Solana (SOL) is trading around $115 amidst ongoing selling pressure, and despite experiencing outflows from exchange-traded funds (ETFs) for the first time in nearly two weeks, it is adding about 10.2 million new wallet addresses daily.
What happened: Network growth unrelated to price weakness
According to the data, Solana generates approximately 10.2 million new addresses daily, which signifies wallets that have completed their first transaction on the network. This growth trend is occurring amidst SOL's inability to maintain a rebound. This includes a period when investor sentiment briefly improved following the news of Telegram CEO Pavel Durov's arrest and subsequent release.
The spot Solana ETF recorded a net outflow of $2.2 million as of Thursday, marking the first daily decrease in funds following a week of trading sessions.
The token is trading within a descending wedge pattern while maintaining above the $115 support level, and technical analysts generally interpret this pattern as a bullish signal.
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Why it matters: Historical patterns suggest the possibility of stabilization
The phenomenon of increasing new addresses during a bearish phase has been observed ahead of price recoveries in past Solana cycles. New participants tend to absorb the volume released by short-term selling pressure, creating an environment where prices can stabilize over time.
ETF investors are generally considered to be more strategic than individual investors and less sensitive to short-term fluctuations.
The fact that funds have transitioned to net outflows suggests that skepticism is growing even among institutional investors who were relatively optimistic.
To confirm a breakout, SOL must clearly break above the $123 resistance level. If it strongly surpasses this range, $132 and $136 could be the next targets. Conversely, if it fails to break above $123, the token is likely to remain in a range, and if it falls below $115, the price may drop to around $110, invalidating the bullish scenario.
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