On-chain growth within the Solana network has accelerated significantly over the past two weeks. According to Glassnode data shared by analyst Ali Charts, an impressive 1.6 million new addresses have joined the Solana ecosystem in this period. As a result, the total number of addresses surged from around 6.8 million to approximately 8.6 million, marking a notable expansion in user participation.
New address surge highlights growing interest
The sharp increase in new addresses signals rising user engagement, enhanced on-chain participation, and broader adoption within the Solana ecosystem. While this metric alone does not guarantee an imminent price breakout, it is recognized as a key indicator that can strengthen bullish expectations whenever increased network activity and user demand are observed.
Ali Charts pointed out that 1.6 million new addresses joined the Solana network over the past two weeks, emphasizing that this surge extends beyond price dynamics and is clearly visible across on-chain data.
Glassnode is a blockchain data analytics platform known for providing investors with insights into network activity. The uptick seen in Solana addresses demonstrates that alongside price movements, observers are closely monitoring network utilization as a measure of organic growth.
Mini glossary: On-chain data refers to blockchain metrics relating to transactions, addresses, and activity, directly tracked from network records. The count of new addresses measures the pace of new wallets entering the ecosystem, providing early signals of user interest.
SOL price maintains short-term uptrend
From a technical perspective, SOL continues to uphold its short-term bullish structure. According to analysis from More Crypto Online, there is currently no definitive sign of a local price peak, which supports the ongoing constructive outlook for the latest price wave.
More Crypto Online notes that so far, price action has not provided a clear signal of a local top, assessing that if the Elliott Wave structure holds, the $86 to $94 range could remain in focus as the next stage for SOL.
The analysis identifies the first major support level at $80.38, while subsequent supports reside at $78.22 and $76.52. Holding above these levels is viewed as critical for maintaining bullish sentiment over the short term.
For an upward scenario, resistance levels are found at $85.81, $88.79, and $93.95. With continued buying interest, SOL could make another attempt to approach these resistance areas in the near term.
| Indicator | Level |
|---|---|
| First support | $80.38 |
| Other supports | $78.22 and $76.52 |
| Resistance zone | $85.81 to $93.95 |
| Deeper retracement zone | $71.17 to $64.68 |
Key zone to watch in deeper pullbacks
In the event of a steeper correction, the $71.17 to $64.68 range may become critical support, potentially reshaping the short-term outlook. While a drop toward these levels would weaken the current bullish structure, analysts suggest it would still fall within a broader corrective pattern for SOL.
In the short term, the main focus for investors is whether SOL can maintain its higher low formation. If robust network growth and technical support persist, market observers will be closely watching the $86 to $94 band as the next significant target area.
