bullish

Solana

Daily

Time

Solana<a href="https://yellow.com/asset/sol" rel="noopener noreferrer nofollow">(SOL)</a> is adding approximately 10.2 million new wallet addresses daily even as the token <a href="https://yellow.com/news/solana-pushes-higher-but-dollar130-resistance-looms-large" rel="noopener noreferrer nofollow">trades near $115 amid persistent selling pressure</a> and the first exchange-traded fund outflows in nearly two weeks.<h2 id="what-happened-network-growth-defies-price-weakness">What Happened: Network Growth Defies Price Weakness</h2>Data <a href="https://beincrypto.com/can-solana-price-squeeze-a-rally/" rel="noopener noreferrer nofollow">shows</a> Solana generating roughly 10.2 million new addresses each day, representing wallets that completed their first transaction on the network. The growth comes despite SOL's inability to sustain rebounds, including a brief lift in sentiment following the <a href="https://yellow.com/news/five-consequences-of-pavel-durovs-arrest-for-the-crypto-market" rel="noopener noreferrer nofollow">release of Telegram CEO Pavel Durov after his arrest</a>.<a href="https://yellow.com/news/solana-etfs-post-record-dollar329m-outflow-as-21shares-tsol-sees-dollar418m-exit" rel="noopener noreferrer nofollow">Spot Solana ETF</a> flows turned negative on Thursday, recording $2.2 million in outflows. This marked the first daily decline after a week of trading sessions.The token is holding above $115 support while trading inside a descending broadening wedge pattern, which technical analysts generally view as bullish.Also Read:<a href="https://yellow.com/news/why-central-banks-are-stockpiling-gold-instead-of-us-debt-for-first-time-since-1996" rel="noopener noreferrer nofollow">Why Central Banks Are Stockpiling Gold Instead Of U.S. Debt For First Time Since 1996</a><h2 id="why-it-matters-historical-patterns-suggest-stabilization">Why It Matters: Historical Patterns Suggest Stabilization</h2>Rising new addresses during bearish phases have historically preceded price recoveries in past Solana cycles. New participants tend to absorb supply from short-term sellers, creating conditions that can stabilize prices over time.ETF investors are typically considered more strategic and less reactive than retail traders.The shift to outflows suggests emerging skepticism among relatively bullish institutional participants.For confirmation of a breakout, SOL must clear $123 resistance. A decisive move above that level would target $132 and $136. Failure to breach $123 could keep the token range-bound, while a drop below $115 would <a href="https://yellow.com/news/solana-drops-below-key-moving-average-as-sellers-take-control" rel="noopener noreferrer nofollow">push prices toward $110 and invalidate the bullish thesis</a>.Read Next:<a href="https://yellow.com/news/sec-cftc-launch-joint-crypto-initiative-to-align-us-oversight-and-bring-digital-asset-markets-onshore" rel="noopener noreferrer nofollow">SEC, CFTC Launch Joint Crypto Initiative To Align U.S. Oversight And Bring Digital Asset Markets Onshore</a>

Solana Adds 10M Daily Wallets As Price Tests $115 Support

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