Solana Wallet Activity Smashes ATH: Is $184 the Next Stop for SOL?

Solana's network just hit a record-breaking milestone—wallet activity surged to an all-time high. But can this surge translate into serious price action?

The burning question: Is SOL primed to rocket past $184?

With demand exploding and the network firing on all cylinders, traders are betting big. Yet, as always in crypto, euphoria and reality often diverge—just ask the 'stablecoin maximalists' from last cycle.

One thing's clear: Solana's ecosystem isn't slowing down. Whether that fuels a price breakout or another 'buy the rumor, sell the news' moment remains to be seen.

ATH in wallets—What’s going on?

The Number of Addresses with Balance ≥ 0.1 SOL surged to an all-time high of 11.44 million on the 28th of June, per Glassnode.

Source: CryptoQuant

That figure coincided with a jump in SOL’s price to $150.76. Naturally, this uptick in small-holder activity hints at growing grassroots confidence.

Moreover, Spot Netflow data from CoinGlass showed sustained outflows from centralized exchanges, totaling $525.32 million as of the 1st of July.

Source: CoinGlass

If these outflows continue to rise, they could contribute to a supply squeeze—an event where demand exceeds supply, potentially leading to a price surge.

The likelihood of a SOL rally remained strong, as Futures investors joined spot investors in signaling bullish sentiment.

Futures traders show their hand

There’s been a notable surge in Open Interest across both options and Futures markets, according to CoinGlass.

SOL Futures Volume shot up 88.74% to $20.24 billion, while Futures Open Interest climbed 4.14% to $7.22 billion.

Options markets also saw bullish traction—Options Volume ROSE 37.27%, and Options Open Interest jumped 17.76%.

Source: CoinGlass

Rising Open Interest across both derivative types points to a confident and expanding market posture. In fact, the Taker Buy/Sell Ratio confirmed it: buying activity was dominant, with the metric reading above 1.

The broader market showed a reading of 1.0012, while traders on Binance and OKX were even more bullish, with readings of 1.9842 and 2.16, respectively.

If this trend continues, it could further boost SOL’s demand and push prices higher.

SOL attempts a price breakout, but faces hurdles

AMBCrypto analyzed the possible price outlook for SOL following the uptick in demand. Here’s what the analysis revealed.

In the short term, SOL was trading within a bullish triangle pattern and has breached its immediate resistance, putting SOL a step away from a major breakout.

Source: TradingView

If the price bounces off key support levels at $144.87 or $139.88, it could retest the $184.88 mark—nearly 27% upside from the current level.

On the medium-term outlook, SOL traded within a similarly bullish structure, but with higher price targets.

In this scenario, SOL has yet to break the descending resistance line (black line), having faced rejection at that level.

Source: TradingView

A successful breakout WOULD likely send SOL to three key targets: $181.46, $203.98, and $244.00.

Given the price movement and slight decline, a MOVE into the demand zone, followed by a breach of the resistance line, could spark a broader rally toward these targets.