

Solana ($SOL) has achieved a significant milestone in user adoption, with the number of wallets holding at least 0.1 SOL surpassing 11.4 million. This growth indicates a surge in retail participation and reflects strong user confidence in the network. Despite fluctuations in June, the SOL price rebounded to $150.76 by the end of the month, after briefly dropping below $140. This rebound suggests that the network is maturing and gaining broader adoption.

Analyst Ali Martinez observed a steady increase in wallet numbers even during volatile price movements. This trend reflects consistent buying pressure and strong user confidence. The rise in non-zero balance wallets signals broader adoption and network maturity heading into the third quarter of 2025. The technical structure of SOL also supports bullish continuation, with the price regaining momentum after rebounding from the $144.92 support level. The price has stayed above an ascending support line, maintaining upward pressure. The bounce followed a breakout from a minor descending wedge, often seen as a bullish reversal pattern.

Technical analysts report that SOL now trades within a broadening wedge formation, signaling increased volatility and a wider price range. The next resistance zone sits between $186 and $190. Holding above the $150 level is considered critical for further upward movement. A sustained rally could push prices beyond $175 in the short term. The potential approval of the first Solana-based ETF in the United States, the REX-Osprey SOL + Staking ETF, could further boost the network's momentum. The fund would give investors direct access to SOL while generating on-chain staking rewards, marking a step toward yield-generating digital asset products.

In summary, the surge in Solana wallets and the potential approval of a Solana-based ETF, combined with strong technical indicators, suggest that the network is positioned for continued momentum in the third quarter of 2025. The growing user base and consistent buying pressure reflect strong user confidence and broader adoption of the Solana network. The technical structure of SOL supports bullish continuation, with the price regaining momentum after rebounding from the $144.92 support level. The next resistance zone sits between $186 and $190, and a sustained rally could push prices beyond $175 in the short term. The potential approval of the first Solana-based ETF in the United States could further boost the network's momentum, marking a step toward yield-generating digital asset products.