Solana Wallets Soar Past 11M as SOL Battles to Break $177 Barrier

The number of Solana wallets holding 0.1 SOL has surged to over 11 million, indicating rising network participation.SOL is at $176.87, retesting the key resistance at $177.23 with the short-term support noted at $167.32.Price momentum is modest despite growing adoption, suggesting a cautious market outlook ahead of macroeconomic events.The Solana (SOL) wallet addresses with at least 0.1 SOL have broken another milestone with 11.04 million recorded on May 11, 2025, based on the recent Glassnode stats. This is a notable increase in user involvement over the past two weeks, which indicates cumulative growth of networking activity during benign price action.SOL’s market price was currently at $176.87, which represents a 0.3% growth over the past 24 hours. At $177.23, the price is currently touching upon a key resistance level, whereas support level holds at $167.32.Retail Wallets Surge, But Price Lags BehindThe spike in the wallet addresses holding 0.1 SOL or more hints at increasing retail-level interest in Solana. From late April to mid-May, such wallets increased exponentially with a spike taking place between May 7 and May 9. May 11 saw the overall count of these addresses rise to an all-time high of 11,043,694.https://twitter.com/ali_charts/status/1922171251826499706While address count on its own does not necessarily mean more transaction activity or long-term holding, it usually indicates a broader adoption of the network. Analysts observe that this metric, if it starts to move up alongside price, could be a sign of improving fundamentals. However, price growth has been relatively subdued relative to wallet numbers growth.SOL Price Nears Resistance as Momentum SlowsSolana is currently trading near the top of its recent 24-hour range, with the highest point at $177.23. This is an important resistance level as SOL has failed to hold momentum above this price point in the recent rally. A successful breakout could pave the way for a retest of $180 and potentially higher levels if volume supports the move.Despite the positive trend in the price, the overall trend is cautious. The 0.3% price hike in the last 24 hours and the 0.6% price jump against BTC indicate a minimal potential in the short-term movement. Market watchers are now eyeing whether SOL can sustain pressure above the $167.32 support level in case of a pullback.SOL Tests Resistance Amid Mixed SignalsSolana’s price action remains reflective of the rest of the crypto market, where there is still conflicting investor sentiment amid approaching macroeconomic data. The rise in wallet addresses may provide some long-term hope, but short-term flows will likely be driven by SOL’s ability to break and sustain above its current resistance zone. For now, the adoption metrics for the network look strong, but price validation is unclear. Additional confirmation would be required before proposing a continued bullish momentum.The post Solana Wallets Soar Past 11M as SOL Battles to Break $177 Barrier appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.