TLDR:
Solana wallets with 0.1+ SOL reach 11.44M, marking a new user growth peak.
SOL price tests $148 support zone after retreating from $167 highs.
RSI nears 48, showing weakening momentum in Solana’s price trend.
Analysts eye a breakout or breakdown from the current range as volatility narrows.
The number of Solana wallets holding at least 0.1 SOL has reached a new all-time high. While this metric signals growing adoption, the price of SOL is testing a crucial support zone.
Traders are watching the $148 area closely, as a rebound or breakdown could define the next move. Despite rising wallet activity, the price has shown weakness near resistance. Market participants now await confirmation of a trend direction amid narrowing price ranges.
Solana Adoption Grows as Wallets Surge Past 11.44 Million
According to data shared by Crypto Inside, over 11.44 million wallets now hold more than 0.1 SOL. This milestone represents an increase in user engagement on the Solana blockchain.
#SOL The number of wallets holding over 0.1 SOL has hit a new all-time high, surpassing 11.44 million. pic.twitter.com/XcbmTulzkr
— Cryptocurrency Inside (@Crypto_Inside_) July 1, 2025
Activity has climbed since late June, likely driven by new NFT projects and developer expansion across the ecosystem.
The rising wallet count suggests increasing interest from both retail and institutional users. These metrics offer insight into network growth even as market volatility continues. Analysts say this metric often reflects user confidence and longer-term accumulation patterns.
SOL Price Hovers at Key Technical Level
At the time of writing, Solana trades at $148.98, following a recent pullback from highs near $167.
Veteran trader Matthew Dixon pointed to a horizontal support zone between $148 and $149, calling it a make-or-break level. The zone aligns with the Wave 4 retracement level in Elliott Wave analysis.
Dixon’s chart shows the price may have completed a five-wave move. If support holds, bulls may regain control and push toward previous highs. However, a failure at this level opens the door to a deeper retracement into the $135 to $126 zone.
I already had the red line marked as key #SOL support. As long as this holds then we can rebound higher but if broken the likely much lower.
The line therefore acts as a perfect risk reward barrier for trades in either direction depending on either a Bullish or Bearish stance. pic.twitter.com/f7v5pOTvHi
— Matthew Dixon – Veteran Financial Trader (@mdtrade) July 1, 2025
Solana RSI Weakens as Market Awaits Direction
The Relative Strength Index (RSI) has dropped from overbought levels and now sits near 48. A further decline below 40 could increase selling pressure. Analysts note that the RSI is showing early signs of weakening momentum as traders reassess positions.
This coincides with a broader cooldown in the altcoin market. Solana’s RSI readings suggest buyers may be losing strength after the recent rally.
A post from trader Most Angry Bull described SOL’s current setup as a wide consolidation. The price continues to reject the range top and remains inside a tightening structure. While bulls tried to push higher, momentum faded near resistance.
This ongoing range offers clear levels for traders. A clean break above resistance or below support could spark the next major move. Until then, market participants are likely to remain cautious and range-bound.
The post This Solana Metric Hits New ATH as SOL Price Tests Key Support appeared first on Blockonomi.
