While the crypto ecosystem oscillates between uncertainty and consolidation, Solana attracts an unexpected wave of users. In the space of 24 hours, more than 8.9 million new addresses were created on the network, a record that reignites attention on this blockchain known for its speed and efficiency. Behind this sudden enthusiasm lies a more nuanced reality, where the enthusiasm of newcomers clashes with fragile technical signals.
In brief
- •Solana records over 8 million new addresses in just 24 hours, a record reflecting massive network adoption.
- •This explosion of activity is driven by the rise of DeFi projects, memecoins, and the technical attractiveness of the blockchain.
- •Despite this enthusiasm, historic investors are beginning to reduce their exposure, increasing selling pressure.
- •Technical indicators reveal a worrying bearish pattern, with an identified 9.5% correction risk for the SOL price.
A Spectacular Adoption That Redefines Solana Network Momentum
In a global context of renewed interest in high-performance blockchains, Solana, thanks to its dominance in crypto trends, has recorded more than 8 million new active addresses in just 24 hours.
This spectacular growth is accompanied by strong on-chain activity, highlighting an influx of new users and investors on the network. Such development signals substantial demand for SOL and reflects the growing attractiveness of its ecosystem, notably driven by DeFi projects, memecoins, and other high-yield applications.
This massive jump in adoption is generally interpreted as a vitality signal for a blockchain network. It implies a potential increase in liquidity, but also an increased valuation of SOL in the medium term.
Several factors explain this renewed interest in Solana:
- •Extremely low transaction costs, which encourage daily and massive network use.
- •Proven scalability, capable of processing several thousand transactions per second without congestion.
- •The rise of memecoins and native DeFi projects on Solana, which attract both seasoned investors and a more speculative audience.
- •A renewed developer confidence, seeing Solana as a solid alternative to other competing Layer 1s.
The exponential increase in the number of active addresses thus seems to confirm the broadening of the user base, beyond a mere fad or one-off event.
A Bearish Configuration and Increasing Selling Pressure
This bullish momentum is far from unanimous in the markets. Indeed, the selling pressure exerted by long-term holders now outweighs the demand generated by newcomers.
The selling pressure begins to dominate as historic investors reduce their exposure or prepare to sell. This often underestimated trend could well neutralize the positive effects of the recent influx of users.
Beyond portfolio movements, technical analysis strengthens the hypothesis of a short-term pullback. The SOL chart presents an “ascending wedge,” a pattern known for its bearish implications.
Thus, the SOL price was around $144, with an identified correction risk of 9.5%. If this scenario is confirmed, the first critical threshold is at $136, with potential support at $129. Conversely, a rebound above $146 could cancel this pattern and restart the bullish momentum.