The number of Solana on-chain holding addresses has surpassed 11.44 million, setting a new record! Expectations for ETF approval are heating up, with $150 becoming a key psychological level.

As the market awaits direction, Glassnode data reveals that the Solana user base is growing at an unprecedented rate. So, will the SOL price rise further? Meanwhile, expectations for the approval of the Solana ETF continue to ferment, with the potential to replicate the successful paths of BTC and ETH. Although the price is currently consolidating below $150, the strong support zone of $135-$140 and the divergence from on-chain fundamentals suggest potential upward opportunities. A breakout above $155-$165 could become a key catalyst for long positions.

Solana Returns to the Spotlight, ETF Expectations Drive Market Attention

As speculation about the potential approval of a Solana (SOL) spot ETF heats up, this cryptocurrency has once again become the focus of the market. Although there has not yet been official confirmation, an increasing number of signals from market insiders suggest that regulatory green lights may not be far off. If approved, the Solana ETF will mark an important milestone in the development of its ecosystem, opening the door for traditional capital inflows and broader institutional participation, similar to what BTC and ETH experienced after their respective ETFs were approved. For long-term investors, this development may lay the groundwork for a new phase of sustainable growth. Against this backdrop, will the SOL price usher in a new round of pump? Is now the best time to buy SOL? Let's take a look at the analysis below:

On-chain holding addresses reach new highs, retail participation increases

Support for this optimistic outlook comes from the latest data from Glassnode: the number of wallets holding more than 0.1 SOL has reached an all-time high. This milestone marks an increase in retail participation and a growing confidence in Solana's long-term potential. As the network continues to mature, the increase in small holders also signifies that grassroots adoption is expanding—this is an encouraging sign during times of market uncertainty.

Although short-term price movements may still be influenced by broader macro trends, the market sentiment around Solana is clearly improving. If the ETF approval becomes a reality, then the increase in accessibility combined with the rise in on-chain adoption could significantly enhance Solana's market position in the coming months.

Price consolidation shows resilience, key resistance level awaits breakthrough

Solana has experienced a significant correction from its May peak and is currently trading below $150. Since reaching a peak earlier in this cycle, the asset has fallen more than 20%, primarily driven by the overall consolidation in the altcoin market and a decline in risk appetite. Despite the recent pullback, SOL maintains a strong support level around the $135-$140 range, which has proven to be resilient during previous sell-offs.

Analysts remain cautiously optimistic, pointing out that if there can be a sustained breakthrough of the key supply area—especially the $155-165 zone—it may reignite bullish momentum. However, the market is currently still in a state of indecision. The price movements of major assets, including Solana, reflect this uncertainty, and traders are waiting for a clear upward breakout or downward break to confirm the next direction. In the absence of strong catalysts, SOL may continue to consolidate along with the entire altcoin market.

Price and adoption rate diverge, fundamental support remains

In the price trend of sideways consolidation, an encouraging signal is the continuous growth of on-chain adoption. Renowned analyst Ali Martinez shared data from Glassnode, showing that the number of wallets holding more than 0.1 SOL has reached a historical high, now exceeding 11.44 million. The steady increase in the number of non-spending wallets indicates that retail participation is expanding, and the confidence of long positions holders is also strengthening, despite ongoing short-term volatility.

The divergence between price trends and user adoption rates indicates that Solana's fundamental growth remains solid. If market momentum returns and the macro environment improves, especially with ETF rumors fueling speculative interest, Solana may be in a favorable position for a breakout. Currently, the $150 level remains a key psychological barrier and the market is closely watching for directional signals.

Disclaimer: The above content does not constitute investment advice, please be aware of the risks.

(Source: NewsBTC)