Solana Shrimp Wallets Hit Record High as Retail Activity and Network Revenue Surge, Supporting Bullish Momentum
Solana (SOL) has reached a milestone, with the number of shrimp wallets (addresses holding at least 0.1 SOL) surpassing 11.16 million—a record high for the network. This rise in retail wallet activity signals increasing grassroots adoption and network engagement, even as SOL’s price dipped below $170 due to recent market volatility. Analysts highlight that Solana currently leads the blockchain sector in weekly revenue, commanding over 51% market share and outperforming networks like Ethereum, Bitcoin, Tron, and BNB. Technical indicators reflect mixed short-term momentum: while bullish momentum is present, SOL’s RSI remains moderate and MACD is still negative. Key resistance lies between $176 and $188; a decisive breakout above this range could spark a new bull run, potentially targeting $200. Traders are advised to monitor sustained wallet growth and resistance levels for continued bullish potential, as historical trends show that increased activity on the Solana network often precedes price recoveries.
Bullish
Solana’s record growth in shrimp wallets, representing increased retail participation, provides strong foundational support for the network. The blockchain’s leading market share in revenue generation further underscores its growing adoption relative to major competitors. Although SOL’s technical indicators show mixed short-term momentum (RSI neutral, MACD negative), sustained wallet growth and a breakthrough of key resistance could trigger a significant bull phase. Historical data shows that rising network activity on Solana often comes before price recoveries. Traders should watch for continuous wallet accumulation and potential resistance breakouts as signals for further upward momentum.