Solana Adds 10M Daily Wallets As Price Tests $115 Support

The token is holding above $115 support while trading inside a descending broadening wedge pattern, which technical analysts generally view as bullish.

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.

Alexey Bondarev is the Head of Content at Yellow.com, having reported on crypto for the last 10 years. He specializes in in-depth Research and Learn pieces, with a focus on analytical reporting, industry context, and the bigger forces shaping crypto, from the AI era and security technologies to fintech innovation. He believes that everything digital will imminently overcome everything analogue and is working hard to make that come true.