Solana Sees Surge of 10 Million New Addresses, But Can It Translate to Price Momentum?

Solana (SOL) finds itself at a crossroads. While its underlying network demonstrates remarkable user growth, its market price continues to grapple with persistent headwinds, failing to sustain recent rebound attempts even amid positive sector news.

Data reveals a powerful narrative of adoption: Solana is now adding approximately 10.2 million new addresses each day, defined as wallets executing their first transaction. This influx, often a precursor to fresh capital and expanding ecosystem use, historically provides a stabilizing floor during bearish phases by absorbing sell-side pressure from short-term holders.

"The user growth metric is undeniably bullish for the long-term health of the network," says Marcus Chen, a portfolio manager at Horizon Digital Assets. "It shows developer activity and real-world utility are resonating, which ultimately matters more than daily price gyrations."

Yet, the momentum story faces a significant counterpoint from institutional channels. After an initial week of inflows, spot Solana Exchange-Traded Funds (ETFs) recorded their first daily outflow of $2.2 million last Thursday. This shift suggests a cooling of sentiment among typically strategic, long-term oriented ETF investors, potentially capping near-term upside potential.

"The ETF outflow is a red flag everyone's ignoring because they're dazzled by the address number," argues Lena Vance, an independent crypto analyst known for her critical stance. "It's a classic case of 'retail FOMO in, smart money quietly steps out.' This isn't adoption; it's speculation chasing the next meme coin on Solana, and it won't support a real rally."

Technically, SOL is trading around $115, holding a crucial support level within a descending broadening wedge—a pattern often preceding a bullish reversal. For this setup to validate, SOL needs to bounce from the wedge's lower boundary and secure a decisive close above $123. Success could open a path toward $132-$136 resistance zones.

Conversely, failure to break $123 may condemn SOL to continued range-bound action. A breakdown below the $115 support could trigger a slide toward $110, invalidating the current bullish technical thesis.

"The dichotomy is fascinating," observes David Park, a fintech professor. "You have on-chain vitality versus institutional caution. The price will likely remain volatile until one of these forces clearly dominates. The next test is whether these millions of new addresses evolve into engaged, long-term participants."

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