The price of Solana (SOL) has experienced a notable rebound, rising above $140 as it tests the critical resistance level of $145. This surge follows a swift recovery from recent monthly lows that dipped below $135, marking a significant turnaround for the asset. As SOL approaches this familiar resistance zone for the sixth time since November 2025, historical trends indicate that each prior attempt to breach this level has resulted in sharp pullbacks ranging from 15% to 16%. However, the current price correction has only seen declines of about 3% to 4%, suggesting a growing resilience among bullish traders.
Despite the positive price action, the underlying network growth presents a more cautious narrative. Data sourced from Santiment reveals that the rate of new wallet creation on the Solana network has plummeted dramatically, dropping from a peak of 30.2 million weekly new wallets in November 2024 to approximately 7.3 million recently. This decline points to a slowdown in user adoption, which poses a risk to the ongoing buying momentum, especially as the price hovers near the resistance threshold.
As SOL tests the resistance range between $141.5 and $145.4, the technical setup appears constructive. This range coincides with the neckline of a double-bottom pattern, which could signal a potential breakout if the price successfully surpasses this zone. Currently, trading volumes remain relatively low, which may attract additional buying interest if they increase. Furthermore, SOL is currently positioned above its 20, 50, 100, and 200 moving averages, a configuration not observed since September 2025. Momentum indicators, such as the RSI, have consistently remained in the upper range since the start of 2026, reinforcing the bullish outlook.
Looking ahead, for Solana to surpass the $200 mark, it is essential that the current breakout attempt proves to be sustainable. A high-volume close above the $145 resistance would signify a structural shift and could pave the way toward the $165 to $180 target range, where stronger selling pressure is anticipated. Achieving a reclaim of the $200 level will necessitate not only a solid price structure but also a revival in network growth coupled with increased on-chain participation. This alignment of fundamentals with technical indicators is crucial for maintaining upward momentum.
In summary, while Solana”s price shows promising signs of recovery, the decline in new wallet creation raises concerns about the sustainability of this rally. Traders should remain vigilant, as the interplay between price action and network fundamentals will likely dictate SOL”s trajectory in the coming weeks.
