Solana wallet count surpasses 11 million users, potentially fueling Solana's price surge toward $270.

Solana wallet count surpasses 11 million users, potentially fueling Solana's price surge toward $270.

Solana (SOL) has been on fire recently, with a stunning 3.5% gain, pushing its price above the $180 mark. The token's trading volume surged by 11%, adding fuel to its impressive climb.

Solana Draws Investor Attention

Retail investors are jumping aboard the SOL ride as the number of wallets holding at least 0.1 SOL skyrocketed to 11.04 million, according to Glassnode data. This surge in wallets began when SOL was consolidating in a tight range above $150, following a prolonged descending trendline breakout.

Bullish Technicals

On the technical analysis front, SOL is looking bullish and ready to continue its upwards momentum. Recent price action has seen it break out of a key resistance level at $180, raising hopes of a potential 40% uptrend. However, a correction might be looming as the asset is currently in overbought territory with an RSI of 72.

Accumulation Phase

Despite the current overbought situation, traders and investors seem optimistic, resorting to accumulation strategies. Data from CoinGlass shows a $13 million outflow of SOL over the past 24 hours, indicating potential accumulation and possible buying pressure.

Strong Support

Traders have built a large sum ($362.41 million) in long positions near the $171.8 support level, suggesting that bulls believe the asset's price won't fall below this level anytime soon. On the other hand, about $222.77 million in shorts have been positioned near resistance, signaling the bears' expectation of a pullback.

In summary, Solana (SOL) is making a strong comeback, attracting the attention of traders and investors alike. With solid support, growing demand, and bullish price action, the outlook for SOL remains optimistic, though potential corrections may occur. Tread cautiously in this volatile market.

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[1]: Enrichment Data - May 17, 2025

• Current Price Range: $167 - $175, with current price approximately at $173.02.
• Technical Indicators: Neutral-bullish RSI of 57.49 on the 4-hour chart, bullish MACD crossing on the 30-minute chart.
• Key Resistance and Support Levels: $175, $180, $184, $190 (resistance); $167, $153-$155 (support).
• Short-term Outlook: Break above $175 may lead to retests of $184 and $190, while failure to maintain $167 could result in a pullback toward the $153-$155 demand zone.
• Long-term Outlook: Optimistic predictions for Solana's price reaching $400 in 2025, but an average price of approximately $325.
• Market Sentiment and On-Chain Metrics: Strong on-chain metrics, such as increased dapp revenue and high market share, could support higher price levels.

[2]: Trading Volume Trends are not detailed in the current reports, but increased trading volume during potential breakouts or breakdowns could confirm the direction of the price movement.

1. The cryptocurrency market is experiencing a surge in interest, with Solana (SOL) making a notable comeback, currently trading at $180.
2. As a result, the trading volume of SOL has soared by 11%, indicating a rise in investor confidence.
3. Defi platforms, exchanges, and wallets might see an increase in activity as more investors venture into Solana's ecosystem.
4. A potential 40% uptrend is on the horizon for SOL, according to technical analysis, but traders should be cautious of possible corrections due to the token currently being in overbought territory.
5. Financial analysts and investors may find support for their investment decisions by incorporating on-chain metrics like increased dapp revenue and high market share into their technical analysis.

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