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[Analysis] Solana (SOL) Tests $145 Resistance… “Improving Network Growth Metrics Key”

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Suehyeon Lee
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Summary

  • Santiment said Solana (SOL) has recently risen to $144 and is trying to break above the $145 resistance level.
  • It added that near-term price action will hinge on whether network growth metrics can improve again.
  • It reported that the number of new Solana wallets created fell from about 30.2 million to around 7.3 million, slowing new participant inflows and the pace of network expansion.
Photo=Santiment
Photo=Santiment

Despite the price rebound, Solana (SOL) is facing a more cautious outlook as the slowdown in network growth persists, raising questions about whether it can extend its gains.

On the 12th (local time), on-chain data analytics firm Santiment said, “Solana has recently climbed to around $144 and is attempting to break above the $145 resistance level. However, near-term price action will depend on whether network growth metrics can improve again.”

Santiment noted that the pace of new wallet creation on the Solana network has clearly slowed. Weekly new wallet creations stood at about 30.2 million as of November last year, but have recently fallen sharply to around 7.3 million. With fewer new participants entering, the pace of network expansion has also eased.

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Suehyeon Lee

shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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