Solana Adoption Surges: 11M Wallets Now Hold 0.1 SOL or More – Is This the Next Ethereum Killer?

Solana’s network activity hits new highs as over 11 million wallets cross the 0.1 SOL threshold—proof that even in crypto, the ’little guys’ are finally getting a seat at the table (just don’t ask them about gas fees).

The blockchain’s scalability continues to attract users tired of Ethereum’s congestion, while TradFi veterans scoff—’congrats, you’ve reinvented checking accounts with extra steps.’

With SOL’s price still volatile, one thing’s clear: the network’s growth isn’t slowing down. Whether that translates to long-term value? Well, that’s why they call it speculation.

Solana Holds Key Support As Wallet Growth Signals Optimism

Solana is now facing a crucial test as it consolidates just below the $181 resistance zone. After a sharp 22% rally over the past week, bulls must defend current levels to validate the uptrend and sustain momentum. Holding above the $170–$175 support range WOULD confirm strength and could pave the way for a renewed push toward the $200 level. However, the path forward isn’t without risk. The broader macroeconomic environment remains fragile, with persistent fears of a global slowdown and continued uncertainty around inflation and interest rate policy.

Despite these headwinds, the crypto market is staging a powerful recovery, and Solana is among the top performers. This rally may be more than just a short-term bounce—it could mark the early stages of a larger bullish phase with significant upside potential. Investor sentiment is improving, and so is user engagement across key ecosystems.

Top analyst Ali Martinez shared compelling on-chain data that reinforces this perspective. According to Glassnode, the number of wallets holding 0.1 SOL or more has surged to 11.04 million over the last two weeks. This rapid growth in smaller holders suggests growing retail interest and a widening user base—critical indicators for long-term strength.

If bulls can maintain control at current levels and macro conditions don’t worsen, Solana could be poised for a major move. The combination of technical momentum and on-chain engagement provides a strong foundation for the next leg higher. All eyes are now on whether the $181 resistance breaks—or if Solana needs more time to build strength before the next phase of the rally begins.

Solana Faces Resistance As Price Pulls Back To Retest Support

Solana (SOL) is consolidating just below the $181 level after a strong 22% rally from last week. As shown in the chart, price action surged above both the 200-day EMA ($161.88) and 200-day SMA ($181.11), signaling renewed bullish momentum. However, the current pullback from $180 to around $173.48 shows that the $181 level is acting as a key resistance, which has previously served as a rejection zone multiple times in the past.

Volume remains healthy, and the recent move shows strong market participation, but bulls now need to hold the $170–$172 range to maintain control. A successful retest of this area as support could set the stage for a breakout above $181. Failing to hold above this zone, however, could trigger a correction back to the $160–$165 region, NEAR the 200 EMA.

Technically, SOL is attempting to break a multi-month downtrend and is forming a higher high structure for the first time since late December. The convergence of the moving averages suggests a pivotal moment. If buyers step in with conviction, a MOVE toward $200 becomes likely. Until then, traders will closely watch the $181 level for a decisive breakout or rejection.

Featured image from Dall-E, chart from TradingView