Solana (SOL) is approaching $145 as its 1-day moving averages hit their strongest levels since July 2025. The price currently stands at $141.58, with on-chain data showing strong short-term momentum. However, on-chain data also reveals a sharp drop in new weekly wallet creation, falling from 30.2 million in November to 7.3 million recently, casting doubt on long-term adoption.
Solana’s EMAs are at their strongest since July 2025, signaling strength.
Solana’s price increase is supported by positive market sentiment.
On-chain data shows a sharp decline in new weekly wallets.
Solana (SOL) has recently shown increased strength, with its 1-day exponential moving averages (EMAs) reaching their best levels since July 2025. This positive shift in Solana’s price action comes after a two-month period of consolidation.
Altcoin Sherpa suggests a strong upward movement could occur if this consolidation results in a breakout. Solana’s price now hovers around $141.58, with a notable push toward the $145 range.
This rise in Solana’s value also reflects a broader shift in market sentiment. Both crowd and smart money sentiment have turned bullish, signaling growing confidence in Solana’s future.
On-Chain Data Presents a Mixed View on Solana’s Growth
While the price momentum continues to increase, on-chain data offers a more cautious outlook. New weekly wallet creation has sharply dropped from 30.2 million in November to just 7.3 million recently.
📊 Solana has jumped as high as $144 as it looks to break past its $145 resistance. This will largely depend on whether $SOL network growth can begin to rise again. The amount of new weekly wallets created in Nov '24 was 30.2M. Now? 7.3M.
This decrease in wallet creation could be a sign that the current rally might not be fully supported by network growth.
Despite this, traders seem eager to front-run a potential breakout. Optimism remains strong in short-term positioning, although the drop in wallet creation raises concerns about Solana’s long-term network growth.
At this critical juncture, Solana’s price is being heavily influenced by sentiment, but network growth must eventually catch up to sustain this momentum. The recent strength in EMAs and market confidence provides an optimistic outlook for the short term.
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