Altcoins News
By Julie Binoche
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Solana (SOL) has recently seen a strong breakout, surging above the $180 mark and gaining significant momentum in the process.
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According to data from Glassnode, the number of Solana wallets holding at least 0.1 SOL has climbed to over 11 million, signaling increasing interest from retail investors.
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This surge in wallet addresses is not just a sign of retail participation, but also indicates growing belief in the long-term value of Solana.
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Increased Trading Volume and Market Activity
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Alongside the growth in wallet addresses, Solana has also witnessed a significant rise in trading volume.
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Solana's performance in Q1 2025 was particularly notable, with spot decentralized exchange (DEX) volumes reaching $180 billion—an increase of 62% from the previous quarter.
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Solana’s Technical Outlook and Key Levels
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On the technical front, Solana's price action is looking bullish. After consolidating near $150 for several days, SOL broke above the key resistance level of $180.
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Solana's Relative Strength Index (RSI) currently stands at 72, indicating that the asset is in overbought territory.
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Institutional Confidence and Accumulation Phase
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In addition to retail interest, institutional investors are also showing confidence in Solana. DeFi Development Corp., for instance, recently acquired over 172,000 SOL worth $23.
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Moreover, CoinGlass data reveals that $13 million worth of SOL has been withdrawn from exchanges over the past 24 hours.
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Solana's liquidation map shows that a significant amount of leverage has built up around the $171.8 to $186.5 price range.
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The heavy leverage in the market could result in more volatile price action, with potential short squeezes driving prices higher.
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The strong performance of Solana, driven by the surge in wallet adoption and increasing market activity, positions SOL for potential growth.
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