Are Solana’s 10 Million New Holders Enough to Move SOL Price?

Solana price action remains under pressure despite several attempted recoveries. The altcoin failed to sustain rebounds even after Telegram CEO Pavel Durov was released following his arrest. That development briefly lifted sentiment across related ecosystems. 

However, SOL struggled to attract follow-through buying. Persistent weakness reflects broader market caution rather than project-specific concerns.

Solana Holders Are Increasing

Network activity shows a notable rise in participation. Solana is now adding roughly 10.2 million new addresses on a daily basis. These addresses represent wallets that completed a transaction for the first time. Such growth often signals expanding adoption and fresh capital entering the ecosystem.

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Historically, rising new addresses during bearish phases have supported price recoveries. New participants tend to absorb supply from short-term sellers. This dynamic has preceded rebounds in past Solana cycles. With current conditions matching those patterns, growing holder numbers could help stabilize SOL price over time.

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Macro momentum, however, remains mixed. Spot Solana ETF flows turned negative for the first time after a week of trading sessions. On Thursday, ETFs recorded $2.2 million in outflows. This marked the first daily outflow in nearly two weeks.

ETF investors are typically considered more strategic and less reactive. The shift suggests emerging skepticism even among relatively bullish participants. Reduced ETF demand can limit upside momentum. As a result, SOL price may face headwinds until flows stabilize or reverse.

SOL Price Breakout Or Breakdown Ahead?

Solana price is trading near $115 at the time of writing. The token is holding above the $115 support level while moving inside a descending broadening wedge. This structure is generally viewed as a bullish pattern. Holding support keeps the upside scenario intact for now.

For confirmation, SOL must bounce from the lower trend line and clear $123. A decisive move above this level would mark a breakout. Under such conditions, price targets extend toward $132 and $136. These levels align with prior resistance zones and technical projections.

Failure to breach $123 could keep Solana range-bound within the pattern. Continued consolidation would delay any breakout attempt. If bearish signals outweigh bullish ones, downside risk increases. A drop below $115 could push SOL toward $110. Losing that support would invalidate the bullish thesis completely.