Solana is displaying early indications of a potential rebound as a bullish divergence emerges on its weekly relative strength index (RSI) near $73. Despite this technical signal, a significant 5% drop in the number of wallets holding at least 0.1 SOL introduces caution, suggesting waning engagement from smaller investors and leaving the broader price outlook unsettled.
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AAPLSolana wallet participation slips as holder numbers contract
Over the past two weeks, Solana’s address count for those holding at least 0.1 SOL declined from 11.84 million to 11.26 million. This reduction of approximately 580,000 wallets equates to a nearly 5% decrease and points toward softer participation among smaller network participants.
This trend was highlighted by data from Glassnode, as cited by Ali Charts on X. According to the figures, Solana’s qualifying wallet count fell steadily before a sharper downturn at the end of July, then stabilized in early August near 11.26 million addresses.
A decrease in wallets above the 0.1 SOL threshold may reflect smaller holders lowering their balances, transferring out, or cashing out of the ecosystem entirely. Additionally, it could signal a slowdown in the creation of new wallets entering this group.
“Although each person can control multiple wallets, the sustained reduction is noteworthy, as broader wallet participation often reflects retail investor interest and helps gauge network distribution,” market observers stated.
This metric currently serves as a cautionary indicator rather than firm evidence of further price declines. If both wallet numbers and SOL price continue to slide, the bearish scenario could become more pronounced. Conversely, stabilization or renewed growth in the count of participating wallets would improve prospects for recovery.
Technical outlook: Bullish RSI divergence emerges
Technically, Solana’s weekly chart is beginning to show signs of waning selling momentum. When the chart was shared, SOL traded near $73.11 with the weekly RSI at 38.19. While the price formed a lower low, the RSI presented a higher low, creating a bullish divergence mapped by green trend lines. This divergence indicates selling pressure could be easing.
A bullish divergence is now emerging on Solana’s weekly RSI, with price making a new low while momentum indicators signal the potential for reversal. Buyers would need to lift SOL above the recent consolidation area, in the $80 to $90 range, to reinforce the recovery scenario.
Despite this technical development, analysts caution that a divergence does not guarantee a sustained bottom has formed. Confirmation would require SOL to break above resistance in the $80 to $90 zone. If successful, attention may then shift to the psychologically important $100 level. Until then, Solana remains in a broader downtrend and participants are watching closely for further signals of a turnaround.
The downside area between $60 and $65 remains a key support range. Should SOL close below that level on a weekly basis, it would undermine the bullish case and suggest that sellers still dominate.
One analyst also noted that beyond short-term price action, Solana’s recovery could find support in long-term fundamentals such as token supply dynamics, on-chain activity, and the strength of its application ecosystem. While these factors supplement the narrative, the primary focus remains on the chart’s technical signals at this juncture.
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