Solana (SOL) Hits New All-time High in Network Adoption

Solana is seeing record growth that is in line with major ecosystem development. The protocol now boasts more wallets holding SOL amid growing network activity.

Solana has reached a new milestone as the number of wallets holding the coin has hit a record high of 11.09 million, according to Ali Charts on X.

This is the highest number ever recorded, highlighting Solana’s significant presence in the cryptocurrency domain.

Many crypto traders and investors are also shifting from Ethereum to Solana, with over $72 million in assets being bridged to the network in a short period.

Furthermore, Solana’s weekly active addresses have surged to 17 million, significantly higher than Ethereum’s 1.8 million, while DeFiLlama data shows that Solana’s total value locked (TVL) in decentralized finance (DeFi) has climbed to 54.87 million SOL.

This is its highest level since at least June 2022, according to the data.

In related news, Binance’s SOL wallet balance is rising as the trading platform has started accumulating back all the Solana sold recently.

This new pivot marks a bullish accumulation shift for the digital currency.

As of 07:30 ET on Friday, Solana was trading at $131.56, showing a 2.31% increase for the 24-hour period.

It has retained its spot as the 8th largest cryptocurrency, with a market capitalization of $54,070,537,840.

Solana’s price prediction presents a mixed technical picture. The Relative Strength Index (RSI) stands at 42.9, indicating almost neutral momentum for the coin.

Moreover, the Moving Average Convergence Divergence (MACD) suggests a possible breakout, which could be a decisive factor for Solana’s price prediction.

However, derivatives market data shows signs of weakness for the coin. Open interest and trading volumes have dropped by 3% and 38%, respectively, according to Coinglass data.

Similarly, long liquidations reached $6.21 million in the past 24 hours, pushing the long-to-short ratio to 0.95, which indicates that short traders are gaining control.

This outlook might make reclaiming the $150 price level tougher for Solana bulls.

The post Solana Reaches Record High as 11 Million Wallets Hold SOL Amid Shift From Ethereum appeared first on OpenTheChain.

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