Solana (SOL) is adding approximately 10.2 million new wallet addresses daily even as the token trades near $115 amid persistent selling pressure and the first exchange-traded fund outflows in nearly two weeks.
What Happened: Network Growth Defies Price Weakness
Data shows Solana generating roughly 10.2 million new addresses each day, representing wallets that completed their first transaction on the network. The growth comes despite SOL's inability to sustain rebounds, including a brief lift in sentiment following the release of Telegram CEO Pavel Durov after his arrest.
Spot Solana ETF flows turned negative on Thursday, recording $2.2 million in outflows. This marked the first daily decline after a week of trading sessions.
The token is holding above $115 support while trading inside a descending broadening wedge pattern, which technical analysts generally view as bullish.
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Why It Matters: Historical Patterns Suggest Stabilization
Rising new addresses during bearish phases have historically preceded price recoveries in past Solana cycles. New participants tend to absorb supply from short-term sellers, creating conditions that can stabilize prices over time.
ETF investors are typically considered more strategic and less reactive than retail traders.
The shift to outflows suggests emerging skepticism among relatively bullish institutional participants.
For confirmation of a breakout, SOL must clear $123 resistance. A decisive move above that level would target $132 and $136. Failure to breach $123 could keep the token range-bound, while a drop below $115 would push prices toward $110 and invalidate the bullish thesis.