- The Solana network has faced significant competition from other L1 chains but an impending crypto summer has sparked optimism.
- On-chain data shows the number of non-zero SOL addresses recently hit a new all-time high.
Solana (SOL) price has regained bullish momentum since early April 2025. The large-cap altcoin, with a fully diluted valuation of about $99.8 billion and a 24-hour average traded volume of about $6 billion, has formed higher highs and higher lows in the past seven weeks, thus signaling a rising trend in the higher timeframe.
The rising SOL trend coincides with the Bitcoin price rebound above $100k amid an anticipated reversal of the BTC’e weekly dominance. Furthermore, the rising crypto optimism favors an altseason in the coming months, bolstered by the notable rebound of Ether against BTC.
Solana Network Records Mixed Fundamentals
The Solana network remains a key player in the DeFi space, mostly in the memecoin ecosystem. The rising adoption of Solana-based memecoins has helped increase the non-zero SOL address in the recent past. According to on-chain data analysis from Glassnode, the number of Solana wallets holding at least 0.1 SOL has reached a new all-time high (ATH) of 11.16 million.
Meanwhile, the United States Securities and Exchange Commission (SEC) delayed its decision on VanEck’s proposed Solana ETF on Monday for further review and consultations.
Midterm Expectations for SOL Price
After hitting a local target of above $174 in the past two weeks, the SOL price has been trapped in a short-term correction. In the 1-hour timeframe, SOL price has formed a parallel symmetrical falling trend in the past few days.
Following Monday’s SOL price rebound from the lower border of the symmetrical falling trend, SOL price is positioned to rally towards the upper border in the coming days. A potential close above the symmetrical falling trend will propel SOL price towards the next short-term target of above $200.
However, a further correction, in the coming days, will likely dump SOL price towards the next significant support level above $157.
