Solana (SOL) Price: Network Activity Surges with Active Wallets Tripling to 3 Million

TLDR

• Solana (SOL) has broken key resistance levels with price hovering around $142, rising 7% this week
• BlackRock’s BUIDL fund launched on Solana platform while Fidelity filed for a spot Solana ETF
• Network activity has increased with active wallets rising from 1M to 3M between March 20-23
• Total Value Locked (TVL) in Solana stands at $6.85 billion, showing renewed user interest
• $150 remains a crucial resistance level for SOL to potentially reach $170

Solana (SOL) is currently trading at around $142, having recovered approximately 7% so far this week. The cryptocurrency has gained strong market attention after breaking a key resistance level, which has fueled discussions about its future trajectory.

The recent price movement comes as Solana announced on Tuesday that BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), a tokenized money market fund with assets exceeding $1.7 billion, has launched on its platform. This marks a major institutional adoption milestone for the network.

Securitize, a blockchain-based tokenization company that partners with top-tier asset managers including BlackRock, KKR, and Hamilton Lane, highlighted Solana’s advantages. “Solana’s high throughput, low costs, and scalability make it an ideal blockchain to support institutional-grade RWAs,” the company stated on social media.

During the same period, Fidelity Investments filed for a Solana spot ETF with the Securities and Exchange Commission. The filing was submitted through Cboe Global Markets, which uploaded a 19b-4 filing to list the proposed ETF.

The filing comes shortly after Fidelity registered a Delaware Trust entity for its Solana fund. However, Fidelity has yet to submit an S-1 filing, which is necessary for companies seeking to issue new security and be listed on a public stock exchange.

Technical Analysis

Crypto analyst Crypto Rand noted that Solana has formed an upward reversal pattern by breaking the downward trend line. He revealed that similar buying pressure exists at lower levels due to a sharp rebound from the $120-$130 support zone.

If the breakout is sustained, there’s a possibility of testing the next important resistance level of $160. However, failure to maintain a level above $137 could pull the price back toward support levels.

Solana Price on CoinGecko

Another analyst, WizCat, pointed out that SOL had been trading in a tight range and suggested that such movement indicates smart money entering the market during price stagnation. WizCat also highlighted increased network activity as a positive sign.

Solana’s blockchain recently experienced a surge in usage, with active wallets increasing from 1 million to 3 million between March 20 and March 23. This rise in network activity suggests growing interest in the Solana ecosystem.

$SOL has been consolidating in an ultra-tight range for weeks. ⏳

In a bull market, this is usually when smart money starts loading up💰

Now that $SOL has broken above $137, this could be the spark for the next big move! 🔥 pic.twitter.com/t8LEgmbJc5

— WizCat (@cryptoWizCat) March 24, 2025

This rising interest is also reflected in Solana’s total value locked (TVL), which was at $6.72 billion on March 10, rose to $7.09 billion on March 20 before settling at $6.85 billion on March 24, according to data from DefiLlama.

The integration of Polymarket, a decentralized prediction market, has also been viewed as a positive development for Solana. Recently, Polymarket announced that users can now deposit funds using SOL, expanding the token’s functionality.

After this announcement, Solana’s price increased by nearly 7% and touched $140 before leveling off. By enabling SOL transactions, Polymarket can attract new users to its platform while enhancing activity within the Solana ecosystem.

Whale accumulation has also been observed, with the number of large holders growing to at least 5,031 from 5,008 in the past week. However, this remains below the level observed earlier in March.

For Solana to reach higher price targets like $170, it must first break through the $150 resistance level. Technical analysis shows strong bullish momentum but with clear resistance at key levels.

The Relative Strength Index (RSI) has fallen below 50 recently, indicating weakening momentum. Meanwhile, the MACD indicates bearish divergence, suggesting the potential for short-term consolidation before any possible price rally.

If Solana manages to break above $150, it could potentially reach higher levels such as $162 and eventually $170. This would likely be driven by continued network adoption, favorable market sentiment, and increasing institutional demand.

However, if Solana fails to break the $150 resistance, the price may return to support levels of $135 or below. Broader market corrections, macroeconomic trends, or changes in investor sentiment could also affect Solana’s price action in the short term.