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SOL hit $144, but network growth drops from 30.2M to 7.3M wallets, raising breakout doubts.
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Analysts see short-term bullish signals as 4h EMAs strengthen, hinting at a possible rally.
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$145 resistance remains critical; sustained gains need higher network activity and user participation.
Solana surged to $144 this week, inching closer to the critical $145 resistance level. Traders are watching closely, as the token’s next move largely depends on the network’s ability to regain momentum.
According to Santiment, the count of new wallets per week dropped from 30.2 million in November 2024 to just 7.3 million currently. This is a sign of weak network growth and begs questions of whether SOL can truly break out meaningfully. Notably, Solana’s historical price action closely mirrors that of on-chain activity, which is why this metric is an important harbinger for traders and analysts.
Earlier in the market cycle, Solana had a solid rally backed by rapid growth in the network. The number of new addresses and overall activity significantly rose and further reinforced upward price momentum. According to Santiment, this is a “real rally” whereby growth in usage directly supports higher valuations.
However, that trend later reversed. During a corrective phase, network growth slowed sharply, and brief price rebounds failed to hold. Analysts label this period a “fake rally,” reflecting temporary price gains unsupported by network expansion. Currently, network growth continues trending lower, highlighting reduced participation and weaker underlying demand.
Technical Signals Hint at Short-Term Upside
Despite waning network activity, some analysts remain cautiously optimistic. Altcoin Sherpa notes, “$SOL chart looks fantastic and I think this actually continues to lead. The 4h EMAs have looked the healthiest they have since September 2025.” This suggests that Solana may regain technical strength even amid a broader slowdown.
Additionally, CryptoBull_360 points out that SOL is preparing for a short-term breakout from a triangle resistance zone. Consolidation above the point-of-control area could trigger a brief bullish rally, making it a focal point for traders seeking short-term gains.
Hence, Solana’s path forward hinges on network reactivation. Analysts warn that without renewed wallet creation and increased on-chain activity, price momentum may remain fragile. Moreover, the $145 resistance zone continues to test investor patience.
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