Solana adds 8M addresses but price risks 9.5% pullback

Beincrypto reports Solana saw more than 8 million new addresses join the network within a single 24-hour period, signalling rapid adoption even as the token’s price faces near-term risk.

On-chain metrics show surging activity since the start of the month—driven by DeFi, memecoins and high-throughput applications—but exchange position change data indicates legacy holders’ selling pressure is outweighing fresh demand, and buying momentum from long-term participants has weakened.

SOL trades near $144 at the time of writing and has formed an ascending wedge that often precedes pullbacks; a breakdown projects a potential 9.5% decline toward about $129, with an initial drop to $136 and $130 as subsequent supports. The bearish scenario is not guaranteed: a move above $146 would signal renewed strength toward $151. The analysis is for informational purposes only and should not be considered financial or investment advice.

Key Topics

Crypto, Solana, Sol, Glassnode, Defi, Memecoins