Key Highlights:
- Solana addresses with 0.1+ SOL hit a record 11.12 million.
- Funding rates turn negative as price holds key support.
- RSI and AO indicators hint at a possible bullish reversal.
Solana has reached a new milestone with 11.12 million addresses holding at least 0.1 SOL. This growth highlights consistent on-chain adoption and user engagement.
Yet, despite this network growth, SOL price fell to $126. However, technicals indicate a potential bullish divergence, with momentum indicators flashing early reversal signals.
Solana Hits Record High in Wallet Growth Amid Price Fluctuations
Glassnode data shows that the number of Sol addresses holding at least 0.1 SOL hit a new record. On March 27, 2025, there were 11,118,090 addresses, compared to 11.07 million on March 18.
Over the last 10 days, the number of addresses has steadily grown. This means more users are joining the network or increasing their holdings.
Solana price action was up and down. However, wallet growth stayed steady. More users accumulated, and SOL price grew from about $130 on March 22 to $138.44 on March 27.
Having a rising number of active holders often helps with the longer-term stability of a blockchain project. Meanwhile, it doesn’t always mean a price rally will follow.
Funding Rate Trends Show Mixed Trader Positioning
Meanwhile, Coinglass’s funding rate history shows traders are cautious. In late March, the funding rates became slightly negative on many exchanges such as Binance and Bybit. Short positions are more dominant, as traders pay to hold them at these negative rates.
Also, Solana price had a choppy movement during this period and traded between $124 and $140. Increased selling pressure or hedging is also reflected in the negative funding rates. However, SOL price did not fall sharply, indicating that buyers still support the price.
The fact that funding rates are negative and the price is above support can signify that retail traders are bearish. Meanwhile, larger players and spot buyers are still active.
Sentiment Gauges Reflect Slight Bullishness
Conversely, Market Prophit sentiment indicators are mildly bullish. The crowd sentiment is 0.25, and the smart money sentiment is 0.01.
They are slightly above neutral, meaning there is not much buying pressure. However, the market is not bearish.
This aligns with the current price action of Solana: not making new highs but not giving up on further declines. The small gap between the crowd and smart money sentiment shows that institutional and retail views align. This often means a stable short-term environment.
Price Holding Key Support with Signs of Reversal
Furthermore, an analysis by The Market Periodic shows that SOL is defending a critical support zone of around $124.20. On the daily chart, a pattern of higher lows is forming what could be an inverse head and shoulders. It usually precedes a trend reversal.
At the time of writing, SOL price was trading just above support at $126.43. The level of resistance is $146, which was previously a ceiling. If the price maintains over $124 and breaks above $130 again, it could test the $146 resistance.
Meanwhile, the Awesome Oscillator (AO) was at 0.41, slightly positive, which suggests a momentum change. The Stochastic RSI showed a crossover at 18.29 and 37.57. This means the price may soon increase from oversold territory.
This setup could imply that buyers are coming in around the support zone. However, any downside break of Solana below $124 could bearish the short-term trend.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
The post Solana Address Hit ATH As Price Slides To $126: Bullish Divergence? appeared first on The Market Periodical.
